Balanced Scorecard

1004 Words Apr 10th, 2013 5 Pages
I. What is Balanced Scorecard (BSC)? a. Its purpose is to implement balanced management system to strategically align business practice and goals to gain competitive advantage. II. Why is it important? b. It more effectively positions HR to assume a role at the executive table as a source of collected data and analytics, and manager of tangible and intangible assets—synergy of business outcomes that are difficult to imitate, (Fottler, 2006). c. It also supports talentship (Boudreau, 2002), intellectual capital (Wu, 2005) and human capital as a strategic asset, and not as a financial cost, (Becker, 2001). d. It is versatile (although there can be challenges) for both large and small and medium enterprises …show more content…
Step 7: Implement Management by Measurement. n. While there are other methodologies and competency models available, HR Scorecard is best suited to operate alongside BSC. See other methodologies, gap analysis, etc. (Hagood, 2002). VII. What are HR Scorecard’s Components? (See Russell, 2004) o. HR Competencies (high performance work systems—HPWS) p. HR Practices q. HR Systems (measures both internal and external alignments, i.e., staff perceptions) VIII. What are issues to consider before implementation of HR Scorecard? r. Becoming educated with BSC as a management strategy encourages higher engagement and enthusiasm for goal setting, monitoring and achievement. s. Others? IX. What are the steps to implementing the HR Scorecard? t. Identify key performance drivers and enablers that make up HR deliverables (vs. “doables”). u. See HR BSC Implementation Guide (pp. 1-6) v. See Designing and Implementing an HR Scorecard, (Walker, 2001). - Five Strategic Thrusts: xxi. Talent xxii. Leadership xxiii. Customer Service & Support xxiv. Organizational Integration xxv. HR Capability X. How can we track HR effectiveness? w. Find the connection between company strategy and the work of each employee. x. Draw out the critical few measures that have the greatest impact,

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