Balanced Scorecard Essay

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Balanced Scorecard
Companies need to determine whether they are meeting the mission, strategy, and objectives. Many businesses use a balanced scorecard to weigh performance against the enterprise’s strategic components. The human resources (HR) balanced scorecard will have to determine if the internal performance meets the firm’s strategic plan and mission. In the following describes what a balanced scorecard means to an organization and HR, and what the HR balanced scorecard will assess for Best Buy.
The Balanced Scorecard: In the Organization and Human Resources
The Organization
Organizations use balanced scorecards as a measurement tool to determine if their strategy and strategic planning have been successful (Pandey, 2005). A balanced …show more content…

Therefore, an HR balanced scorecard consists of four perspectives to connect long-term strategies to firm outcomes: “strategic perspective, operations perspective, customer perspective, and financial perspective” (Walker & MacDonald, 2001, p. 368). Strategic perspective is to align the HR strategies to accomplish business aims (Walker & MacDonald, 2001). Operations perspective focuses on three HR services as “staffing, technology, and HR processes and transactions” (Walker & MacDonald, 2001, p. 368). Customer perspective is to follow customers’ perception of the business as well as gauge employee commitment, competitive aptitude, and the connection to productivity (Walker & MacDonald, 2001). Financial perspective measures the enterprise’s values such as technology and return on investment (ROI) (Walker & MacDonald, 2001). Given these points, Best Buy must create a scorecard to compute how to refine their internal …show more content…

The four areas the HR balanced scorecard would compute are organization leadership, talent, corporate cultural performance, and strategic planning. An organization leadership metric would take the number of leaders in each department times the number of years in their position divided by the business’s establishment years. The talent metric would take the total number of employees employed divided by the number of key positions filled times 100. The corporate cultural performance metric would calculate the number of staff that meet performance expectations divided by the total number of staff employed times 100. Last, the strategic planning metric would measure the number of years the plan has been used divided by the number of departments that follow the plan times

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