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Robert S. Kaplan and David P. Norton’s 1996 book ‘’The Balanced Scorecard: Translating strategy into action” is considered to be a major contribution to the development of performance management, as their work has changed the way performance is measured. In the almost 20 years that have passed since its publishing, the Balanced Scorecard System has been implemented by thousands of companies and organizations worldwide, proving its value in time.
Motivators are the key to any long-lasting, successful, future-oriented organization.
Performance appraisals are an opportunity for employers and employees to have a dialogue on past achievements and future development plans.
Using specific performance management tools such as the employee performance plan to include the necessary competencies and behaviors, performance criteria and the expected outcomes, can help avoid bias. Moreover, it leads to employee appraisals that are based on data and reflect on actual accomplishments and progress.
Reporting is an important stage in the performance management process, although managers can sometimes fall into the trap of considering it as the end of the performance cycle. However, just reporting performance data will not ensure the improvement of results. Improvement is only possible when decisions are made based on the insights provided by data.
It is often believed that a Balanced Scorecard approach is only viable for big corporations that have been in business for years; hence, not many start-up companies are willing to use this tool.
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