Online Safety Community

The Balanced Scorecard is a Good Tool for Optimizing Organizational Performance

The Balanced Scorecard (BSC) can be a good metric to have in an organization. It is not really a new concept, as it has been in use for about a quarter of a century, when the Harvard Business Review published a paper on this topic from Robert S. Kaplan and David P. Norton. Initially developed by these two; the BSC was hailed for introducing the human element in conjunction with the financial aspects of the organization, calling for alignment between the two disciplines. This fusion was considered a pathbreaker at the time of its introduction.

By the mid-1990’s, its initial small flaws had been polished, with the result that from then on, the Balanced Scorecard has been adapted by many organizations around the world. Hailed as one of the most significant management ideas of the past 75 years; the Balanced Scorecard differs from other management principles and tools in a qualitative manner. As time passed, with the advent of newer technologies and more management techniques; the Balanced Scorecard evolved, too, and integrated more functions other than Finance, giving rise to variations such as the following among others:

  • Performance prism
  • Results-based management
  • Third-generation balanced scorecard

The core value a present-day Balanced Scorecard serves can be summarized in the ways in which it helps in the following:

  • Communicating what the organization is trying to accomplish   
  • Aligning employees’ day-to-day work to the organizational strategy
  • Prioritizing and harmonizing the organization’s products and services and its projects
  • Quantifying and monitoring the path to strategic targets

Putting all factors into place

The Balanced Scorecard is a very powerful tool in coordinating and gelling together crucial parameters of the organization, such as mission and vision, aims and objectives, focus and strategy, goals and results, and initiatives and measures.

Given the comprehensives and the effectiveness of the approach the Balanced Scorecard tool takes; it is no surprise that according to a study by Gartner, around half of all American fortune 1000 companies and around two fifths of all European fortune 1000 are using the balanced scoresheet. Its prominence has been rising in parts of Asia and Africa.

Widespread scope for implementation

Yet, the problem is, at the global level, far too many organizations are yet to adapt the Balanced Scorecard. This means that the potential for the adaption of this tool is vast. The ways of how to do it for raising the organization’s rate of success will be explained at a highly entertaining webinar from TrainHR, a leading provider of professional trainings for the human resources industry.

At this session, the speaker is Grant Schneider, who is president and founder of Performance Development Strategies, which helps organizations achieve greater results by aligning people in the organization with the organization’s mission and strategy.

Want to explore the ways of adapting this powerful tool to boost the overall performance in your organization and derive the benefit of Grant’s experience and learning? Then, please register for this webinar by visiting TrainHR  Viewing this webinar, its entirety qualifies for a recertification credit hour that may be counted toward SHRM-CP and SHRM-SCP recertification from SHRM.
Credit is awarded based on the actual educational time spent in the program. This webinar has been approved for 1 HR (General) recertification credit hours toward aPHR, PHR, PHRca, SPHR, GPHR, PHRi and SPHRi recertification through HR Certification Institute (HRCI).

All that needs to go into creating a Balanced Scorecard

At this webinar session, Grant will help participants get an understanding of how to construct a Balanced Scorecard. He will show which inputs and variables need to be factored in and how to survey the key deliverables for success, how to measure them, how to set standards, and how to assign values to each, all of which constitute the heart of a Balanced Scorecard.

Apart from these, Grant will also explain how to use the balanced scorecard as a basis for a bonus system for managers and executives. To illustrate this, he will show an actual example from the restaurant/hospitality industry for creating a Balanced Scorecard.

Building a thoroughly designed Balanced Scorecard helps an organization achieve balanced results. It will prevent improper and incomplete utilization of human capital within the organization that happens when employees focus on one task or objective at the expense of another, often equally important or impactful one. For example, extreme focus on achieving sales should not come at the expense of customer satisfaction. Many such examples and instances can be avoided using the Balanced Scorecard.

During the course of this webinar, which HR professionals such as CEO, Senior Vice President, Vice President, Executive Director, Managing Director, Regional Vice- President, Area Supervisor and Managers will find highly useful; the speaker will cover the following areas:

  • The Purpose of the Balanced Scorecard
  • Background of the Balanced Scorecard
  • Selecting the entity to use for the Scorecard
  • Reviewing and Summarizing the Measurable Things
  • Assigning Weights and Values
  • Creating the Dashboard
  • An example used by the Restaurant Hospitality Industry
  • Using the Balanced Scorecard to Bonus and Compensation. 

Views: 6

Comment

You need to be a member of Online Safety Community to add comments!

Join Online Safety Community

Take our poll!

Take our poll!

Latest Activity

Adam Fleaming posted a blog post

The GDPR differs Significantly from EC Data Protection Directive 95/ 46

The General Data Protection Regulation (GDPR), which has been codified as Regulation (EU) 2016/679, is a very powerful law regarding the protection of data of the half billion people who live in the European Union (EU). Having come into effect as a result of the European Commission having adapted the proposal for its creation on January 25, 2012; it will replace Directive…See More
yesterday
Adam Fleaming posted events
yesterday
John Robinson posted an event
Thumbnail

Laboratory Compliance webinar for $10 each at Online

August 16, 2017 at 10am to December 31, 2017 at 11am
Want to enhance your regulatory compliance career by learning a new course? All that it costs is $10. Yes, GlobalCompliancePanel, a provider of professional trainings, is offering hundreds of high value regulatory compliance courses for a mere $10 each.Regulatory compliance learning, that vital ingredient needed for professionals in any area of regulatory compliance, is a put off, because many…See More
yesterday
rodriguezcecelia posted a blog post

How PMP Certification impact Your Salary?

Before investing money and time in PMP certification, it is very important for anyone to understand how the certification will impact salary. In this article, we will discuss PMP certification and its effects on salary, which can help you to decide whether you should go for it or not. We will focus on different perspectives of PMP salary, which is based on experience, the size of the company, designation and many others. Overview of PMP CertificationThough the PMP certification salary hike is…See More
Tuesday

Forum

Safety - A Prerequisite 11 Replies

Whether working at home or outside, to observe safety should be our pre-requisite. The employer before anything must be sure of the safety of its employees especially the ones working in mines or any…Continue

Tags: products, safety

Started by Enna Henry. Last reply by Tara safe yesterday.

Lean Six Sigma Black Belt Training in New York City

Welcome to MSys Training! We thank you for visiting MSys LSSBB training page. Attend our 4 days Lean Six Sigma Black Belt (LSSBB) training program with 100% pass rate, high quality course material,…Continue

Tags: sigma, six

Started by rodriguezcecelia Aug 11.

ITIL Certification Training - MSysTraining

The ITIL® Foundation is an entry level qualification in Information Technology industry. It gives participants information about the key elements, terminologies and concepts used in the ITIL Service…Continue

Tags: itil

Started by rodriguezcecelia Aug 8.

Snowflake and Star Schema in Qlikview

In big name schema all of the facts are stored in one important table and the usage of number one key and overseas key courting different measurement tables are related with the fact desk.SNOWFLAKE…Continue

Tags: processing, transactional, qlikview

Started by Soujanya Naganuri Jul 25.

What is Class Structure in Pega?

Class contains the rule by way of which objects behave. outline rules such as houses, sports, flows, html paperwork, etc. to be had to different subordinate classes. lessons are organized into a…Continue

Started by Soujanya Naganuri Jul 17.

Badge

Loading…

© 2017   Created by Safety Community.   Powered by

Badges  |  Report an Issue  |  Terms of Service