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Balanced Scorecard: A powerful strategic tool for organizations

By Professor Soumyadip Chakraborty of WSB

Whenever I hear the CEO, MD, or Chairman of any organization highlight “Employee Engagement” as a major point of concern, I ask them a simple question: “Does your organization have a Balanced Scorecard in place?” And voila! In 90% of the cases the answer is “No”, “Don’t think so”, “Not sure”, etc. 8% of the companies say, “Yes, but not fully implemented”, or “Yes, but not sure whether every employee knows about it”. Only around 2% of the companies are at the two extremes – either they haven’t heard of it, or they argue that there are better ways for employee engagement. Whatever it is, let us understand why Balanced Scorecard is important in the context of employee engagement.

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