Balanced Scorecard::Balance Scorecard Approach To PMS, HR Score Card, Malcom Baldrige Business Excellence Model

BALANCED
SCORECARD
:Balance Scorecard approach to PMS, HR score card, Malcom Baldrige business excellence model.
Balance Scorecard
• It was originally published by Dr Robert Kaplan and Dr David Norton as a paper in 1992.
Balance Scorecard
• The balanced scorecard is a management system (not only a measurement system) that enables
organizations to clarify their vision and strategy and translate them into action. It provides feedback
around both the internal business processes and external outcomes in order to continuously improve
strategic performance and results. The balanced scorecard methodology is based on the premise ‘what
gets measured gets managed’.
Characteristics of the Balanced Scorecard Model (BSC)
1.Learning and growth are analyzed through the investigation of training and knowledge resources. This
first leg handles how well information is captured and how effectively employees use that information to
convert it to a competitive advantage within the industry.
2.Business processes are evaluated by investigating how well products are manufactured. Operational
management is analyzed to track any gaps, delays, bottlenecks, shortages, or waste.
3.Customer perspectives are collected to gauge customer satisfaction with the quality, price, and
availability of products or services. Customers provide feedback about their satisfaction with current
products.
4.Financial data, such as sales, expenditures, and income are used to understand financial performance.
These financial metrics may include dollar amounts, financial ratios, budget variances, or income targets
Balanced Scorecard Benefits
• There are many benefits to using a scorecard. The most important advantages include the ability to bring
information into a single report, which can save time, money, and resources. It also allows companies to
track their performance in service and quality in addition to tracking their financial data. Scorecards also
allow companies to recognize and reduce inefficiencies. J.D. Power is an example of one such firm that
is hired by companies to conduct research on their behalf.
The HR Scorecard
• The HR scorecard allots the four dimensions rating to assess the progress level of Human Resources in
an organization. The four dimensions that are recommended by T V Rao (2004) are:
• HR Systems Maturity
• HR Competencies of the Organization.
• HR Culture of the Organization.
• HR Linkage to Business Goals.
CASELET-Employee Relations and
Engagement at Taj Hotels
• Since its establishment, the Taj Group had a people-oriented culture. The group aimed at making the HR
function a critical business partner. To achieve ‘Taj standards’, all employees are placed in intensive
training programmes. In order to show its commitment to and belief in employees, the Taj Group
developed the ‘Taj People Philosophy’ (TPP), which focused on employees’ learning and career
planning. The concept of TPP, was based on the key points of the Taj employee charter:
• • Every employee would be an important member in the Taj family.
• • The Taj family would always strive to attract, retain, and reward the best talent.
CASELET-Employee Relations and
Engagement at Taj Hotels
• • The Taj family would commit itself to communication and transparency. As part of the TPP, the Taj
Group introduced a strong performance management system, called the Taj Balanced Scorecard System
(TBSS) that linked individual performance with the group’s overall strategy. As an extension of the
TBSS, Taj created a unique employee loyalty and reward programme, called the Special Thanks and
Recognition System (STARS). STARS was an initiative aimed at motivating employees to transcend
their usual duties and responsibilities. The STAR system also led to global recognition of the Taj Group
of hotels when the group bagged the Hermes Award for ‘Best Innovation in Human Resources’ in the
global hospitality industry
Malcom Baldrige business excellence model.
Malcom Baldrige business excellence
model.
• The Baldrige criteria for performance excellence are a structure that any organization can use
to improve its overall performance. The assessment criteria consist of seven categories:
• Leadership – examines how senior executives lead the organization and how the organization
handles its responsibilities to the public and to the environment in which it is inserted.
• Strategy – examines how an organization sets strategic directions and how it determines key
plans of action.
• Customers – examines how an organization determines requirements and expectations of
customers and markets, how it builds relations with customers, and how it acquires, satisfies
and retains customers.
Malcom Baldrige business excellence
model.
• Measurement, analysis and knowledge management – examines management, effective use,
analysis and enhancement of data and information to provide support for key processes at the
organization and for the organization’s performance management system.
• Workforce – examines how an organization allows its workforce to develop their full potential
and how the workforce is aligned with the organization’s objectives.
• Operations – examines aspects of how key production/delivery and support processes are
designed, managed and enhanced.
• Results – examines an organization’s performance and improvement in its main business
areas: customer satisfaction, financial and market performance, human resources,
performance of suppliers and partners, operational performance, governance and social
responsibility. This category also looks at an organization’s performance in relation to its
competitors.
•THANK YOU

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