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Here are the five key benefits of implementing a strategic balanced scorecard in your performance management system

by , 24 June 2014
Ever heard of the balanced scorecard?

Well, if you're serious about measuring how your company is performing you need to get familiar with it.

The purpose of the balanced scorecard or strategic balanced scorecard is to allow your company to translate its vision and strategy into a strategy map with measurable objectives.

If you still have doubts about the balanced scorecard, continue reading to discover the five key benefits of implementing a strategic balanced scorecard in your performance management system.

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You'll reap these five benefits if you implement a strategic balanced scorecard in your performance management system

#1: If you implement the balanced scorecard correctly, they'll be transparency when it comes to your company's objectives.

Remember, participation and input from employees in setting and measuring the key objectives will result in employees having a clear insight into what's important to the company and how their individual roles will contribute, says the Practical Guide to Human Resources Management.

#2: The performance measures you use in performance management will be cascaded and each employee will work off a scorecard that aligns to the company's scorecard. This means company strategy will becomes everyone's business.

#3: You and your employees will have a better sense of what's important in the company because there will be a link between what your company wants to achieve as well as your employee's personal goals.

There are two more benefits you need to know about.

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Two more advantages of implementing a strategic balanced scorecard

#4: The balanced scorecard can measure organisational, business unit and/or department success to see if your company is achieving its objectives.

#5: The balanced scorecard incorporates long-term and short-term actions and aligns all business activities to strategic objectives across the four perspectives (learning & growth perspective, business process perspective, customer perspective and the financial perspective.

Now that you know the key benefits of implementing a strategic balanced scorecard in your performance management system, why don't you try it out?




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