How does a 'Balanced Scorecard' help us implement and manage change and develop effective strategies to measure and manage our human capital to support our organization?
HR professionals can use the Balanced Scorecard as a communications tool that can help justify the value of human capital investments, something they are under increasing pressure to do. The report provides the foundation for a periodic review of HR's strategic challenges and contributions -- in effect, a progress report. Therefore, it becomes the bridge between enterprise strategy and HR, giving HR entrée to the strategy table and empowering it as a true strategic partner. HR can now work toward improving human capital readiness, and more broadly, toward enhancing the organization's ability to execute its strategy.
Adapted from -- http://www.accountingnet.com/x40642.xml
"The Human Capital Scorecard
By Jac Fitz-enz
The arrival of the balanced scorecard model has opened a new path to organizing and monitoring human capital information. We can take the concept behind the balanced scorecard and create a human capital version. The human capital scorecard would consist of four quadrants, each devoted to one of the basic human capital management activities: acquiring, maintaining, developing and retaining.
Planning would not be part of the scorecard. By its nature, planning deals with the future. The human capital scorecard would be focused on recent and current events.
The quadrants would reflect a variety of metrics. The choices made, however, should provide a basic yet thorough look at the investment and utilization levels of human capital.
Each of the quadrants should contain cost, time, quantity and quality measures to the extent practical and possible. Across the bottom, a base can be added to cover reaction factors?the reactions of managers and ...
The solution examines how a 'Balanced Scorecard' helps us implement and manage change and develop effective strategies to measure and manage our human capital to support our organization.