Five Key Elements of Balanced Scorecard Approach to Management
Name
Institution
Five Key Elements of Balanced Scorecard Approach to Management
Introduction
There are five distinctive elements to balanced scorecard approach of management. The technique basically invites organizational leaders to share a practical goal with workers. The vision should relate with the overall operational culture of an organization so that workers may not feel the overarching presence of alienating factors. Leaders have to formulate formal methods of evaluating performance because every worker should have a basic level of grasp over his or her role in the organizational regimen. The organization should not retract from attempting and undertaking new projects and campaigns in order to access widening range of revenues.
Five Principles of Strategic Management and Organizational Performance
Five golden principles of integrated strategic process may depend on willingness of leaders to engage workers at a very high level of intellect. The organization should always look to improve and develop. An organization may not succumb to beauty of the present and it should promote the culture of “being the beginners” at all stages of development. One front may erode but the organization should creatively jump to the next project in order to keep entrepreneurial elements viable. Same materialistic and humanistic resources are going to play different roles in a differentiated organizational setting. The organizational management should not consider the lessening charm of any market segment as a single of defeat.
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The Commitment to Growth through Opening New Projects Regularly
The organization should also remain in the state of perpetual investing and one should create various potentials of generating profits in the hope of seeing some project to earn success in the market. Organization may need to pay lesser dividends in order to retain exceptional degree of earnings. The financial performance becomes a secondary concern for an organization that may believe in the idea of integrated strategic processes. Organizational leaders have to consider it their personal responsibility to develop the company and they must not rest until they are able to establish sufficient probabilities of profits for the organization. Creative leadership also depends on creativeness of employees. The attribute of teamwork socially bands an organization and therefore each employee may initiate to support other workers to build climate of trust within the organizational structure. The air of trust may cause rapid professional development of employees and organization may not need to hire external workers to fill key positions in the future.
Retaining and Grooming Managerial Talent
Emerging managers may understand the culture of an organization deeply and they carry on the integrative managerial process that manages multiple fronts at the same time. Creating internal sense of calm and satisfaction is the role that aspires to human resource managers and they have to balance compensation of each employee with his or her level of performance. The factor of dissatisfaction may settle into the psychology of an employee when he or she waits for significant period of time for a raise or a promotion. Excessive waiting for receiving a relief would open mind of a worker to other exciting and attractive opportunities.
The Value of People
The organization strategically and operationally relies on people and its prime concern should aim to develop solid and unbreakable relations with internal stakeholders. The effective organization would not fire many people and it may hire increasing number of employees every year. Expanding organizational horizons may be a consequence of growing social creativity of workers.
