A challenge for Human Resources is overcoming a belief that HR leaders do not understand the business, or that HR’s interests conflict with management’s ability to meet their goals efficiently.
Using the Balanced Scorecard as an HR management tool gives leaders the tracking and reporting vehicle to demonstrate that we make data-driven decisions, and help management understand how their decisions impact talent-related results.
The Balanced Scorecard was developed in the 1990s at the Harvard Business School by Robert Kaplan and David Norton, who observed that many companies managed their businesses based solely on financial measures. Being overly focused on short-term financial results leads to neglecting activities needed to position companies for future success. Their studies found that organizations had to ensure they made progress in four distinct business perspectives: Customer, Financial, Internal Business Process, and Knowledge Growth.
Once the strategic plan is developed, leaders use the balanced scorecard to ensure they are making progress toward the strategic objectives. This webinar will equip HR leaders to create a balanced scorecard for their areas of responsibility and be able to articulate to leadership how their activities and results contribute to attainment of organizational objectives. Specifically, they will be able to create, benchmark, and monitor results in each of the perspectives as follows:
- Customer – How HR’s services meet the needs and expectations of employees, managers, candidates, and other stakeholders.
- Financial – How HR’s costs compare to their budget, industry standards, and their own past performance.
- Internal Business Process – How HR increases efficiency by streamlining and automating processes as well as managing functions in their areas of responsibility.
- Knowledge Growth – How well HR supports building overall talent and competence in the organization.
It may sound complicated; but it can be as simple as you need it to be; and can be implemented without special technology or training. Tune in to learn how to make a business case for the people strategy and resources that will help your organization achieve its goals.
Join us for June’s HR30 to learn more on this topic. Our presenter will be Kelly F. Carberry, SPHR, SHRM-SCP.