Balanced scorecard (BSC) is an important and prime tool used for measuring performance invented by Kaplan and Norton. Balanced Scorecard and its four 4 perspectives helps in dealing with strategic planning and performance management. The employer or the Management measure each employee productivity, performance and ability by using balance score card methods and decide the performance appraisal. The Balanced scorecard helps out in driving the financial and non financial outcome, which indicates the performance and strategic output.
Balance score card plays an important and critical role in strategic planning and performance management. Balance score card is regularly being used and it comes in the top ten management tools used by the various organizations to measure performance management worldwide.
Internal Business Perspective - The focus areas are:
At Last, The Balance scorecard also helps in bringing overall development of employees- their capability, managerial skills, leadership, skills and competencies.
Balance score card can play very important role in finding the leadership quality among the employees, their capability, their outcome and their development which helps the senior management to decide to do their performance appraisal. Balance scorecard is tools which provide an opportunity to move out of traditional barriers and reach new heights of success as this process helps in continuous development and progress in business.
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