The Balanced Scorecard (BSC) method of Lloyds TSB Bank
The objective of the paper is to describe about the Balanced Scorecard (BSC) framework in relation to its implementation in the Lloyds TSB Bank, headquartered in the UK. The reason for choosing the organisation is that the company uses balance scorecard method for calculating and managing the performance of employees (Lloyds TSB Group plc, 2012). The paper will also attempt to evaluate several aspects of BSC in relation to Lloyds with the purpose to recognise how the implementation of BSC would help to measure the performance of the bank. Also the paper will aim at identifying the different drawbacks relating to BSC. Stating precisely, the determined objectives of the paper are to recognise different aspects of BSC and the major Key Performance Indicators (KPIs) of Lloyds. It will also aim to understand how implementation of BSC can prove to be beneficial for Lloyds along with identifying its probable limitations for the organisation which will further be used to provide recommendations.
The research has been conducted in three phases, i.e. identification of research objectives, collection of data and analysis of the data collected. The method used for conducting the research has been based on a systematic approach. The research attempts to make a conclusion on a gradual procedure. Only secondary data i.e. information from internet sources such as company reports, books and academic journals have been used in this paper. ...Show more