A balanced scorecard is a framework that helps organizations implement and manage their strategy. It enables managers to track progress and identify areas where improvements are needed.
The balanced scorecard approach has been particularly effective in human resources management called the HR scorecard. HR professionals use it to develop a clear understanding of the organization’s strategic objectives and then create measures and targets to help achieve those objectives.
The resulting scorecard can then track progress and identify areas where further improvements are needed. When used effectively, the balanced scorecard can help organizations achieve their objectives and improve overall performance.
The objectives of the Balanced Scorecard Model are to align strategic objectives with operational measures and track progress toward those objectives.
Overall, this method is a great step forward in achieving the goals of an organization.