REWARD STRATEGY

Impact of Reward Strategy on Individual and Organizational Level

Executive Summary

This paper focuses on the balanced scorecard approach, of two of the group of employees, after analyzing the Pandora case study. However, in this regard, the each of the group of employees have been identified critically based on the heads of balanced scorecard approach. Moreover, there have also been ample discussion on two different methods of performance appraisal, which Aisha should consider for the pursuance of her labour force. All in all, this report focuses on the balanced scorecard approach and its implementation, based on the case study analysis.

Impact of Reward Strategy on Individual and Organizational Level

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Dear Aisha

Performance management is a procedure where organisational destinations are adjusted to representative's aptitudes and advancement of the people. The essentialness of performance management is to raise high performing labourers and additionally organisation goals. Numerous speculations demonstrate that performance management is the key for victory. Performance management is the principle path by which organization guarantee a 'line of vision' around strategic points and differentiate developments and behaviours". Armstrong and noble (1998a) reported that "69% of the organisations they studied in 1997 worked a formal methodology to measure performance management". These frameworks guarantee representative exertions are regulated towards organisational objectives to empower both the worker and organisation to profit. There are numerous profits to performance management (Armstrong & Baron, 2004).

Firstly, it helps in viable conveyance of business objectives moulding singular's conduct and these are coordinated towards attaining the business objectives. This hypothesis demonstrates that performance management methodology profits organizations to rouse their workforce and make compelling relationship between the colleagues; as an exchange it prompts decrease clashes inside the work force, and immediate organizations to achieve fiscal profits. Performance management procedure profits organizations to recognize workers traits as it help organisation to investigate worker's aptitudes and give them employments in which they are represent considerable authority in. Performance management technique is exceedingly significant procedure to use for the enhancement for the Pandora Company, as it has numerous profits which will aid Pandora to accomplish its objectives and targets with a specific end goal to get great in both lines; workforce and as a firm itself.

Balanced Score Card Definitions

A balanced scorecard (BSC) is a management tool that aid managerial decision-making by providing regular information on the level of achievement of the objectives previously established by indicators. The indicators include both financial and non-financial aspects. The CMI promotes transparency in management and the establishment of a balance between immediate actions and the strategic lines (Kaplan and Norton, 2001).

The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and non-profit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. (Balancedscorecard.org, 2014)

Kaplan and Norton View

Kaplan and Norton acclimated BSC framework on the grounds that they accept it is to a great degree helpful keeping in mind the end goal to ...