Research On The Performance Management Of Shanghai LZ Senior Living Apartment Based On The Balanced Scorecard

The significant trend of aging population drives the growing demand for assisted living service.Specifically,one child policy brings the challenge that more seniors with mobility disability need senior care living services while the family members fail to take the responsibility.Senior living is the ideal solution that designed to ease this contradiction.The development of various styles of senior living apartment is boosted dramatically.As a profitable business,senior living apartment has exposed many operational management problems such as unclear strategic objectives,less efficiency management,unprofessional employees,poor services,lack of effective propaganda techniques and low occupancy rate.Clear strategic objectives as well as strategy implementation are critical to promote a continuous development under the competitive environment.The performance management is one of the key point to fulfill the strategic business objectives and should be applied to manage the senior living apartment.The performance management is based on and highly related to the business strategy.Among all the performance management tools,balanced scorecard is one of the most powerful tools due to the emphasis on overall performance evaluation,specific details,strategy objectives as well as the irrelevant to financial index.The balanced scorecard measures performance from four groups: financial,customer,internal business processes,and learning and growth.These four interrelated perspectives thoroughly focus on strategy objectives to ensure the execution without deviation.This research work primarily focuses on the performance management issues of Shanghai LZ senior living apartment such as the unclear strategic objectives,lack of alignment andpoor assessment feedback.This study also proposed the necessity and feasibility of balanced scorecard based performance management of Shanghai LZ senior living apartment.The balanced scorecard based performance management system is applied to the level of institution,department and staff,respectively.The steps and support procedures to proceed the balanced scorecard based performance management are also analyzed in this study.