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    MGMT5

    Uploaded by

    KierAndre Somodio
    Management

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    MGMT5

    Uploaded by

    KierAndre Somodio
    2 views2 pages
    Management

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    © © All Rights Reserved

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    PDF, TXT or read online from Scribd

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    Management

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    2 views2 pages

    MGMT5

    Uploaded by

    KierAndre Somodio
    Management

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    APPRAISAL OF WORK PERFORMANCE

    What Is a Performance Appraisal?


    A performance appraisal is a regular review of an employee's job performance
    and overall contribution to a company. Also known as an "annual review,"
    "performance review or evaluation," or "employee appraisal," a performance
    appraisal evaluates an employee’s skills, achievements and growth, or lack
    thereof. Companies use performance appraisals to give employees big-picture
    feedback on their work and to justify pay increases and bonuses, as well as
    termination decisions. They can be conducted at any given time but tend to be
    annual, semi-annual or quarterly.

    9 Benefits of the Performance Appraisal

    From the beginning and through the career, you need to know how good you
    are in terms of particular fields of activity. It is difficult to give yourself an
    objective evaluation. Performance appraisal system is a useful management
    tool which helps to gain feedback, review and estimate whether the
    performance is effective and discuss what needs to be done for it to become so.
    Managers perform evaluations to benefit both employees and the employer. The
    most significant benefit of the appraisal system for the manager or the head of
    department is that it provides a document of employee performance over a
    specific period. Here is a list of the benefits of the performance appraisal
    This document was downloaded on Saturday, 21 October 2023, 1:29 AM
    system:

    1. Every employee’s individual performance influences how all the team


    or even the firm (especially if it is small) is doing.
    2. It clarifies the employee’s role and status in the organization. Some
    workers like to know where they stand regarding their job performance
    and want to see what else (useful) they can do for the company.
    3. Self-development is the most important benefit for the employee.
    Performance appraisal allows you to provide positive feedback as well
    as identifying areas for improvement. An employee can discuss and
    even create a developmental (training) plan with the manager so he can
    improve his skills.
    4. It motivates employees if supported by a good merit-based
    compensation system. Best performers get better pay and benefits
    packages. Similarly, those employees that lag behind get penalized.
    5. It provides a structured process for an employee to approach the
    management for discussions, identify problems, clarify expectations and
    plan for the future. It lets both manager and employee set up long- and
    short-term goals.
    6. The statistics can be used to monitor the success of the
    organization’s recruitment and induction practices.
    7. Performance appraisal system also helps the management in deciding
    about the promotions, transfers and rewards of the employee.
    8. It is easy to identify the under-performers and decide whether you
    want to keep them hoping for improvement or sometimes have to let
    them go.
    9. Both manager and employee, keep performance appraisal
    records and can retrospectively review the changes in the performance
    in future.

    SHORT AND LONG TERM STRATEGIES


    For definition of strategy just open the link. https://en.wikipedia.org/wiki/Strategy

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