Synopsis

A Case Study on 3600 Performance Appraisal

1.1 EXECUTI E SU!!A"# The meaning of the word appraisal is to fix a price or value for something. This is used in finance in terms such as project appraisal or financial appraisal where a value is attached to a project. Similarly performance appraisal is a process in which one values the employee contribution and worth to the organisation. Employees across the entire organisation are appraised of their performance. This could be done annually, twice a year, periodically depending the need of the organisation. erformance appraisal is a systematic and orderly evaluation of performance of employees at wor! by their superiors or others who are familiar with the techni"ues of performance appraisal. # performance appraisal is a formal review of employee performance. #t a performance appraisal, objectives or targets are agreed between manager and employee. #t each subse"uent appraisal, current and past performance is compared and targets are reviewed.

erformance appraisals are essential for the effective management and evaluation of staff. #ppraisals help develop individuals, improve organi$ational performance, and feed into business planning. %ormal performance appraisals are generally conducted annually for all staff in the organi$ation. Each staff member is appraised by their line manager. erformance appraisals are also essential for career and succession planning. erformance appraisals are important for staff motivation, attitude and behaviour development, communicating organi$ational aims, and fostering positive relationships between management and staff. erformance appraisals provide a formal, recorded, regular review of an individual&s performance, and a plan for future development. 'n

short, performance and job appraisals are vital for managing the performance of people and organi$ations. 'n ()*+degree performance reviews, many different types of people are consulted about an employee&s performance. This includes customers, suppliers, peers and direct reports. 'n the case of a manager, employees are often as!ed to give upward feedbac! on how well they are being managed. 'f ()*+degree performance reviews are performed, a ,uman -esources manager should coordinate the process, so that subordinate reviewers .i.e., employees/ are assured that their performance reviews are !ept anonymous.

The aim is to find the gap between one&s own appraisal and the perceptions of others. This will in turn enable a professional to analyse his strengths and shortcomings and accordingly improve his performance. 0hile it is true that the system serves as an excellent process since it reduces biases, it is not always successful. 't is necessary to create the right culture in the company before introducing the system. A$ A%TA&ES '( 360 $E&"EE APP"AISA)

rovides a more comprehensive view of employee performance. 'ncreases credibility of performance appraisal.

%eedbac! from peers enhances employee self+development. 'ncreases accountability of employees to their customers. The combination of opinions can approximate to an 1accurate& view 2omments expressed by several colleagues tend to carry weight Some s!ills are best judged by peers and staff, not by manager alone %eedbac! may be motivating for people who undervalue themselves The wider involvement help to engender a more honest organi$ational culture

$ISA$ A%TA&ES '( 360 $E&"EE APP"AISA)

Time consuming and more administratively complex. Extensive giving and receiving feedbac! can be intimidating to some employees. -e"uires training and significant change effort to wor! effectively. -esults can be difficult to interpret %eedbac! can be damaging unless handled carefully and sensitively 2an generate an environment of suspicion if not managed openly and honestly

1.* STAE!E%T '( P"'+)E!,

()*o #ppraisal in ban!ing industry

1.3 '+-ECTI E '( STU$#, To analy$e and apply ()** performance appraisal strategies to improve the performance of the individual employees. To !now the best ()**performance appraisal strategy of the company. 'mprove the ()** performance of the employees and there by improving the overall performance of the company.

1.. %EE$ '( T/E STU$#, The study concentrates on the ,- affairs of the company. 't involves the study of ()** performance appraisal standards This study has been carried out in order to learn the ()* * erformance #ppraisal System to !now what strategies are being implied and how far they are effective.

1.0 SC'PE '( STU$#,

't provides a complete !nowledge of various fundamental concept related to ()**performance appraisal 't extends to the whole of the organi$ation and gives a way to improvement if any re"uired for better talent ac"uisition.