An Exploration of Inclusion of Spirituality into the Balanced Scorecard (BSC) to Support Financial Performance: A Review

Abstract

The BSC has been well accepted as a suitable tool for assessing and monitoring financial performance oforganisations. Subsequently it has been embraced by organisations as financial and nonfinancial performanceindicators that help organizations align their initiatives with the organization's strategy. However, the question ofhow the BSC can be enhanced to incorporate non-financial performance is still being raised. One of theimportant non-financial prospectives is the Spirituality. The goal of this paper is to review the recent research onSpirituality as nonfinancial performance indicator for the BSC. In this paper an overview of the BSC and itsperspectives is given, providing a justification for the importance of non financial performance measures tooverall organizational performance. The novelty of this paper is that through an elaborate discussion, Spiritualityis proposed as a potential additional dimension that can enhance the BSC. Subsequently, the enhanced BSCwould incorporate spirituality as an important dimension that affects employees as well employers, who are thekey drivers of financial performance. Overall, the proposed dimension would strengthens the tool’s efficiencyand effectiveness.

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