This paper reviews the need for a balanced scorecard and the reasons behind the development of this approach. Earlier, the success of an organization was measured by using only financial metrics. However, the shortcomings of this approach was highlighted by M/s Blake and Norton, the proponents of the exciting concept of Balanced Scorecard (BSC), after their study of corporates where only 10% of the formulated strategies were successfully executed. This is due to the lack of focus on strategic issues and effective execution. In the 2006 survey on strategy carried out by a global management consultant firm, Mckinsey, a majority of the executives expressed that their first concern was how strategy is implemented and second concern was about how performance is measured. This paper presents a case study of a successfully implemented Balanced Scorecard (BSC) in an automotive industry. Further, the myth that a huge expense is involved in implementing BSC is broken, as in reality, it is only the top management's will (stemming from potential benefits) and measuring performance (across all parts of the organization) along the four quadrants of Management, Customer, Internal Business Process, and Learning and Growth.

The vital resource in any organization is its employees. Nurturing the skill and talent, and retaining the employees is critical for the success of an organization in this globally competitive business environment. Hence, HR professionals need to have a deeper understanding of their businesses and have knowledge on what are the critical skills.

Measuring organizational success is a continuous challenge for both managers and researchers. While financial measures were in wide use for many years, new frameworks have emerged in recent years that extend organizational perspectives beyond traditional financial measures. Among them, the `Balanced Scorecard' is one of the most popular.

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