Wednesday, May 6, 2020

Implementing a Balanced Scorecard-Free-Samples-Myassignmenthelp

Questions: 1.The reason for the Organization developing its Balanced Scorecard. 2.The Organizational Objectives, Measures, and targets of the Balanced Scorecard, 3.How the Balance Scorecard elements relate to the Organization's Strategy 4.Your evaluation of the Company's Balanced Scorecard in terms of whether you agree that the choice of BCS measures is Complete and Consistent with the Organization's Plan and Stakeholder group. Answers: Introduction The issue presented in this particular study is that the consultancy firm 2GC excels in the area of specialist strategy implementation and thought leader in the Performance Management field. Now, 2G has been assigned with the task of redesigning the employee performance management system of a fast-growing international retailer. The approach used by the consultancy is the balanced scorecard approach with the perspectives of results, activity and behaviors. 1.Reasons for the organization developing the Balanced Scorecard The reason for the organization developing the balanced score card is that this will not only help to improve the employee performance of the organization but also will provide an overview into the internal proceedings of business and the essentialities that is ought to be reviewed in order to improve the entire structure of employee management. The decision of the organization to utilize the balanced scorecard system is also supported by the fact that the triple approach area that the applied technique attempts to cover does make the entire operational framework that each employee is responsible to follow, easier to comprehend and simpler to execute. The performance (result perspective) of the client organization including the non-financial aspects of it; the activity and behavior perspectives set a clear line of objectives for the employees at different levels of hierarchy by aligning the roles and evolving them by raising their standards (Cooper, Ezzamel, Qu, 2017). 2.Organizational objectives, measures and targets of the Balanced Scorecard The organizational objective that is targeted to be achieved with the help of utilization of the balanced scorecard is the implementation of an environment within the organization and among the employees that promote a clear employee performance management system that is inevitable in maintaining the company standards (Hoque, 2014). The measures and targets undertaken by 2GC via the balanced scorecard approach are the development of the performance criteria, forms and descriptors that is utilized for the management of the employee performance; trial running of the system in a particular geographical area; lastly, the implementation of the new employee management program worldwide based on the results of the trial. 3.Elements of the Balanced Scorecard The elements of the balanced scorecard that relate to the organizational criteria are firstly, the results that represent the quantitative as well as qualitative indicators of the operational performance of the firm including the operational efficiency related to future business projections. The next element that is activity, research and identify the exact roles and responsibilities of the different designations or positions of employees at different levels. For instance, a single core activity like resource management may apply differently to different levels of employees, viz. the regional director, stores manager and assistant manager. Thirdly, the element of describe and simplify the norms and values of behavior that the organization is expecting from each employee. Thus, all these factors summarize the employee management system. 4.Evaluation of the Balanced Scorecard system The balanced scorecard system developed by the 2GC consultancy aptly suits to the requirements of the client organization. The three elements of the balanced scorecard system effectively summarize the current condition of the employee performance in the organization and then set clear standards in order to improve the performance of the same. Therefore, the balanced scorecard approach has been best applied to remedy the problem faced by the client organization (Martello, Watson Fischer, 2016). Conclusion Thus, from the above discussions, it can be clearly obtained that 2GC has done a commendable job in improving the employee performance management in the client organization. References Cooper, D. J., Ezzamel, M., Qu, S. Q. (2017). Popularizing a management accounting idea: The case of the balanced scorecard. Contemporary Accounting Research. Hoque, Z. (2014). 20 years of studies on the balanced scorecard: Trends, accomplishments, gaps and opportunities for future research. The British accounting review, 46(1), 33-59. Martello, M., Watson, J. G., Fischer, M. J. (2016). Implementing a balanced scorecard in a not-for-profit organization. Journal of Business Economics Research (Online), 14(3), 61

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