Balanced Scorecard In Performance Management Persuasive Essay Help

Introduction

Balanced Scorecard is a concept that is used in performance management as a tool to automatically manage performance. It monitors the appropriateness of the execution of tasks and activities by the workforce based on their capacities, and it also aids in monitoring the outcomes of these activities and decisions (Gumbus, Johnson, & Susan, 2003). As a human performance dynamic tool for managing performance, balanced scorecard is universally acclaimed through the use of annual surveys and has rapidly gained popularity in English-speaking nations of the West as well as some Scandinavian nations where it was first implemented in the early 1990s (Niven, 2005). This study examines many viewpoints of a scorecard with the intent of discussing the significance of all perspectives as proposed by various authorities.

Components of the learning and development viewpoint

Susan Johnson, the head of a corporation situated in the United States, emphasizes the importance of growth and learning. This perspective emphasizes three key objectives: human capital, organizational capital, and information capital. These components of a scorecard are explored in greater detail below:

Human Capital

The most essential aspect in making business decisions today is the knowledge available at the moment the decision is made. In the past, land came before capital, but that has since changed. When making decisions, the same criterion applies regardless of whether the institution in question is private or public, non-profit or for-profit. In today's global economy, intangible assets are viewed as the primary success drivers. Therefore, Susan ensures that her staff possesses the necessary skills and expertise to flourish in the human capital setting. As a result, Futura's personnel have talents that align with its distinctive strategy, allowing them to outperform their competitors. Futura has implemented a system that enables the organization to retain its top employees and focuses on customer service (Niven, 2005).

Information Market

Technology has a significant impact on the economy because it has become a requirement for everyone, including businesses. In this era of technological advancement, information is the engine that drives economies, transforming the performance of businesses through the utilization of data for learning and the design of strategies to secure their profitability. This capacity is a significant indicator of the company's technological performance in optimizing operations and performance. The strategy to be implemented is contingent on the ease with which information is communicated to all corporate participants (Niven, 2005).

Organization Capital

This is developed in the minds and hearts of the organization's members, and it monitors the organization's capacity to change and grow. It contributes to long-term prosperity and current success. This has everything to do with the organization's culture, its leadership, how individuals align with its aims, and its employees' ability to exchange knowledge (Niven, 2005).

Analysis

In this context, human capital is evaluated based on whether or not employees possess the appropriate skills at the appropriate level. This is accomplished by comparing the requirements necessary to properly perform jobs with the organization's capabilities. The disparity is known as the competency gap. For information readiness, everything revolves around the organization's IT portfolio, its infrastructure, and how well it is built to support its critical internal processes.

This may be difficult to explain and measure, but most successful firms have maintained a culture in which employees absorb the mission, vision, and core values necessary to achieve the organization's objectives (Rodney & Biersteker, 2003). The majority of these businesses have excellent leadership at all levels to steer everyone toward the intended objective. These organizations also encourage teamwork in the dissemination of strategic knowledge throughout the whole organization. Futura utilizes multiple surveys to assess and evaluate the company's learning and development. In the month of the employee's birthday, an HR representative conducts an assessment of the employee's work environment, achievements, and communication skills (Gumbus, Johnson, & Susan, 2003).

The representative receives both the negative and positive aspects of the employee's working conditions. There is a follow-up form that recommends the action to be performed, demonstrating to the employee that the organization values their input. An annual leadership survey is conducted to learn from employees how the manager in charge may increase performance, thereby fostering two-way communication through enhanced leadership and management skills (Gumbus, Johnson, & Susan, 2003)

The yearly performance and personal development review strives to recognize employees' accomplishments, as well as identifying areas of improvement and establishing expectations for each employee. Futura places a great priority on customer service, which is primarily dependent on employing people who share the company's values and retaining those who provide excellent customer service. They conduct a poll inquiring about Futura's service with ten consumers.

For financial matters, the organization offers a method for analyzing the cost per unit of customers in order to determine the profitability of each customer. During monthly report meetings, it presents the organization's financial statements and compares them to the profitability of its consumers, so influencing the company's conduct (Rodney & Biersteker, 2003). Internal operations are centered on safety, with the goal of minimizing the number of insurance claims (Gumbus, Johnson, & Susan, 2003)

Evaluation

In focusing more on staff, Futura's strategy makes sound business sense. It tries to retain personnel, which motivates employees. The corporation profits since it does not have to spend money advertising for new staff and time training them. Each employee is expected to contribute to the organization's success, which is then passed on to the consumer. In order for manufacturing to be carried out properly and efficiently, it is necessary to have the proper equipment and personnel. If more organizations implement the learning and growth viewpoint enhancement, their returns will increase without the need to hire additional personnel.

Conclusion

These measurements comprehensively represent the basic concept of the learning and development perspective, particularly because they have captured the two central aspects of the perspective, namely performance effectiveness and efficacy. When personnel are well-trained and possess the appropriate abilities for the role, they raise productivity, which increases the company's profitability through greater sales. All of these measures encompass all aspects of a company, including its capital, human resource, and technological components.

References

Gumbus, A., M. Johnson, & D. Susan (2003). The Balanced Scorecard Utilized By Futura Industries. Web.

Niven, N. (2005). Web-based Learning and Growth Perspective.

Rodney, B., & Biersteker, T. (2003). Private Authority's Emergence in Global Governance. Cambridge Studies in International Relations, volume 6, number 6, pages 203-230.

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