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The Balanced Scorecard approach was strategically developed by Dr. Robert Kaplan and Dr. David Norton in the 90s to devise fresh plans for business success and long term growth and excellence. The Balanced Scorecard is a performance management system that integrates use of metrics to measure the different aspects of an organization’s performance categorized under financial, customer, internal and learning and growth perspectives.
The Human Resource Department is one of the most critical departments of any organization that is responsible for hiring and performance of the workforce that contribute to business success. The HR process in itself contains the scope of developing an individual scorecard that encompasses a host of verticals describing and providing a valuable insight into the HR performance and the people involved in it. The HR metrics involves a wide ranging aspects that facilitates improvising the Human Resource functioning and measure its productivity; besides calculating the efficiency of the key performance indicators with regard to the different HR aspects like leadership, motivation and training that assists in understanding of the HR management corresponding to the Business goals.
The Hiring process entails the most important element of hiring the right employees for the right job that includes the selection indicators and metrics that indicate the desired traits required to develop a capable and competent workforce.
The Training metrics pertains to value addition and development provided to the hired employees in accordance with the strategic goals of the organization and determines the performance indicators to check the training viability and precise requirement, besides the resultant performance.
The Leadership metrics describes the aspects under which the process managers strive to enhance the employee management like improvised security for the employees, reduction in turnover percentage, along with succession planning and employee effectiveness.
Encouraging employees to perform better and give in best always and guiding them to overachieve benchmarks is the key to boosting the performance levels. Further, monetary and non-monetary tools can also be used effectively to perk up performances and motivation metrics soundly describe the indicators inducing enhanced performance.
Another important part of the HR process is the retirement factor and succession planning that requires preparing for filling up critical job requirements and providing adequate training for same to ensure smooth working of the current employees and guide them to sail towards new professional heights.