This paper concentrates on the primary theme of ABOUT PERFORMANCE APPRAISAL in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.
Performance Appraisals are normally called as annual reviews, achievements, and growth, evaluate an employee’s skills and much more. Companies and other organizations mainly use this type of Performance Appraisals so as to motivate their employees and retain their employees as well. As companies have limited sources of funds by the method of performance appraisals helps the companies in allocating its funds in an appropriate manner. Performance Appraisals help the company to understand that which employee has contributed his or hers dedications for the growth of the company. This is the main reason that companies reward their top performing employees only. This technique helps the managers to create a definite plan for employee management through increased responsibilities and additional training and to identify the shortcomings of the company where the employees can work to resolve them.
Performance Appraisals is not the only way where the managers and employees communicate with each other and discuss the employee’s contribution to the development of the company. Frequent conversations help everyone to stay on the same page and build a stronger relationship between managers and employees, and this will help in making annual reviews less stressful. Now we will learn some of the in-depth details about Performance Appraisal types given below are the pointers which will help us know that why performance appraisals are required. They are as follows:-
- Performance Bonus - This is a form of compensation which is being paid to a department or an employee for achieving the specified goals and predetermined targets. A performance bonus acts more than that of a normal salary or wages are given to any employee who is working in the organization and it is usually given after a performance appraisal. Still, not many companies offer Performance Bonus and those who does they only offer those types of employees who perform an exemplary performance. Companies who provide employee review process, they set a threshold score so that any employee can exceed or meet the target to be considered for the bonus or reward. This bonus is given when employees start to perform above the expectations of the company.
- Performance Management System - This is a method according to which employees and managers work together to monitor, plan and review the employee’s overall contribution to the organization and the work objectives as well. It acts as more than just an annual performance review, and it is a continuous process in setting objectives, providing on-going coaching and assessing progress. This helps in providing the actual feedback to the company that the employees are working hard to give the best contribution to the growth and development of the company so as to achieve career goals and other company related objectives. The primary fundamental aim of performance management system is to improve and promote employee effectiveness. This establishment of a perfect Performance Management System requires time the support of the board of directors, managers, and the executive directors.
- Objective-Based - This is a very simple method of performance evaluation system, and this method helps in understanding the track of the progress of the employees. Here an employee and employer have to agree on a specific purpose according to which the employee have to meet the deadline of the main goal given by the employer. If the employee meets the objective within the given period, then the employee gets the performance appraisals by the organization itself.
- 360 Degree Appraisal - To look for comprehensive, in-depth insights and feedback of an employee’s performance then this type of appraisal comes to work. The work of a 360 Degree Appraisal helps in gathering and accumulating information about the employee from different parties like colleagues, managers, vendors and even from clients as well. The more information collected against the employee, the more perfect it becomes the performance review about the employee. Though this type of method sometimes becomes more laborious and time-consuming when compared with the first three methods. Still, many employers prefer this method as it helps in providing an unbiased result they receive from others