Balanced Scorecard: Translating Strategy into Performance Essay Example

itself from rivals in its pursuit to hire and retain the best employees who could deliver optimal customer satisfaction. Despite its already-strong operational capabilities, the company recognized the crucial role of its employees in achieving success (Stewart, 1999). With employee turnover rates peaking at 50%, managing human resources posed a significant challenge. However, Futura Industries overcomes this obstacle by conducting surveys on employee management and birthday reviews, while valuing skills over seniority. As a result, the company boasts a highly competitive staff, delivering excellent service to customers and obtaining a competitive edge in the industry. Moreover, this focus on employee development reciprocates with superior products and services, further cementing Futura Industries' position as a formidable player in the market.

By evenly distributing employees on the floor, the company could use customer reviews it collects personally and through outsourced surveys to honor servicing employees, thereby creating more motivation for development and growth. The company is honored as a winner of the Balanced Scorecard Collaborative Hall of Fame and serves as a role model for small businesses. Instead of relying solely on the four pillars of the Balanced Scorecard, the company attributes its success to its core values. The BSC is incorporated as a part of employee involvement and performance rather than being solely a management tool. This approach ensures that core values are implemented effectively and aligns performance compensation with the BSC. In order to succeed in the not-for-concentrated juice market, the core values were tested over time and feedback was used to improve productivity and customer satisfaction. This pivotal idea contributed significantly to the company’s achievements and resulted in its induction into the BSC Hall of

Fame.Successful attainment of a leading market position could have been aided by external communication and collaboration with suppliers and distributors, given their significant role in the process. The following references provide further information on the topic: Niven P.R.'s "Balanced Scorecard: Customer Perspective" (2006) retrieved on May 2, 2010 from http://www.epmreview.com/Resources/Articles/Customer-Perspective.html#, Gumbus A. & Lussier R.N.'s (2006) "Entrepreneurs Use a Balanced Scorecard to Translate Strategy into Performance" in the Journal of Small Business Management, and Stewart T.A.'s (1999) "Intellectual Capital" published by Currency Doubleday.