Final answer:
The HR balanced scorecard includes four perspectives: Financial, Customers (other functions and employees), Internal Business Processes, and Learning and Growth.
Step-by-step explanation:
The four perspectives of the HR balanced scorecard are: Financial, Customers (other functions and employees), Internal Business Processes, and Learning and Growth. This strategic management tool allows HR professionals to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organizational performance against strategic goals.
It is important to note that the HR balanced scorecard differs from other measurement systems by including non-financial measures to provide a more 'balanced' view of organizational performance.
The Financial perspective looks at how the company is performing financially. The Customers perspective addresses the satisfaction and value delivered to customers, which in the case of HR, includes employees and other internal functions. Internal Business Processes focus on the efficiency and effectiveness of organizational processes. Lastly, Learning and Growth examine the organization's ability to innovate, improve, and grow, which encompasses the development of its people and the company's culture.
By examining these four perspectives, HR professionals can strategically manage and measure the impact of human resources within the overall context of the company's goals. Tornow's work indicates the value of multi-perspective measurement to gain a comprehensive understanding of an organization's health and performance.