Topic > HR Analytics as a Strategic Business Partner - 804

The Balanced Scorecard can be defined as a strategic planning system used to align business operations with the organization's strategy, improve internal and external communications, and monitor overall performance of the organization and its individual departments with respect to strategic objectives. The Balanced Scorecard looks at an organization from four unique perspectives: the learning and growth perspective {which includes employee training and company culture}, the business process perspective {which includes internal business processes}, the customer {which includes the level of customer care and satisfaction} and financial prospects (Kaplan & Norton, 1996). Organizations are urged to develop metrics, collect and analyze data in relation to these perspectives. In addition to seeing the organization from these perspectives, the inclusion of strategy maps, a communications tool to visually represent how these strategies work together to create value, allows the organization to improve the internal processes that make up the business process perspective ( Balanced Scorecard Institute, 2014). Gary Cokins, founder of Performance Management, LLC writes that a common misconception about the Balanced Scorecard is that it is designed to track results, when in reality its purpose is to report pre-selected KPIs whose intent is reflected in the execution strategy,