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Explain The Aims And Objectives Of Performance Management Policy

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4.0 Performance Management

4.1 Overview of the Policy
The objective of the policy is to make performance a way of life at KAM Pvt Ltd and it aims to foster employee competence and productivity, support achievement of organizational goals and objectives

4.2 Scope of Policy
The Performance Management System Policy serves as a guiding principle for the evaluating the employee performance on predefined and quantified parameters to bring transparency and accountability within the organization.

The overall process for performance appraisal is given below:
4.3 Target / Objective Setting Process
The first step in Target / Objective setting is understanding and communicating the Organizational Goals for the year. Organizational objectives will …show more content…

The training needs shall be identified as the areas for the functional development and behavioral development, while identifying the training needs the focus should be given on areas for enhancing performance in current role identified through the evaluation on each KRA and the feedback given.
 The significant gaps based on the competency review shall also be recommended for development.
 It is suggested that the Appraiser may nominate the employee for the training program as well as recommend him for Cross functional exposure / special assignments / job rotation for the development.
4.6 Linkage to annual increment
Increments shall be linked to rating of the employee based on the annual performance review. Performance may be categorized as:
 Excellent: Requirements far exceeded
 Very Good : Requirement exceeded
 Good: Requirements fully met
 Fair : Requirements not completely met
 Unacceptable: Requirements are unacceptable

4.7 Potential Appraisal
The process of Potential Appraisal is being designed as a part of the Succession Planning project.
In addition to the aforesaid terms and conditions, the Company reserves the right to amend or change this policy, rules & regulations, without any prior notice, at its sole discretion, and the amended rules & regulations shall take precedence over the previous

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