Balanced Scorecard - Assignment Example

Running Head: Summary Summary Name Institution Professor Course Date Balanced scorecard A balanced scorecard is defined as a strategic management and planning systems that is mostly used comprehensively in industries, businesses, government organization as well as in non profit organizations globally with the aim of aligning the business activities to the strategy and vision of the organization, improve both external and internal communication and also keep an eye on an organizations performance when measured against the strategic goals (Kramar et al., 2011). The framework has added strategic non financial performance measures to the traditional financial metrics that were being used by the executives and managers and through this they have a more balanced view of the performance of the organization they are heading. The framework have evolved over time from just a simple performance measurement tool to a full and useful strategic management and planning system. It now transforms the strategic plans of an organization from being a passive and attractive document into the marching orders. The framework not only provide the performance measurement aspects, but it also plays an essential role in helping the planners to come up with a list of activities to be completed and measured thus enabling the executives to accurately execute the strategies they have in place (Balanced Scorecard Institute, 2016). Downsizing (human resource) Downsizing is termed as the intended elimination of a large number of a company’s employee with the aim of enhancing organisational effectiveness (Kramar et al., 2011). This is mainly done in three ways that is through workforce reduction, organisational redesign and systematic change. Through workforce reduction the company makes use of a cost cutting approach that places more emphasis on the redundancies and short term results. Organisational redesign on the other hand relates to the de-layering or restructuring of an organisation, eliminating certain layers, functions as well as some work processes. The last way of downsizing is through systematic change and it involves organisational cultural changes and it involves all the employees in the organisation. Organisation mainly engage in downsizing so as to reduce cost, introduce new technology, due to mergers and acquisitions thus the need to reducing the bureaucracy and they also engage in downsizing due to globalisation as well as changes in the location of the business (London, Mone and Scott, 2004). Duty of care Duty of care refers to the relationships and circumstances that are recognized by law as giving rise to duty of taking care. In instances when there is failure to take that care the defendant may be liable and should pay for damages to the parties that is injured or incurs a loss due to the breach of the duty of care (Kramar et al., 2011). Duty of care strengthens all OHS activities that are required of the employers. The OHS (Occupational Health and Safety) Acts are subsequently supported by ‘codes of practice’ that are customized to exact risks, and they outlines the steps that employers should take to remove the risk entirely or control the risk to a considerably level. In regard to the duty of care organizations need to ensure that their workplaces are safe and are without any kind of risks to all the workers working in the organization and to any other individual who may be in one way or another be affected by those activities. Workers also have an obligation to engage in reasonable care for others and themselves and they need to cooperate with instructions offered by the organization. Beach marking in relation to performance management In relation to performance management, benchmarking is defined as the process used to compare the functions, products and activities within an organisation against the external business (Kramar et al., 2011). This is mainly done with the aim of identifying areas within an organisation that needs improvement and also ensure that a program of continuous improvement is implemented in an organisation. To achieve these a number of steps needs to be followed and they include the identification of the activities or functions that needs to be benchmarked and the performance measures, selection of the benchmarking partners, data collection and analysis, establishment of the performance goals and implementation of the plans and monitoring of the results. Bench marking takes a number of forms such as competitive benchmarking, internal benchmarking, best-in class or process benchmarking and industry benchmarking. Internal benchmarking refers to the benchmarking operations that tend to internal to the overall business group (Boxwell & Robert, 1994). Competitive benchmarking refers to the benchmarking with others companies which are operating in the same industry with an aim of coming up with the weaknesses and strengths of the competitors. Industry benchmarking refer to when a company compares against companies that they tend to have similar interests as well as technologies within the industry that they are operating in. Lastly, best-in class benchmarking refers to benchmarking against a number of best practices in the industry of operation. Performance management individual and organisation Performance management is termed as a system that is put in place in an organisation for employee performance, a system that is used to manage organisational performance and a system that integrates the management (Kramar et al., 2011) of both organisational and individual performance with the aim of achieving higher performance levels and maximum productivity and efficiency (Williams 2002, p. 10). In simpler terms performance management is the attempt made to control, systemise and manage the impact of the contributing factors that may have an influence in a group, individual and organisation productivity and performance. There exists three dimensions in relation to organisational performance and they include effectiveness, changeability and efficiency and they tend to determine the competiveness of the organisation (Bredrup, 1995). William 2002 further defines performance at the individual level as the behaviour that is determined by three major factors and they include motivation, declarative knowledge and procedural knowledge. How the staffs lose their job? A person’s job is more than just a way of making a living since our jobs affects how we view ourselves and also the manner in which others view us. A job gives a person a purpose, structure and meaning and that why losing a job seem to be the most stressful thing that individuals can experience. A major ways in which employees lose their jobs is through firing. Firing refers to the aspect of an employer terminating the employment of an employee against the employees will (Kramar et al., 2011). The other common way that employees lose jobs is through layoff. Layoff is termers as a temporary suspension or at time as a permanent termination of an employee’s employment or a group of employees due to bushiness reasons. For instance, employees may be laid off if the positions they were holding are no longer necessary for the business or when a business is experiencing a slow-down (Kramar et al., 2011). The other way that employees lose their jobs is through early retirement programs. Instead of being fired or laid off older employees in some organization are requested to retire prior to their retirement age. The main idea behind such an incentive of to cut back on the benefits and salaries of the older people so as to make way for the younger workers in the organization or who may want to join the organization (Mayo, 2001). How beach marking help your human resource? Benchmarking in organisation surpasses the competitive analyses to understand a competitors output and process involved in obtaining the output. Benchmarking can be of great importance to human resource in that it enhances performance (Kramar et al., 2011). This seems to be the primary advantage associated with benchmarking as outlines the foundation of enhancing performance by improving the organisations competiveness. By showing how an organisation can be better than the competitors, benchmarking make certain the survival of a business. Through benchmarking the human resource manager is able to ascertain the best practises in regard to the essential business processes and thus determine what make ups superior performance (Torrington, Hall and Taylor, 2005). Benchmarking also tends to quantify the gap that exists between the actual or stated and the expected performance and through these there is a realization of harsh realities and uncomfortable facts relating to the business. Thus benchmarking offers an organisation with a reason for making improvement and what constitutes the improvements. Benchmarking also helps the human resource by forcing them out of their comfort zones and offers them with measurable and specific improvement plans that are anchored in current reality as opposed to historical performance. A great number of organisations set their goals based on already established internal patterns and past trends. Through benchmarking human resources in an organisation are able to remove the paradigm blindness and thus makes them to have a look at a fresh approach to goal setting when viewed form a broader perspective (Torrington, Hall and Taylor, 2005). Benchmarking helps the human resources to change and engage in continuous change. Benchmarking seems to advocate for change in an organisation and the behaviour of the employees by making clear the standards of the competitors that can be beneficial to the organisation. It also offers them with new ideas as well as better way of undertaking the various activities within an organisation. It opens the employee’s minds to new and innovative ideas, ushering in a process of continuous learning which mainly leads to having a learning organisation. In the end the labour costs will be reduced drastically, while the productivity will be improved (Torrington, Hall and Taylor, 2005). Sources of recruiting employee The search for the most suitable candidates for vacant positions in an organisation and informing them about the various openings seems to be a very important aspect of the recruitment process. The candidates to fill the positions are mainly sources from a number of spruces with the main sources being either internal or external. The following sources fall in either of the category and they include advertisement, direct applicants and referrals, internal recruitment, universities, public employment agencies and private employment agencies (Kramar et al., 2011). Advertisement is mainly the most common method of recruiting new employees for a job and it may involve both internal and external advertisement and this method is mainly used so as to fill senior positions in an organization. In relation to internal recruitment employees working in an organization are transferred to a similar job or are promoted based on merit. Recruitment from universities has also become a common trend for certain jobs which calls for certain professional or technical qualification. The other common source is the use of agencies both private and public ones and they act as the bridge between the employers and the job keepers. When a there is a vacancy in an organization the agencies selects people already registered with them and forwards them for consideration by the companies with vacant positions. There are also those who apply directly or as a result of referrals. Companies that have good and efficient personnel relations encourage current employees working in the organization to bring in and pass word to suitable candidates for various openings in the organization. 3 Circles explain and label job opportunity. References Balanced Scorecard Institute (2016). Balanced Scorecard Basics. Retrieved February 19, 2016 from http://www.balancedscorecard.org/BSCResources/AbouttheBalancedScorecard/tabid/55/Default.aspx Boxwell, Jr. & Robert, J. (1994). Benchmarking for Competitive Advantage. New York: McGraw-Hill. Bredrup, H. (1995). Background for Performance Management em Asbjorn Rolstadas (Editor), Performance Management a Business Process Benchmarking Approach: 61-87. London, UK: Clays Ltd, St. Ives plc. Kramar et al. (2011). Human Resource Management in Australia. New York: McGraw-Hill. London M., Mone E. M. & Scott J. C. (2004). Performance management and assessment: methods for improved rater accuracy and employee goal-setting. Human Resource Management, 43 (4), 319–36. Mayo A. (2001). The Human Value of the Enterprise: Valuing people as assets monitoring, measuring, managing. London: Nicolas Brealey. Torrington D., Hall L. & Taylor S. (2005). Human Resource Management (6th edition).Harlow: FT/Prentice Hall. Williams R. (2002). Managing Employee Performance: Design and implementation in Organizations. London: Thomson Learning. Read More