Measuring success and understanding what to measure are key to achieving operational excellence. In the previous blog, we discussed about identiying the process and service metrics relevant to your organisation.
Once we know the objective of the organisation and key initiatives from the Hoshin Kanri planning with related KPIs and creating HR Scorecard for regular monitoring of these KPIs is a very important step to ensure startegy is translated into action. Balanced scrorecard should have a) Financial measures, b) Customer measures, c) Internal process efficiency measures and d) Learning & Growth measues.
Agreeing a dashboard and setting up a process to update the performance dashboard on a regular basis or on a real time basis will create transparency and the help to align the team to work towards the common HR functional objectives. Scorecard should contain a mix of leading and lagging indicators
For example, If one of the objective derived from strategy is to improve the retention rate of Hi-potential employees. The dashboard or HR scorecard should include graphs to highlight the rentention rate %. HR scorecard should also have trend to enable business to take pro-active actions. So, if there is a trend of rentention% of HiPo going down, then this should trigger a root cause analysis and action to mitigate the risk.
Keep the HR Scorecard high level, simple and easy to understand!
Balanced score card should have targets, current measures and trend c. Below diagram is a mock up of the content required, however for better adoption of the scorecard, it is important the scorecard is build in an interactive way using the right tool (e.g. Power BI or your People Analytics tool) and automated by pulling data directly from your HRIS systems. The scorecard should be easily accessible to HR leaders , so making sure the scorecard is displayed in the home page of your HR portal would help drive better decision making.
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HR Balanced Scorecard: The compass guiding organizational success through the intricate landscape of human resources. Like a skilled conductor, it harmonizes diverse HR functions into a coherent symphony of performance metrics, employee engagement, and strategic alignment. With each scorecard iteration, HR leaders navigate the dynamic terrain of talent management, fostering a culture of accountability and excellence. It's not merely a tool; it's a strategic imperative, empowering organizations to measure, optimize, and elevate their human capital to unprecedented heights.
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