Tom Malone, President of Milliken and Company writes: “If you’re not keeping score, you’re only practicing.” In modern era, human resource management (HRM) has globally become one of the most important and popular field. The soul purpose of HRM is to deal the control and…
With the support of just a single sheet of paper, the administrative authorities can achieve both the basic financial goals and the most significant non-financial drivers for the success. The main purpose of Balanced Scorecard is to assist the managers in using their elusive resources effectively. Executive authorities apply Balanced Scorecards to analyze and measure the performance of the employees proficiently. The managers use Balanced Scorecards as an additional aid along with other financial measures. This paper is initiated by the fact that numerous organizations are falling short in aligning their corporate strategy with their visions. In this paper, the strategic use of Balanced Scorecard is discussed which is considered as one of the important component of modern human resource management. The main purpose of the paper is to identify how a balanced scorecard can help the mangers to integrate a well-defined strategy and the vision.
Balanced Scorecard is a measuring and strategic management tool that is used to bring all the organizational activities and employees’ performance with respect to its vision and strategies (Harvard Business Review, 1992 & 1993). It identifies a small number of financial and non-financial measures along with attached targets to them, so that they are assessed to verify whether or not the contemporary performance would meet the expected standards or goals. The Balanced Scorecard, developed by Dr. Robert Kaplan and Dr. David P. Norton, can be effectively and productively used in communications as well as to evaluate goals and performance of over all organization. According to David Norton, almost 60% of large US companies are using those Balanced Scorecard that merge financial and non-financial measures. Kaplan and Norton (1996) wrote their book The Balanced Scorecard: Translating Strategy into Action that
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Seven steps can be illustrated in the following manner. Clearly Defined Business Strategy Top management of the company needs to communicate business objective throughout the organization in a clearly defined manner helping individual employees to understand the objective precisely.
Yet, the majority of industries do have separate human resource department (HRD) with its own managers at the top. Is it wise to relate the duties of the human resource line manager and duties of staff of HRD department? The authority is the privilege to make decision to direct the work carried by others and to pass on orders.
This transformation has had major impacts in organizational management. The concept of SHRM has evolved as a bridge between the management of organizational human resource and business strategies. The major impact has been seen through the alignment of the human resources to the performance of the firm to give it a competitive advantage.
Given their prime importance to organizational performance, the human resources are the most critical factor of production that should be managed effectively for the success and growth of organizations, especially in the face of increasing competitive pressure in the global business environment.
Strategic human resource management refers to a managerial process where the human resource manager comes up with policies and practices that have to link with the overall strategic objective in an organisation.
These roles and processes include recruiting, employee development; the development of learning materials, the structuring of job specifications and during the evaluation of the competency levels of different employees or groups. Modern organizations are employing more analytical approaches to the management of human resources, particularly in the areas of performance management and the management of relations.
The two concepts are interrelated but one elicits higher performance than the other. There was need to develop this advanced form of human resource management as a result of the changing nature of technology, economy and market. There was a need to come up with a
company risk taking ability declined and the corporate and organizational culture showed adverse effects that had a huge impact on the performances of the employees. Thus, in this regard, in order to generate an understanding on the issues within the company, it would be
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