Groundbreaking Performance Management Book
By Hubert Rampersad (ISBN: 978-1-59311-531-9, Information Age Publishing Inc., Connecticut; Tata McGraw-Hill, 2005, New Delhi) The Personal Balanced Scorecard (PBSC) is a journey into the inner self, where values, hopes, dreams and aspirations lie quietly waiting to be discovered. Taking the journey as an individual allows you to view your life objectively and authentically as a whole person and provides a roadmap of your dreams and aspirations translated into manageable and measurable milestones.
WHAT IS THE PERSONAL BALANCED SCORECARD?
The Personal Balanced Scorecard (PBSC) encompasses personal mission, vision, key roles, critical success factors, objectives, performance measures, targets and improvement actions. These are divided into four perspectives: internal, external, knowledge and learning, and financial. In recent years, we have applied this new system in various companies in many countries, and have observed that implementing the PBSC method results in a step-by-step increase in individual happiness, consciousness, self-learning and creativity, at work as well as in life in general. Using the PBSC method, it’s easy to effectively manage and coach yourself and others. It leads to continuous development and use of one’s talents, greater awareness of one’s responsibilities and self-discipline, and development of one’s ethical behaviors.
HOW DOES THE PERSONAL BALANCED SCORECARD COMPARE WITH OTHER PROGRAMS?
This unique approach differs fundamentally from traditional personal coaching and scorecards’ methods. It brings an inspirational and self-awareness learning process that measurably, concretely and routinely improves personal effectiveness, and reinforces work/life balance. Personal Balanced Scorecard (PBSC) picks up where Stephen Covey’s 7 Habits of Highly Effective People and other current available assessment tools leave off.Specifically, the PBSC translates personal ambition into concrete personal objectives, performance measures, targets and improvement actions, providing the basis for balancing personal aspirations with personal behavior. Additionally, the PBSC is the foundation for linking the individual with the organization. Through the PBSC, the individual’s aspirations are integrated with a collective ambition, embedding ethical behavior and holistically linking capabilities with collective talent management. The consequences of neglecting any of these are personal and organizational sub-optimization with only temporary improvement. Without a holistic and measurable approach, the personal foundation will not be stable or sustainable enough to support the acceptance of new challenges and the development of skills related to these challenges.
Missing Links in Kaplan & Norton’s Balanced Scorecard
The implementation of Kaplan & Norton’s Balanced Scorecard (BSC) concept deviates in a number of points from the Personal Balanced ScorecardTM (PBSC) concept. In practice the brilliant Kaplan and Norton approach is applied as mechanistic and too results driven, the PBSC process ensures that business results are achieved through a focus on people. This is very important for sustainable performance improvement and developing a real learning organisation. The PBSC, in contrast with Kaplan & Norton’s Balanced Scorecard, integrates people involvement and happiness into balanced scorecard and involves individual buy-in, in order to realize sustainable personal and organizational performance improvement. It is linking human capital to business success. That’s why numerous case studies indicate that the implementation of the BSC in North America have been disappointing at best, and in Europe and South America even more so. Despite the above criticism the BSC is a splendid concept that makes a most useful contribution to the successful implementation of the PBSC.
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