Balance Scorecard Essay

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Problems of Balanced Scorecard Implementation “Balanced scorecard recognizes some of the weaknesses and vagueness of previous management approaches which provides a clear prospection as to what companies should measure in order to balance the financial perspective,” (Paul, 1998) so does Media General. Media General is a successful company to develop balanced scorecard. The balanced scorecard empowers the shareholders to maximize their values, and also successfully improves objective statement to solve financial issues and achieve media convergence. However, balanced scorecard system of Media General still has some important problems in the implementation process. If Media General cannot deal with these problems as soon as possible, it would not afford future loss. Linking to compensation In current globalization, more and more companies believe compensation is a powerful lever and have moved quickly to establish such a linkage. As MAG stated, “linking to compensation is one of the most critical aspects of implementation.” Although Media General Inc. is doing well at the employees of communication, it still lacks of compensation for employees. Employees turnover in Media General are really higher than target from 10% to 12%. This deviant increase illustrates the problem. The compensation could attract and incentive employees to have a better performance for individual. As well, if Media General implements compensation for its employees, it would care less risk on financial performance. Employees are more likely to pay efforts on the current job and help the company to achieve its financial objective. Meanwhile, learning and growth is the basic level in balanced scorecards. Therefore, employees’ performance directly affects customers’ satisfaction and financial improvement. There are many approaches to develop a unique compensation plan for employees. Firstly,

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