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Performance Appraisal and Compensation Management

Introduction

Performance appraisals help employees and their managers create a plan for employee development through additional training and increased responsibilities, as well as to identify shortcomings the employee could work to resolve.
Ideally, the performance appraisal is not the only time during the year that managers and employees communicate about the employee’s contributions. More frequent conversations help keep everyone on the same page, develop a stronger relationship between employees and managers, and make annual reviews less stressful.
Performance Appraisal is the systematic evaluation of the performance of employees and to understand the abilities of a person for further growth and development.
Because companies have a limited pool of funds from which to award raises and bonuses, performance appraisals help determine how to allocate those funds. They provide a way for companies to determine which employees have contributed the most to the company’s growth so companies can reward their top-performing employees accordingly.

Training Outcomes

Upon successful completion of the Training, participant will be able to:

o Performance appraisal process aids management in decision-making processes associated with promotion, discipline and salary administration activities.
o Dealing with performance problems promptly avoids long-term issues, including legal liabilities.
o Designing a customized performance appraisal program and training employee on its use ensures performance criteria apply appropriately.
o Improved employee performance reduces costly mistakes, increases productivity and motivates all personnel to achieve strategic goals.
o The rating distribution – this will help the management to reward good performers and recognize their efforts, whereas it serves as a warning to poor performers to improve their performance.
o The final rating for employees is an outcome of the performance appraisal. This can help to detail out the compensation of the employees.
o An employee’s competency gaps can be identified and areas of improvement in the performance can be suggested. Managers can take the necessary steps to help the employees improve on those areas. This will lead to growth of employees as well as organizational growth.
o Identification of high potential employees. This can help in succession planning of an organization. High potential employees can be nurtured and can tune towards leadership path.
o The necessary training requirements of employees can be an outcome of the performance appraisals. This can be a very valuable input to the training department, who can plan their training calendar based on that.

Methodology

Practical Work, Case Study and Presentation

Contents of Training:

Session -1

Introduction

• Meaning of 'Performance Appraisal?
• What is a 360-degree performance appraisal?
• What points are needed in making a performance appraisal?
• What are the main components of an employee evaluation form?
• Objectives of Performance Appraisal
• Advantages of Performance Appraisal
• Performance Appraisal Tools and Techniques
• Performance Appraisal Biases
• How to Conduct Employee Evaluations
• Three Common Performance Evaluation Methods
• Why bother with employee performance evaluations?

Session -2

Process of Performance Appraisal

• Performance Appraisal System
• Practice of Self-evaluation
• Traditional Methods of Performance Appraisal
• Modern Methods of Performance Appraisal
• Factors affecting performance appraisal
• Responsibility of the Appraiser
• Understanding organizations expectations
• Process of monitoring appraisal system

Session -3

Performance Planning and Execution

• Introduction
• Setting goal and objectives
• Tracking employee's performance
• Performance motivation
• Key Performance Indicators (KPIs)
1. What They Are And What They Do
2. Types of performance measure:
3. Struggling with Key Performance Indicators?
• How To Develop a KRA
1. Employee Performance Evaluation by KRA & Value Rating

Session -4

Structure

• Job Specification
• Job Description
• Job Analysis
• Job Evaluation
• Job Design
• Job Specialization
• Job Rotation and Loading
• Job Security
• Job Enrichment and Enlargement
• Job Sharing and Satisfaction

Session -5

Performance Assessment and Review

• Process of performance assessment
• Factors affecting performance assessment
• Evaluating performance information
• Rating scales and rating errors
• Preparing appraisal report
• Conducting review
• Handling difficult situations
• Establishing successful close

Session -6

Performance Appraisal Form

• Setting core competencies
• Designing appraisal form
• Assignments of weights
• Rating system
• Key Performance Indicators (KPIs)
1. What They Are And What They Do
2. Types of performance measure:
3. Struggling with Key Performance Indicators?
• How To Develop a KRA
1. Employee Performance Evaluation by KRA & Value Rating

Session -7

Interview Skills

• Competency based interview
• Performance review skills
• Annual review interview techniques
• Behavioral interview
• Role profiling methods
• Feedback techniques

Performance based Compensation

• Theory of compensation
• Methods of compensation
• Pay Package System
• Concept of wage
• Wage Policy in India
• Compensation structure

Session -8

Performance Counseling

• Need for counseling and counseling pattern
• Effective counseling skills
• Understanding desired and actual performance
• Factors affecting individual's development
• Preparing development plans
• Understanding responsibilities
• Appraising performance
• Appraisal discussion
• Appreciation and Criticism

Session -9

Human Resource Management (HRM) System

• Elements of HRM system
• HRM practices
• HRM strategies
• Pay/Organization system

Leadership and Motivation

• Classifying needs
• Need prioritization
• Theory of motivation
• Leadership styles
• Characteristics of a good leader

Effective Communication

• Technical aspects of communication process
• Avoiding communication failures
• Effective communication skills
• Workplace communication

Session - 10

Compensation Plans

• Develop a program outline.
• Develop a compensation philosophy.
• Conduct a job analysis of all positions.
• Evaluate jobs.
• Determine grades.
• Establish grade pricing and salary range.
• Determine an appropriate salary structure.
• Develop a salary administration policy.
• Obtain top executives' approval of the basic salary program.
• Communicate the final program to employees and managers.

Monitor the program.

• Monitor feedback from managers.
• Make changes where necessary.
• Find flaws or problems in the program and adjust or modify where necessary.

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