Importance of Performance Appraisal Program | Report
11 Pages2668 Words155 Views
Added on 2019-09-23
Importance of Performance Appraisal Program | Report
Added on 2019-09-23
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Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3Method of employee performance appraisal..........................................................................3Use of employee performance appraisal method for employee compensation......................4Impact of performance appraisal on three different stakeholders..........................................5Recommendation for prevention of ethical and legal challenges faced by an organization dueto the alignment of performance appraisal and employee compensation...............................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................82
INTRODUCTIONThere are various kinds of performance appraisal methods that are being usedconsistently by management around the world to make sure that employees are given the rewardfor their efforts and work in an efficient manner. However, it is also essential that suchperformance appraisal method is used efficiently for the purpose of determining employeecompensation. The current report will discuss the importance of performance appraisal programfor employees and its overall impact on employee compensation in the longer run (Board, 2018).The impact of performance appraisal on three different stakeholders of the company will also beanalyzed in detail under the report. It will help in better understanding of job analysis etc.Through proper evaluation and implementation of such a strategy, it becomes easier for anorganization to align performance appraisal and compensation plan over time (Schaufeli & Taris,2014). This report will discuss the ‘360 degree feedback’ performance appraisal method and howthe same can be aligned with employee compensation of the organization. 360 degree feedbackmethod is used to gather necessary feedback for an individual employee are taken from differentcolleagues, departmental heads, supervisors and managers to decide a compensation plan. It isdiscussed in detail under the report.MAIN BODYMethod of employee performance appraisalEmployee performance evaluation or appraisal is a key factor which is essential toimprove as well as enhance the quality of work and inspire them to do well in an effectivemanner. A comprehensive employee performance evaluation process often consists of different3
evaluation methods to help judge an employee’s performance (Bogner, 2018). Using multipletechniques can help an organization get a broader perspective of the areas where theorganization's employees need to improve and the steps you can take to support the growth of theemployees. There are plenty of performance appraisal methods which can be used bymanagement for the purpose of evaluating the employee performance in an effective manner.One of the methods, which is being used as performance appraisal and evaluation is 360-degreefeedbackmethod (Bothur, Zheng & Valli, 2017).360-degree feedback method360-degree feedbackmethod is one of the strategies which are often used by variousorganizations and employees evaluation software for carrying out the evaluation process in anefficient manner. The process consists of taking anonymous feedbacks from teammates,employees and other peers on various aspects of employee’s performance in an efficient mannerin the longer run (Goh & Yip, 2014). The person from whom feedback will be taken includessubordinates, customers, and even the individual himself about his perception of his own self andwhat future expectations he carries.This method helps in providing an opportunity for the purpose of studying various skills as wellas the capabilities of employees in an effective manner (Byrnes, 2014). It also helps in makingnecessary networks, igniting leadership and collaboration among all the employees of theorganization. The aim of such kind of method is to make sure that only the best employee in theteam is rewarded for the work done. This will inspire and motivate other individuals as well todo well in upcoming tasks of the organization (Ruggunan, 2016).4
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