Balanced Scorecard – Benefits and Four Perspectives

Balanced Scorecard

Strategic planning is an essential activity in any organization. It sets priorities, supports the operations, focuses on resources, and ensures that all the stakeholders and employees work towards a common goal. To follow up with the strategic planning and performance management framework, a balanced scorecard (BSC) is used. It provides an easy platform to track financial and non-financial measures to find out the organization’s success and when remedial actions are required.

The balanced scorecard is used by government, business, and non-profits that would bring into line the various daily activities. The financial and non-financial measures are tracked using a balance scorecard to regulate the degree of the company’s growth and success and the time to execute the remedial actions if required.

The balanced scorecard is a popular management tool especially made use in the United States, Northern Europe, UK, and Japan. Organizations that look forward to a consistent performance gets more benefit out of it.  A Balance scorecard requires a good effort to implement and provides and effective outcomes. To make it successful, an organization must have the required skilled resources to make the balances scorecard a great success.

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Importance Of Human Resource Management

Importance of Human Resource Management

Human resource management is a development-oriented approach that puts its onus on maintenance, utilization, development, and acquisition of human resources. It has been able to create a niche place for itself in an organization because it helps in the management to deal with some very serious issues related to recruitment, training, benefits, wellness, safety, organizational development, workplace communication, performance management, employee motivation, and compensation, etc.

Human resource management has a strategic role to play in accomplishing the objectives of the organization.  It flows from the values, vision, mission, and goals of an organization and the best part are that it has been able to create a balanced work environment that works in favor of both employees as well as the organization. This is the reason why companies are either creating a viable department in their own organization or outsourcing the services from human resource recruitment companies.

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