Business and Entrepreneurship
Introduction
In the corporate world, for any business organization to excel, human resources must be managed prudently and perfectly. Any company that trifles with this factor of production, through experience, learns the tremendous import of its proper use. In this paper, therefore, four strategic measurement tools used by businesses and human resource professionals shall be explored profoundly, and their applications explained perfectly. They include Economic Value Added (EVA), Return on Investment (ROI), Balanced Scorecard (BSC), and HR Scorecard.
Discussion
Economic Value Added (EVA)
As the name intimates, EVA is a strategic measurement tool used by companies to estimate economic profits. How is it calculated? It is arrived at by deducting capital value from the net operating profit after tax. Essentially, this tool measures how efficiently an organization uses its resources (Afonina, A., &Chalupský, 2012).
Advantages. By using this measurement technique, a company can make perfect and accurate measurements of its profitability. As a result, other managerial decisions such as funds allocation, strategic planning, and goal setting can be addressed efficiently and effectively.
Disadvantages. Fixing their eyes firmly and fully on profits, companies using this model often work and aim more on short term benefits. To this end, costs of production are reduced, and actives are used though having depreciation terms expired.
Return on Investment (ROI)
This measurement tool is used to measure the performance of an investment (s) or compare the performance of various investments. To gauge the performance of an investment, for instance, its current value is divided by its initial value and then expressed as a percentage(Afonina, A., &Chalupský, 2012).
Advantages. By providing the potential returns on investment, companies are enabled to decide whether or not to invest in a particular project; also, by comparing the returns from different investments, companies are enabled to make informed decisions concerning the projects to prioritize.
Disadvantages. Since—in its calculation—ROI involves many variables, usually, it is difficult to know what factors were used in its make-up. As a result, it may be slightly unreliable, especially when comparing the efficiency of investments over some time.
Balanced Scorecard
It is the melding of strategic and traditional measures to measure the overall performance of an organization. In this measurement tool, the strategy of achieving the company’s mission, vision, and object is defined and redefined (Vaitkevičius, 2007).
Advantages. By transferring strategies to the operational level, organizations are enabled to improve implementation; moreover, having communicated its plans and strategies to all departments, the organization is enabled to move as a single unit.
Disadvantages. After overlooking financing projects, this strategy focuses on managing resources and funds; furthermore, only after every employee in the organization assents to the organizational plan can it be performed. Without a proper understanding of the plans, failure always follows.
HR Scorecard
It is a measurement tool that provides a visual representation of several measures of human resource department attainments, productivity, and other critical factors; among the factors measured are training, hiring, turnover, and performance management. In its use, it measures and tracks the use of human resources and aids in future planning(BerishaQehaja, Kutllovci, &Shiroka Pula, 2017).
Advantages. It provides an easy way of measuring the performance of human resources; additionally, from these results, an organization is enabled to make informed decisions concerning the proper management of these resources.
Disadvantages. Since it deals mostly with intangibles such as addressing employee concerns, most measurements are often subjective—a factor that undoubtedly undermines the credibility and reliability of such measurements. Besides this subjectivity, occasionally, dissatisfied and discontented with working conditions, terrified employees give dishonest replies to queries by HR managers; as a result, information is collected and used to make decisions, yet mostly false.
Conclusion
With the increase in the importance of human resources in various business organizations, human resource management becomes tremendously crucial to attaining success. To this end, as pointed out above, strategic measurement tools such as Economic Value Added (EVA), Return on Investment (ROI), Balanced Scorecard (BSC), and HR Scorecard are used. Among these tools, according to research, the Balanced Scorecard is best—this is because it provides a perfect balance between strategic and traditional measures.
References
Afonina, A., &Chalupský, V. (2012). The current strategic management tools and techniques: The evidence from the Czech Republic. Economics and management, 17(4), 1535-1544.
BerishaQehaja, A., Kutllovci, E., &Shiroka Pula, J. (2017). Strategic management tools and techniques usage: A qualitative review. ActaUniversitatisAgriculturaeetSilviculturaeMendelianaeBrunensis, 65(2).
Vaitkevičius, S. (2007). Application of strategic management tools in Lithuania: Managers’ knowledge and experience. Engineering Economics, (4 (54)), 70-77.
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