Factors Influencing the Application of Balance Scorecard at National Social Security Fund

Abstract

The objective of this study was to determine the factors that influence the use of the balanced scorecard at National Social Security Fund. Despite the government enforcing a savings culture through various reforms including increasing contributions and making them mandatory, NSSF has failed to achieve its main objective of providing a source of income to retirees and enhance adequacy of benefits paid out to the beneficiaries. The research used a case study methodology, and data gathering was accomplished via the use of an interview guide. For the purpose of analyzing data of a qualitative character, content analysis was used. NSSF is able to have sufficient leader support, in which the top management provides effective monitoring and evaluation of BSC implementation and accounting for the result. This enables NSSF to have proper monitoring and assessment of BSC implementation. When it comes to putting BSC into action, an organization's success is dependent on its human assets. It would be beneficial for the NSSF to invest in training and development programs for its staff members in order to enhance their capabilities and level of knowledge in BSC implementation. The learning and development viewpoint of the NSSF score card takes into account the many actions that are geared at elevating the existing levels of expertise and abilities held by all staff members. The establishment of a cohesive team has been made easier by the use of communication in pursuing the strategic goals. The managers of the company communicated their strategy both horizontally and vertically, linking it to the goals of both departments and individuals. The resources provided by NSSF guarantee that the working atmosphere is favorable for workers to work pleasantly, which allows them to better use their abilities in BSC. Research shows that getting buy-in from the C-suite is crucial for successful balanced scorecard implementation. Organizational culture, strong linkages between departments, highly educated and experienced executors, open lines of communication, and the active participation of all employees have all had significant effects on BSC at the NSSF. Management assessment methods, openness to new information, and the Balanced Scorecard's perceived utility and simplicity of use were all highlighted as important factors to consider in the study's final analysis. The learning and development viewpoint of the NSSF score card takes into account the many actions that are geared at elevating the existing levels of expertise and abilities held by all staff members. According to the findings of the research, policymakers should consider implementing adjustments in order to provide a suitable response to trend setters including consultants, gurus, and business media with relation to aspects such as the balancing scorecard. The NSSF should enact rules that establish and improve the platforms necessary for the effective operation of the balancing scorecard. It is also necessary to make investments in resource allocation, leadership, and training of employees to BSC in strategy implementation in order to assist in clearing up the uncertainty that exists among some members of the staff who are unable to properly apply the BSC. It is also advised that the management should provide proper and regular information to the workers on new developments that influence BSC implementation so that the employees may comprehend the progress that is being made with the implementation.