Reimagining the Balanced Scorecard for the ESG Era
In this article from Harvard Business Review, the authors propose an update to the Balanced Scorecard, one of the most successful management tools of all time, so that it can better help align stakeholders coming from very different places around each other’s goals as well as their own-
Companies are increasingly aware that their customers and society in general expect businesses to adopt and work towards social and environmental objectives as well as the traditional financial ones. This involves not only re-evaluating firms’ models but re-imagining new, more inclusive ecosystems from a multi-stakeholder point of view.
By evolving the Balanced Scorecard and Strategy Map’s perspectives to reflect today’s expanded role for business in society, we believe that the BSC will help businesses focus and deliver on society’s expanded expectations for sustainable and inclusive economic growth.