An Introduction to the Use of the Balanced Scorecard for Performance Evaluation by Financial Professionals

Financial service firms facing increasing competitive pressures seek to maximize firm performance and the performance of employees. The purpose of this article is to provide financial service professionals with an overview of the Balanced Scorecard and demonstrate that it can strengthen the competit...

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Bibliographic Details
Published in:Journal of financial service professionals 2016-03, Vol.70 (2), p.81
Main Authors: Harden, J William, Upton, David R
Format: Article
Language:English
Subjects:
Balanced Scorecard
Competitive advantage
Financial planners
Financial services
Performance evaluation
Studies
Online Access:Get full text
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Summary:Financial service firms facing increasing competitive pressures seek to maximize firm performance and the performance of employees. The purpose of this article is to provide financial service professionals with an overview of the Balanced Scorecard and demonstrate that it can strengthen the competitive advantage of financial service firms. Many organizations using solely the traditional financial measures inadvertently provide incentives for employees to focus on short-term sales results rather than the long-term performance of the organization. Managers of these financial firms should consider the benefits of using nontraditional measures as part of the performance evaluation system in addition to more traditional measures to alleviate these issues.
ISSN:1537-1816
2381-8875