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Research project -- Using balanced scorecaed in human resource management - Essay Example

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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…
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Download file to see previous pages 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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