Final answer:
The balanced scorecard is the performance measurement system that translates an organization's strategy into financial, business process, learning and growth, and customer outcomes. It is distinct from 360-degree feedback appraisals, which involve multiple evaluators and focus on employee performance. Organizational culture and proper training are essential to the effectiveness of these systems.
Step-by-step explanation:
The balanced scorecard is a performance measurement system that translates an organization's strategy into a comprehensive set of financial, business process, learning and growth, and customer outcomes. This approach provides a framework for organizations to align their strategic objectives with performance metrics across various perspectives. Unlike traditional performance appraisals which focus primarily on individual employee assessment, the balanced scorecard method evaluates the organization's performance as a whole, with a goal of improving overall business results.
Performance appraisals, like the 360-degree feedback appraisal, are utilized within organizations to assess and motivate employee performance, helping identify training needs and effectiveness. The 360-degree feedback appraisal in particular gathers input from multiple sources, including supervisors, customers, peers, and the employees themselves. This multi-rater approach offers a comprehensive perspective on the employee's performance and is a key tool in employment development and decision-making.
Organizational culture and the application of performance appraisal systems are crucial to their effectiveness. Aligning the appraisal system with the organization's culture and adequately training those who will implement and participate in the evaluation process can have a significant impact on the success of performance appraisals.