One of the key components of balanced scorecard methodology is learning and growth. This pertains to internal experience and skills gained by company personnel in performing their tasks. It also implies key trainings and human resource development needed in order to improve and raise the capabilities of individuals, business units, or company departments. Internal business learning and growth is a unique feature of balanced scorecard method. It takes into account the important role played by the company human resources in performing key tasks of the organization.
The balanced scorecard system incorporates learning and growth with customer satisfaction, business processes, and company financials. These are the four complementary areas necessary to ensure the success of a company. Human resources development plays a key role in realizing the other aspects of balanced scorecard system. It is important to note that the positive corporate attitude generated by effective human resource development can further refine the implementation of other key tasks of the company. Specifically, if staff and employees are satisfied with their work and competent in pursuing their tasks they could be easily motivated to increase productivity. Devotion to the company ‘s mission can ensure that performance will always be on top of personnel priorities. This motivation and loyalty is important in realizing the strategic goals and directions of companies.
The balanced scorecard management system, if applied correctly, can have a positive impact on the overall performance of companies. The balance achieved between performance, learning, and quality service deliveries are sure ingredients for long term company gains and growth.