Financial and Human Resource Management Essay Example | Topics and Well Written Essays - 2250 words

Financial and Human Resource Management - Essay Example The present study would analyze the case of Progres that is a ship manufacturing company engaged in manufacture of small commercial vessels. The Balanced Scorecard approach is a well crafted strategy in this regard that can help in the overall development of the organization. In this study an analysis of the literature would be done to identify the theoretical aspects associated with the Balanced Scorecard approach. The literature review would be followed with an analysis of the methods that would contain the framework of the Balanced Scorecard that would be designed for the organization.The present study would analyze the case of Progres that is a ship manufacturing company engaged in manufacture of small commercial vessels. The Balanced Scorecard approach is a well crafted strategy in this regard that can help in the overall development of the organization. In this study an analysis of the literature would be done to identify the theoretical aspects associated with the Balanced Sco recard approach. The literature review would be followed with an analysis of the methods that would contain the framework of the Balanced Scorecard that would be designed for the organization. An analysis of the implication of the Balanced Scorecard and its overall impacts on the business prospects of the organization would also be discussed in the study so as to help the company critically analyze the effects of its strategies on all the departments of the organization including the key stakeholders. ... aplan and Norton is a strategic management and planning system which can be used extensively in businesses, industries, government and all nonprofit organizations to align business activities with the strategies and visions of the organization and measure the performance of the organizations against its strategic goals. Recognizing the various weaknesses and vagueness’s of the previous strategic management approaches this score card was presented a clear prescription about the parameters which companies were required to measure to balance the financial perspectives. From the perspective of HRM also, a strategic management system has been designed and implemented based on the scorecard proposed by Kaplan and Norton. This HR balanced scorecard was implemented keeping in mind the new organizational dynamics. It provides the means of monitoring the performance of the workforce, analyzing the workforce statistics, diagnosing the workforce issues, calculating the negative impacts on the company finances and then providing solutions for the same and then finally tracking improvements (Walker & MacDonald, 2001). The project seeks to present the various issues faced by Shipyard Progres which was engaged in building of ships for Shortsea shipping. The first issue is the limitations issued on the shipyards along Winscotencanal on the dimensions of the ships. This meant that the ships which customers demanded could no longer be built among the coast and required to be completed at some other place. However, this means that the building costs would go up considerably. Some issues were also likely to arise from the employees as they would be reluctant to commute more. Moreover a radical change program such as the incorporation of a balanced scorecard are likely to be resisted by