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HR Balanced Scorecard
other perspectives: customer, internal business, andlearning/innovation. The scorecard shows how these measures areinterlinked and affects each other, enabling an organization's past, present, and potential performance to be tracked and managed.
, a concept for measuring whether theactivities of a company are meeting its objectives in terms of vision and strategy. By focusing not only on financial outcomes but also on the human issues, the balanced scorecard helps to provide a more comprehensive view of a business which in turnhelps organizations to act in their best long-term interests. Thestrategic management system helps managers focus on performance metrics while balancing financial objectives withcustomer, process and employee perspectives. Measures are oftenindicators of future performance.Since the original concept was introduced, balanced scorecardshave become a fertile field of theory and research, and many practitioners have diverted from the original Kaplan & Nortonarticles. Kaplan & Norton themselves revisited the scorecard withthe benefit of a decade's experience since the original article.Implementing the scorecard typically includes four processes.
The four processes are:-
Translating the vision into operational goals.
Communicate the vision and link it to individual performance.
Planning of Business.
Feedback and learning and adjusting the strategy accordingly.
Innovation of the balanced scorecard
Kaplan and Norton describe the innovation of the balancedscorecard as follows:"The balanced scorecard retains traditional financial measures. Butfinancial measures tell the story of past events, an adequate storyfor industrial age companies for which investments in long-termcapabilities and customer relationships were not critical for success. These financial measures are inadequate, however, for guiding and evaluating the journey that information age companies