A balanced scorecard framework is a key component of the strategic planning process. Specifically, it helps to identify a workforce management project’s key performance indicators. Project scorecards help you track and calculate your WFM solution’s return on investment of.
A balanced scorecard model is typically initiated after securing funding for a project. It measures the success of your WFM program and can be used to pinpoint internal business processes that need improvement. Scorecards usually include both the tangible benefits, such as traditional financial performance measures, as well as the intangible benefits of a project.
Benefits of the Balanced Scorecard System
The balanced scorecard is a performance management system that provides insights into your WFM strategy and progress against your targets. By linking objectives, financial measures, targets, and initiatives, balanced scorecards provide a clear picture of your current state and progress to your desired future state.
A scorecard can help you achieve balanced, sustainable growth by measuring progress from differing perspectives. This includes both financial and customer perspectives, as well as your overall operational efficiency and employee engagement. By tracking progress in all four areas, the balanced scorecard methodology provides a more complete picture of your organization’s health than any single metric.
Additionally, the balanced scorecard allows you to track the progress of internal processes and identify areas for further improvement. The balanced scorecard approach gives you a comprehensive view of your organization’s performance. But it also highlights areas of improvement and keeps you focused on strategically managing your WFM efforts.
Achieve Your Strategic Objectives
At Axsium, we understand that every business has different key performance indicators. That’s why we work closely with our clients to develop balanced scorecards that track the metrics that are most important to them.
For example, by tracking employee engagement, employee retention, customer satisfaction, compliance risk, the sales-to-cost ratio, and forecast accuracy, retailers can get a balanced view of their performance and make strategic decisions accordingly.
With our help, your management team can build the right balanced scorecard to identify areas for improvement and track your continued success.