Last post October 21, 2019 10:54 AM by debora. 1 repiles.
Dear members, Our company has moved to the BSC approach of performance management this year and the payment of Performance Pay shall be based on the assessment of the individual achievement. Now, I would like to know about the following in relation to BSC. 1. The mechanics of driving the BSC of a particular department / division down the line to the individual employee in the department.
2. The modus operandi of measuring the achievement / failure of individual KRAs at the end of the year.
3. Is there a format for the year end assessment of the individual KRAs under BSC. Also, I would like to know if there anyone in the group who is based at Hyderabad who can give me some inputs on the above. If so please let me know your contact no. or email. I would be grateful to all the members if you can help me out on the above.
Balanced Scorecard is a performance based metric which companies used for strategic management. It improves the internal functions and external results of the business.
Balanced scorecard basically connects dot between the strategic part of the organization and the operational elements. It make sure that mission, vision and core values of the organization are well reflected in the objective, initiatives and measures taken by the employees. It also checks the strategic performance is on the line to strategic focus areas.
The strategic management and planning system used by organization is known as balanced scorecard (BSC). The balance scorecard is often used for purpose such as-
• To communicate well about what the organization wants to accomplish
• To align the daily work of employees with organizational strategy
• To prioritize on product, project and services level
• To monitor and measure the progress of organization towards the strategic goals
In order to identify the downfall in the internal function and to improve the performance balance scorecard is used as a performance metrics. It is very useful to provide feedback to the employees about their performance and outcomes. The crucial step of balance scorecard is data collection, the realistic information gathered is further interpreted by executives and managers in the company to provide a guideline for decision making in the future
What are the 4 perspectives of balance scorecard?
The perspective of balance scorecard means to cover almost all the business aspects of the organization. It consist of the financial front, the customer point of view, the process which is internally follow, the learning as well as growth the organization is expecting and ongoing. The four perspectives of balance scorecard are explained in detail as given below-
1. The Financial perspective
2. The Customer perspective
3. The Internal Process perspective
4. The Learning and Growth perspective