Review of Professional Management- A Journal of New Delhi Institute of Management

Puneet Kaur Bedi ¹, Avleen Kaur Kochar ¹

Affiliations
1 Department of Commerce, Sri Guru Gobind Singh College of Commerce, University of Delhi, PitamPura, Delhi, IN

Abstract

The Balanced Scorecard (BSC), initially developed by Kaplan and Norton is considered as the Performance Management System by organizations World Wide. The concept has been adopted by both for-profit and nonprofit organizations throughout the world. This system recommends that a business should be audited from four perspectives i.e. financial, customer, process as well as learning and growth. Metrix should be developed on the basis of four above factors and then data collected should be analyzed to find relative importance of these factors. The paper discusses the growing importance of Balanced Scorecard Performance Systems and then looks at the implementation of the "Balanced Score Card Performance Management System" in Indian companies -Tata Motors and Pantaloon Retail (India ) Limited. This paper describes and illustrates the balanced scorecard as a tool to implement Companies strategies.

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Rasleen Kaur ¹, Puneet Kaur Bedi ¹

Affiliations
1 Department of Commerce, Sri Guru Gobind Singh College, University of Delhi, IN

Abstract

In the globalized world, managing human resources is one of the critical challenges for today's organizations. Increasingly it is understood that cultivating Psychological contract among people of the organization is the fundamental aspect of this employee-employer relationships. The psychological contract includes informal arrangements, mutual beliefs, 'promises' or 'expectations' that are exchanged between the parties in an employment relationship. Four variants of Psychological contracts are Relational contracts, Transactional contracts, Transitional contracts and Balanced contracts. The present study is original one aimed at developing a deeper understanding about psychological contract and employment relationship amongst employees serving FMCG industry in India, taking into consideration strength of all variants of psychological contracts.

Keywords

Psychological Contract, Relational Contract, Balanced Contract, Transitional Contract, Transactional Contract.

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