Human Resource Management and Balanced Score Card free essay sample

Research Title: The Contribution of Balanced Scorecard in Human Recourse Development. Research objective: to find out the relationship between Balanced Score Card in relation with Human Resource development. Research Questions: What are the areas of HRD in which BSC can be implemented? What is the importance of performance measurement systems for Sustainable HRD? What are the problems associated with the successful implementation of BSC? Hypotisis: Implemetation of Balanced Scorecard(BSC) has a major contiribution towards Human Resourse Development(HRD. ) Theoretical framework. writing assignment service Human Resourse Development(HRD) Balanced Scorecard(BSC) Business Stretegies Introduction Balanced scorecard: By carrying out a preliminary research, I have found out that the organizations of 21st century is facing a fires competition and arising new challenges due to increase in the global competencies. Therefore it is very critical to formulate the most suitable strategies for their market sustainability. Hence, it is vital for the organizations to predetermine the performance of the organizations in order to incorporate the organizational goals and objectives. Therefore it is greatly important to establish the most suitable and effective performance measurement system in order to build a concrete base on continuous Human Recourse Development(HRD). That is when the balance score card comes to view. The Balanced Scorecard is believed to be one of the best performance management approach originated by Robert Kaplan and David Norton in 1980’s, which was fully packed and presented in Harvard Business Review in 1992. Silk (1998) cited in Andrew Gautreau (2004),estimated that approximately 60% f Fortune 1000 companies either currently have or are experimenting with a balanced scorecard. Non-financial measures like quality, customer satisfaction and innovation became increasingly important, and competitors were focusing on these non-financial areas. There for, both internal and external measures are used in BSC. It is vital for the companies to have a balanced approach on external measures like customer satisfaction and internal measures li ke employees satisfaction. Companies must have both types of measures in order to implement a strategy (Andrew Gautreau,2004). Elements of Balanced Scorecard Kaplan and Norton (1992), in their balanced scorecard (BSC) model, proposed the division of firm performance to four perspectives: financial, customer, internal process and innovation and learning. They put competences and resources in the fourth perspective, signalling that they enable achievement of performance levels in other dimensions. For each perspective, financial, customer, internal process and learning, they have performance indicators, which must be filled in as targets. The BSC also drives actions strategically to attain the vision and deliver excellence in all areas of an organization. According to Schmidt et al. , (2006), the BSC is a powerful tool with several features, and to get the most benefits, it must be well implemented in a dynamic environment. Amaratunga et al. , (2002), BSC systems can assist the organizations to gather critical information on both financial and non-financial grounds to provide a reliable guidance to pinpoint the problems. There for this could lead to effective improvement in the business process to achieve organizational goals. He also says that BSC is recognized as an effective tool which can be understood by all levels of the organization. Human Resource Development (HRD) Human Resource Development (HRD) is the frameworks for helping employees develop their personal and organizational skills, knowledge, and abilities. HRD includes such opportunities as employee training, employee career development, performance management and development, coaching, mentoring, succession planning, key employee identification, tuition assistance, and organization development. Along with this, BSC is believed to have a balancing effect on maximizing the potentials of all the resources employed in the organization (Amaratunga et al. , 2002; H. Rocha et al. , 2005). Therefore in my opinion, it would have a strong linkage to the HRD of the organization, because this combination of recourses can be achieved through continuous improvements in the human capital. A well-prepared and motivated workforce is possibly the most important of the three intangible assets to support an organization’s value creating processes (Garavan et al. , 2001). According to him the most valuable asset of a 20th century company was its production equipment, while the most valuable asset of a 21st century institution will be its knowledge workers and their productivity. This clearly indicates the importance of HRD for the sustainable organizational success. According to Rocha (2005), if we increase employee training about products, then they will become more knowledgeable about the full range of products they can sell; if employees are more knowledgeable about products, then their sales effectiveness will improve, followed by improvement in sales effectiveness. Then the average margin of the products they sell will increase. Progression up the hierarchy is replaced by the accumulation of competencies. Thomas N. Garavan(2001),argues that the dominant theme is one where individuals are required to exhibit competencies such as team working the development of network relationships and the acquisition of knowledge and learning capability. He argues that the level of expenditure on TD is increasing and there is evidence of a strategic imperative guiding the nature of much of the training that is being provided. Linkage between the elements of HRD Ideally, education involves learning which leads to development and could contain training in specific techniques. Education is the process which aims at developing the intellectual capital, moral values and  conceptual understanding of a person so as to enable him/her to make a contribution to society by understanding its traditions. Training is a narrower process than education and is more planned systematic  in a way to modify  specific kills   competencies by means of events, programs and instructions  so as to attain effective workplace performance. It is an organization’s way to promote learning. Implicitly of both training and education are ways of developing human potential. Learning is a process that enables creation of knowledge and a change of behavior through practice and transformation of experience. It is seen as a major source of attaining competitive advantage by an organization by enhancing individual and collectiv e learning. Development is the growth of a person’s potential by means of learning, education training. Role of performance measurement system In order to advance performance there is a need to manage performance rather than simply measure any given aspect of it across the board. Management of performance can mean in some cases measurement of effectiveness and efficiency, in others it may mean management of important stakeholders or the organizational relations with them (Halachmi, 2005). For performance measurement to be meaningful you have to benchmark and make comparisons to it over time. However, the attention of performance measurement should be shifting from one dimension to another as circumstances are changing within or outside the organization. According to Garavan (2001), such shifts cannot be allowed when it comes to measurements. Performance management is thus a simple return to the basic notion of management with some significant elaborations on and amplifications of the need to address the human side of the enterprise while being aware of what is going on , which requires a balance in major business aspects. In other words, performance management is about assuring a greater likelihood for reaching desired outcomes by addressing issues that have to do with the business process that is expected to generate the sought after results, the organizational and environmental contexts in which these process and outcomes take place and, the involved behaviors of various stakeholders (Booth, 2006). Yet, on its face performance management has much to offer in particular when it comes to the human side of the enterprise. As this writer sees it performance management, which resembles more a Theory-Y like approach (McGregor, 1960) and where outside control is replaced by greater managerial flexibility may hold the key to success. Such an approach, that the objectives of performance management often include motivating performance, helping individuals develop their skills, building a performance culture, determining who should be promoted, eliminating individuals who are poor performers, and helping implement business strategies. Performance measurement was one of the main tools for inducing not only better productivity but also openness and accountability. The effect of Balanced Scorecard on HRD functions To test the contribution of human related resources to performance, several studies have been conducted recently. Mills and Fernandes (2004), in a review effort, classified them according to the BSC perspective that they covered and the research variable investigated. Under this study, though resources are classified under the innovation and learning perspective, this perspective is also presented as a dependent variable, as some of its indicators can result from former drivers, for instance, the impact of HR practices on labor turnover and need for an effective performance measurement system like BSC. In my study I have noticed that the great majority of the studies concentrate on HRD procedures as resources, with fewer researchers looking at other human-related resources like skills or human capital. One reason for this can be the fact that each business has different resources as drivers. For instance, high staff turnover rates can be a healthy indicator in a fast food chain, but would be a disaster in an RD department. As a consequence, the final outcome of implementing BSC approach could be different according to the type of the business. On the other hand, every company has HRD practices, which make them more comparable under this term. But studies considering the impact of this dimension alone on performance have found weak or no association at all between HR practices and performance Mueller (1996) cited in Bruno H. Rocha et al. (2005). This may indicate the need to consider other resources together with HR practices when studying that relationship and aligning them to BSC. Importance of formulating a suitable business strategy to accommodate implementation of BSC to assist HRD The benefits accruing from HRD may also be both micro and macro in scale. According to Smith (2005), these benefits include improved knowledge skill and capability on the part of employees, this in turn leading to improved organizational capability, effectiveness and productivity. The indirect benefits of HRD include improved staff morale and enhanced self esteem of individuals whose knowledge and capability has been enhanced through HRD programs which can be incorporated with actions associated in achieving the targets assigned in BSC as Schmidt et al. , (2006) has mentioned. Even though the BSC is implemented in the organization, Moullin (2004) argues that if employees are not involved in determining the measures and feel they are misguided, then they are likely to respond to measures in a very different way than was intended by management, leading to a poorer service all round. For example, they may focus on the measure given at the expense of other more important factors, they may try to get round the system, or they may concentrate on short-term issues. A BSC can help to formulate and achieve strategically attainable requirements because it encourages a framework and a language to communicate the vision and the strategy, and thereby uses measurement to inform employees about the success drivers of the company (Schmidt et al. , 2006). For this to be done, Amaratunga et al. , (2002) stressed that it is vital to breakdown the vision according to each perspective of BSC to formulate overall business strategy. By this way, employees will be very clear of what they are expected to contribute towards achieving company objectives. At the end, a BSC supports the supreme aim, the establishment and the management of a sound organization, which strives for excellence by driving all actions strategically. Impact of business culture The process of creating the BSC is a fairly involved process which requires a lot of understanding and commitment, and for some business unit leaders, a lot of facilitation. The business unit also has to focus on those aspects of corporate objectives to which it can realistically contribute (Chavan, 2009). Therefore, it is vital to have a suitable business culture within the organizations to incorporate BSC in relation to HRD. This is supported by Chaminade (2003), stressing that corporate culture has also been suggested to have a significant impact on overall organizational performance in order to achieve strategic objectives. Hassan et al. , (2006), has indicated that employees’ satisfaction with HRD climate was culturally predicted by learning and training system, employee development system, action research, reward and recognition system, and information system. However, Payne and Keep, (2003) as cited in Hyde et al. ,(2005) says that workforce configuration and skill-mix arrangements are often a product of history, precedent and cultural preconception, attempts to tackle workforce reorganization and job redesign have experienced limited success. Long run Implications on HRD when implementing BSC The different elements’ linkages enable control of a number of key performance areas in relation to time horizon.. According to Kaplan and Norton (2001) cited in Steen Nielsen and Erland H. Nielsen (2008) ,the different perspectives used by an organization should be connected to the financial and monetary success of the company. Therefore, the recognition of single elements or measures and their influence on other measures including the financial area is important for a success oriented company’s control view. To bring strategies into action, measures have to be implemented that guarantee the achievement of the strategic goals and an increase in profitability in the long run. In the latest version of BSC, strategy is at the centre of the key management processes and systems. Knowledge is the main source of competitive advantage; the management of a company is becoming more about managing people than it is about managing physical and monetary assets. Key value drivers for human capital are employee knowledge, skills, abilities, innovativeness and experience which require plenty of time and effort to develop. In today’s marketplace, companies are looking for knowledge workers, for people with specific capabilities that they can apply within the organization. The key then becomes to capture that knowledge in the company’s structures, so it is transferred from individuals, to groups, to the entire organization and becomes part of the organization’s structural capital (Jacobsen et al. , 2005). Therefore, it would be vital for organizations to have a proper measurement of these intangible resources with the most effective system like BSC. The importance of feedback The BSC approach provides a linkage between employee rewards to performance in all four perspective of BSC, with suitable weightings applied reflecting the relative importance of each area. In some instances companies see the non-financial measures of such importance that a specific level of performance is set for each of the non-financials (Chavan, 2009). Only if an individual exceeds these levels, can they qualify for performance related rewards linked to the financial performance results. Therefore it is vital to provide the related feedback on time to make such decisions to cope with the most effective reward systems. Use of the BSC should improve managerial decision making by aligning performance measures with the goals and strategies of the firm and the firm’s business units based on the feedback on performance measure. Lipe and Salterio, 2000) as cited in (Chavan, 2009). Associated time lag issues The BSC approach clearly indicates to employees the level of importance the organization places on future capability building and strategic issues, while at the same time recognizing shorter term financial performance (Gadenne, 2000) cited in (Chavan,2009). Howev er, doing this sustainably could be a challenge for the organizations. According to Wong (2005), HRD is seen as a way to improve and enhance the personal value of individuals. The skills and competences of knowledge workers need to be continuously developed in order for them to produce valuable contributions to a company which could take long time and within this time frame, the organization is subject to major changes in the business environment. If not, as with other tangible assets, their value will depreciate. Hence, companies have to provide appropriate professional development activities to their employees. In order to retain employees to work for a company, it is important to provide opportunities for them to grow and to advance their career. The correlation between HRD programs and the resulting improvements by means of BSC, the broad benefits of HRD investment, can and should be actively identified and measured. Just as HRD, itself is not an optional extra but a strategic imperative, so it is the effective measurement and evaluation of HRD outcomes (Smith, 2004). Smith (2006) argues that learning from the experience and practice of other organizations through benchmarking can also contribute to improving HRD at practical operational levels. Benchmarking of HRD can provide the means for this to be achieved, providing valuable insights into the effectiveness of HRD effort and the opportunity for ongoing review, assessment and improvement using identified industries best practice as the standard to continuous development of BSC. The involvement of subjectivity According to Michiel Schoemaker and Jan Jonker (2004), the transition from an industrial society towards an informational society has profound impact. Managing in industrial organizations was based upon a strict hierarchical attitude towards employees. For managers this indicates that labor could be moved around and managed like all other production assets. The emerging talent intensity of organizations implies recalibration of the nature of this relationship with respect to â€Å"exchange† and â€Å"power†. Michiel Schoemaker and Jan Jonker (2004) argue that the durability of employee relation is based upon trust, mutual understanding and shared norms and values that lead to acts and activities that connect people. The nature and content of those second-order networks are extremely valuable for each and every individual to carry out his or her job and thus for the organization as a whole. By investing talents in networks and work social capital is created and maintained. It is not easy to manage a BSC system but the benefits come through as new and greater understanding of organizational information and its connections within the own organizations. Certainly, the establishment of core indicators will not in themselves lead to success but linked and meaningful indicators identified through our extended BSC model will help in making the right decision (Schmidt et al. , 2006). Fernandes et al. (2005) stressed that though resources are classified under the innovation and learning perspective, this perspective is also presented as a dependent variable, as some of its indicators can result from former drivers, for instance, the impact of HR practices on labor turnover. He also pointed that Environmental factors related to the demand seemed to be the strongest performance determinant. Chaminade et al. , (2003) has mentioned that firms are facing a major transformation in the value creation process, (intangibles or more specifically knowledge is increasingly becoming the ajor driver of firm’s long term business success. These changes pose a great challenge to firms because the intangible resources are not easily identified, not measured, and not reported internally or externally. BSC contribution towards employee commitment and motivation In his study carried in Brazilian water company, Rocha et al. , (2005) has indicated that the employee satisfaction variable showed significant links with the three performance perspectives of BSC. In addition it is also been indicated that in, achieving company targets is also associated to better customer satisfaction and achieving financial goals. The results point to the fact that employee satisfaction seems to guide significantly the BU to achieve its goals. Once the goals are achieved, a slight increase in the customer satisfaction is observed and this affects the BU sales and expenses targets. In general, resources seemed to be correlated to performance. Based on the learning and growth perspective, Steen Nielsen and Erland H. Nielsen (2008) has stressed that BSC approach forms the priorities to create a climate that supports organizational change, innovation, and growth of the organizations employees. However, according to Michiel Schoemaker and Jan Jonker (2004), the commitment focuses on motivational acts in order to stimulate people to invest their talents in the work that needs to be done. This is the result of carefully â€Å"managing† the exchanges in the relationship and has everything to do with the changing balance of power. Commitment could focus on motivational acts in order to stimulate people to invest their talents in the work that needs to be done. Looking upon this changing relationship from an organizational perspective the essence is to optimise the usage of potential challanges in order to achieve the best possible added value for clients which is one of the element of BSC. Looking at the same relationship from the perspective of the individual it becomes important that talents can be discovered, developed and used in an organizational context that fits those talents by means of BSC approach. An appropriate fit will create motivation, implicitly and explicitly. The objectives of BSC should also motivate all managers and employees to implement the strategy successfully (Schmidt, 2006). According to Fernandes et al. , (2005),if we increase employee training about products, then they will become more knowledgeable about the full range of products they can sell; if employees are more knowledgeable about products, then their Sales effectiveness will improve. If their sales effectiveness improves, then the average margin of the products they sell will increase hence reaching the customer satisfaction. Employee training is the catalyst to reach these goals. Role of BSC in recruitement and training According to (Chavan, 2009), when recruiting new employees, it is vital for the organizations to formulate an identification of internally validated competencies ensured that prospective new employees could be selected with more certainty that their skills and knowledge would better match the organization’s values. This could be supported by the goals assigned to achieve in the BSC. However, Wong (2005) stressed that, effective recruitment of employees is crucial because it is through this process that knowledge and competences are brought into the organization. Employees with the required knowledge and desired skills to fill knowledge gaps should be recruited. Impact of BSC on communication of the organization The approach was an effort to achieve goal congruence amongst the various strategic measures within an organization. It is a tool for focusing the organization, improving communication, setting organizational objectives, and providing feedback on strategy (Gautreau, 2001). BSC provides a framework and a language to communicate the vision and the strategy, and thereby uses measurement to inform employees about the drivers for long run success of the company (Schmidt et al. , 2006). Understanding the strategy requires a possibility of communicating, querying or questioning it. According to Aaltonen, et al. , (2002), this can be achieved by continuous two-way communication with proper feedback and responding to these feed backs. Conclusion The available evidences suggest that BSC could be one of the best way for the measurement of performance in all aspects of business, mainly for the ontinuous development in HRD. Moreover, it is been revealed that certain factors like corporate culture are essential for the successful implementation of BSC (Chaminade, 2003). It is of great importance for employees to understand the potential positive implications that BSC has towards attaining organization’s goals and objectives and also in achieving their persona l goals in carrier development. Having done this research on BSC, I manage to generate a better understanding on the aspects of HRD which contribute to the long-run success and profitability of an organization. It is vital for the employees at all levels of the organization to recognize the complexity of the subject and acquire the knowledge needed to deal with potential issues which could arise from the implementation of BSC for the sustainable development in HRD. Based on the study that I have carried out, there is sufficient evidence to accept my hypotheses. However, since this study is carried out in a relatively small scale, there is a possibility that my hypotheses could be rejected. Therefore, further research and studies are required to derive a stronger mile stone on the subject issue. Research methodology This research is based on the population size of 2000 companies in South East Asian countries in different sectors using simplified random sampling. Sample size of 560 is selected to represent the population. Rather than census, sampling is used to minimize the use of time and money spent on the research and it is believed that the reliability of the study could be affected if the time horizon is longitudinal since the business environment is rapidly changing. Moreover, the study is based on the epistemological realism approach which means by building a radical humanis structure. Which here means the combination of both direct and critical realism. This approach consists of what is seen is believed and the critical view point of it is been presented in the study based on the analysis of the available evidence and data. In my opinion, this approach is the most suitable to use since the BSC is different from each and every company due to the differences in their strategies. in order to make the study more valid and reliable the research is done on cross-sectional study since in-depth research is not required to answer the research questions. Cross-sectional studies can be defined as studying a particular situation within a particular time horizon (Saunders et al. , 2007). Both mono and mixed method with qualitative and quantitative data is been used to derive data on different perspectives of the study. This is done in order to triangulate the study to derive more reliable result. However mainly qualitative data is used arrive most of the conclusions in the study since both BSC and HRD is a very subjective issue. REFERENCE Amaratunga, D. , Haigh, R. , Sarshar, M. , Baldry, D. 2002), ‘Application of Balanced Scorecard concept to develop a conceptual framework to measure facilities management performance within NHS facilities’, International Journal of Health care Quality Assuarence, Vol. 15, No. 4, pp. 141-151. Aaltonen, P. , Ikavalko, H. (2002), ‘Implementing stretegies successfully’, Integrated Manufacturing Systems, Vol. 13, No. 6, pp. 415-418. Booth, A. (2006), ‘Counting what counts: pe rformance measurement and evidence-based practice’, Performance Measurement and Matrix, Vol. 7, No. 2, pp. 63-74. Chavan, M. , (2009), ‘The balanced scorecard: a new challenge’, Journal of Management Development, Vol. 28, No. , pp. 393-404. Chaminade, C. , Johanson, U. (2003), ‘Can guidelines for intellectual capital management and reporting be considered without addressing cultural differences? ’, Journal of Intallectual Capital, Vol. 4, No. 4, pp. 528-542. Fernandes, H. R. , Mills, J. F. , Fleury, M. T. (2005), ‘Resources that drive performance: an empirical investigation’, International Journal of Productivity and Performance Management, Vol. 27, No. 2, pp. 225-250. Gautreau. , A. , Brian. ,H. (2001), ‘Recent trends in Performance Measurement Systems: The Balanced Score Card Approach’, Management Research News, Vol. 24, No. 2, pp. 97-104. Gadenne, D. 2000), â€Å"Brave new world: how can business meet new challenges in t he 21st century? †, inaugural professorial lecture, 6 September, Central Queensland University, Rockingham. Cited in Chavan, M. , (2009), ‘The balanced scorecard: a new challenge’, Journal of Management Development, Vol. 28, No. 5, pp. 393-404. Hyde, P. , McBride, A. , Young, R. , Walshe, K. (2005), ‘Role Redesign: new ways of working NHS’, Personal Review, Vol. 34, No. 6, pp. 697-712. Hassan, A. , Junaidhah, H. , Zaki, A. H. (2006), ‘Human resource development practices as determinant of HRD climate and quality orientation’, Journal of European Industrial Training, Vol. 0, No. 1, pp. 4-18. Jacobsen, K. , Bang, P. H. (2005), ‘The IC Ratinge model by Intellectual Capital Sweden’, Journal of Intellectual Capital, Vol. 6, No. 4, pp. 570-587. Kaplan, R. S. and, Norton, D. P. (2001) The Strategy-Focused Organization – How Balanced Scorecard Companies Thrive in the New Business Environment, Harvard Business School Press, Bos ton, MA. Cited in Nielsen, S. , Nelson,S. H. (2008), ‘System dynamics modelling for a balanced scorecard. Computing the influence of skills, customers, and work in process on the return on capitalemployed’, Management Research News, Vol. 36, No. 3, pp. 168-188. Lipe, M. G. , Salterio, S. E. (2000), â€Å"The balanced scorecard: judgmental effects of common and unique performance measures†, The Accounting Review, Vol. 75 No. 3, pp. 283-6. Cited in Chavan, M. , (2009), ‘The balanced scorecard: a new challenge’, Journal of Management Development, Vol. 28, No. 5, pp. 393-404. Mueller, F. (1996), â€Å"Human resource as strategic assets: an evolutionary resource-based theory†, Journal of Management Studies, Vol. 33 No. 6, pp. 757-85. Cited in Rocha, B. H. , Mills, J. F. , Fleury, M. T. (2005), ‘Resources that drive performance; an empirical investigation’, International Journal of Productivity and Performance Management, Vol. 4, No. 5, pp. 344-351. McGregor, D. (1960), Human Side of Enterprise, McGraw-Hill, New York, NY. Cited in Halachmi,A. Boyle, (2005), ‘Performance measurement is only one way of managing performance’, International Journal of Productivity and Performance Management, Vol. 54, No. 3, pp. 502-516. Moul lin, M. (2004), ‘Eight essentials of performance measurement’, International Journal of Health Care Quality Assurance, Vol. 17, No. 3, pp. 110-112. Olve, N. , Roy, J. , Watter, M. (1999), ‘performance Driers: A practical guidence to using the Balanced Scorecard’,John Wiley Sons, Chichester. Cited in Amaratunga, D. , Haigh, R. , Sarshar, M. , Baldry, D. (2002), ‘Application of Balanced Scorecard concept to develop a conceptual framework to measure facilities management performance within NHS facilities’, International Journal of Health care Quality Assuarence, Vol. 15, No. 4, pp. 141-151. Payne, J. and Keep, E. (2003), â€Å"Revisiting the Nordic approaches to work re-organization and job redesign: lessons for UK skills policy†, Policy Studies, Vol. 24 No. 4, pp. 205-25. Cited in Hyde, P. , McBride, A. , Young, R. , Walshe, K. (2005), ‘Role Redesign: new ways of working NHS’, Personal Review, Vol. 4, No. 6, pp. 697-712. Rocha, B. H. , Mills, J. F. , Fleury, M. T. (2005), ‘Resources that drive performance; an empirical investigation’, International Journal of Productivity and Performance Management, Vol. 54, No. 5, pp. 344-351. Silk, S. (1998), â€Å"Automating the balanced scorecard†, Management Accounting, Vol. 79, No . 11, p. 38. Cited in Gautreau. , A. , Brian. ,H. (2001), ‘Recent trends in Performance Measurement Systems: The Balanced Score Card Approach’, Management Research News, Vol. 24, No. 2, pp. 97-104. Nelson, S. H. (2008), ‘System dynamics modeling for a balanced scorecard. Computing the influence of skills, customers, and work in process on the return on capital employed’, Management Research News, Vol. 36, No. 3, pp. 168-188. Schoemaker, M. , Jonker, J. (2004), ‘Managing intangible assets: An essay on organising contemporary organisations based upon identity, competencies and networks’, Journal of Management Development, Vol. 24, No. 6, pp. 506-518. Schmidt, S. , Bateman, I. L. (2006), ‘A management approach that drives actions strategically Balanced scorecard in a mental health trust case study’, International Journal of Health Care Quality Assurance, Vol. 19, No. 2, pp. 119-135. Saunders, M. , Lewis, P. Thornhill, A. (2007), Research Methods for Business Students, 4th Edition. , Person Education Limited, England. Smith, I. (2004), ‘Continuing professional development and workplace learning and human resource development – the return on the investment’, Library Management Journal, Vol. 25, No. 4, p p. 232-234. Smith, I. (2006), ‘Benchmarking human resource development: an emerging area of practice’, Library management Journal, Vol. 27, No. 6, pp. 401-410. Wong, K. Y. (2005), â€Å"Critical success factors for implementing knowledge management in small and medium enterprises†Industrial Management and Data Systems, Vol. 105, No. 3, pp. 272-289.