All organizations have their own set of goals and objectives that they want to achieve in order to sustain themselves in the cut throat competition offered by the existing corporate world. Goals can be defined on the basis of short term and long term according to the nature and feasibility of the scenarios and circumstances.
Each of the organizations is divided into respective departments to carry out the implementation plans to achieve these goals and other related purposes. There is however, one central division or department in any organization that watches over the productivity and performance of the overall organizational management. This department is that of the Human Resources. Despite the human resources related goals that need to be catered to individually, one of the main purposes of HR is to hire the apt pool of people to carry out the operations of the organization in its entirety and efficiently.
Not only this, but a human resource department also indulges in struturing innovative and satisfying rewarding, compensating and benefits packages and techniques that automatically ascertain employee buy in. The question which then arises is that how does such a department like Human Resources in any organization achieve its goals in terms of vigilance and motivation. One very effective technological solution is the use of the Balanced Scorecards. This Scorecard contains effective and quantifiable key performance indicators used in the process of goal setting and measuring the current performance of a particular department. This performance is then gauged against the projected performance that the company envisions for itself reflecting from its mission, vision, objectives and targets. Thus helps in determining the current status of the standing of the business entities in the present and forecasting the future.
The KPIs vary from one department to another, since the goals from department to department are distinct as well. The use of scorecard helps in determining how successful are the members of workforce in their effort and contributions towards achieving organizational goals and objectives. If in any scenario or condition the success of workforce is considered crucial then it can be chosen as a metric in the scorecard. Apart from this it also allows to determine how effective and cohesive the policies and procedures of the Human Resource department are. Any aversion from the organizational goals would show as a result in the Balanced Scorecards.
Every activity in the corporate world has a cost. It is empirical to look into the cost incurred by the department as a whole by evaluating the costs of the new hiring, trainings provided, resources and supplies incurred and other related issues. In the light of these costs, the rewards in return can be compared. A Balanced Scorecards is a complete guide to building strategies that provide quantifiable and objective insights to the procedure and processes involved in an entity.