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.
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.
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