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Organizations, both private and public, are challenged with adapting to new technology and developing new skills. It is difficult to respond to various changes in society, so companies must ensure that their employees are performing according to the changes. The primary role of researchers is to translate their statements and principles into tools applicable to management (Marcu 2020). It is imperative for companies to keep track of employee performances in financial and non-financial areas. The Balanced Scorecard concept is utilized by management to align individual and organizational efforts with organizational vision and strategic objectives (Marcu 2020). Balanced scorecards are the most effective way for companies to manage employee activity. It focuses on four perspectives: financial, customer and stakeholder, internal processes, and organizational capacity of learning and growth (Marcu 2020). It also includes three additional perspectives, clients, internal processes, and learning and growth, to help build new capabilities.
Balanced scorecards give managers a comprehensive assessment of a company’s performance and how their resources are being used. Managers use a balanced scorecard to identify and improve internal business functions and external outcomes (Marcu 2020). Data collection is a key part of balanced scorecards. They measure and provide feedback to managers on how well the company is performing. By utilizing balanced scorecards, managers can easily measure and evaluate performances. Managers can identify areas in the company where there are high-stress levels or where there may need to be improvements (Marcu 2020). Balanced scorecards are also helpful for employees to improve their performance and learn from feedback.
As I read the article, I found it interesting to learn how managers use a balanced scorecard. It can be challenging in a changing society to adapt to those changes. The changes may be customer preferences or new technology. It is imperative for managers to ensure that their employees are adapting to the various changes. It is also essential for managers to ensure that the company is also adapting to the changes. Balanced scorecards are the most efficient way for companies to keep track of employee performance as well as the company’s performance. It measures different aspects of businesses and identifies any weak areas that may need to be evaluated. Balanced scorecards collect various data throughout internal functions and external outcomes. They provide managers with accurate results and feedback on how to improve different parts of the company. Managers can also provide constructive feedback to employees to learn how to perform to the best of their abilities.
Marcu, Gheorghe (2020). New Perspectives in Developing the Balanced Scorecard Concept.
Buletin Stiintific, 25(1), p33-40