Human Resource Management
Analysis of an Appraisal System
Submitted to
Professor Kaushik Choudhury
By Aravind Mahendran, Mansi Makhijani,
Nakul Paruthi, Nikhil Abhishek Mishra,
Shishir Kumar
3.04.2015
Gautam Budh Nagar, U.P., 201314
ABSTRACT
Appraisal is a continuous yearly exercise done by the HRD department of any organisation to evaluate the performance of the employees. It is a very important tool which can motivate employees to perform better and gain respect in an organisation. This project tries to find out the effectiveness of an appraisal system in today’s corporate culture and also tries to find out the loopholes in it which causes its failure.
INTRODUCTION
When a company makes any investment it evaluates
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Human Resource. Each and every employee in an organisation works towards achieving a common goal by following a specific strategy and the performance evaluation is done to check that whether the employee is performing in line with the shared goals. This not only helps organisations but also gives direction to the employee and helps them in understanding their interests and carrier planning.
Performance management:
It is a process through which responsibilities of an individual is determined and then his performance is measured and corrective action is taken. It starts from setting up of a goal in an organisation followed by an objective linked to the goal which is assigned to an individual through delegation of responsibility and then his performance is measured through an appraisal system which leads to incentives and promotion of the
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Performance appraisal brings this aspect of the employees to a more individual level to increase effectiveness and understand the potential, aspirations and concerns of an employee.
As a matter of fact there exists a two way process between an organisation and an employee which works as soul of performance and that is quality expectation. If an organisation expects its employees to work better and deliver the quality then it should also provide a healthy environment for the effective world and simultaneously if an employee wants a healthy work life balance then it should also deliver the quality.
Performance appraisal acts as a platform which provides opportunity to both the parties to discuss the takeaways from the work and the future course of action to meet the standards and outcomes through clear and mutual understanding of the job in
Economic analysis and company performance forecasting are necessary for making investment management (Hiriyappa,2008). There is lack of investment management which has exerted burden over the company to keep getting revenue for current as well as new production plants. If the new plants were set up after examination of organization’s structure and forecast of sales and revenue, then the situation would have been easier. The company mainly depends upon reports by managers who are not communicating well with each other as they are not co-operative. There is an information overload which as barrier to effectively communicate within the organization (Robbins, 2011).
Here we are making a business report which evaluates the performance of Mountainarious Sporting Co. to take loan from Canadian Commercial Bank. With the given basic financial reports by the company we have used few methods of analysis which includes horizontal, vertical and trend analysis as well as ratios such as Debt, Current, Acid Test and Asset Turnover ratios. We also used other ratios such as Return of Total Assets, Return on Equity , net profit margin and so forth. All the calculations of the above are found in the appendices. Horizontal and vertical analysis The Financial Statement analyses how sales are increasing and whether the sales are reasonable for the
For this project, the class has been asked to evaluate all of the financial statements for the companies CVS and Walgreens. In the previous three parts, we have been asked to do research on the companies and evaluate many different ratios for each company. The following paragraphs will explain why I believe CVS would be the best company to invest in. Competition drives our economy and the growth of companies. If you take a look at the two companies were have been researching, they are fighting for the same client base.
A Financial analysis determines how well an organization is performing financially and whether improvement is needed by reviewing the organization’s financial statements and calculating ratios. I have reviewed Robertwood Johnson University Hospital’s, Saint Peter’s Healthcare System’s (Saint Peter’s University Hospital), Catholic Health East’s (Saint Michael’s Medical Center) financial statements and determined the following calculated ratios. The current ratio using the balance sheet will determine whether Robertwood Johnson University Hospital’s, Saint Peter’s Healthcare Systems, (Saint Peter’s University Hospital), Catholic Health East’s
This report will analyze the company's profits, number of employees, countries of operations, and products or services
Reflective Practice Nursing is part of healthcare system and this is a continuous changing environment becoming more demanding, the technology require knowledge and continuously adherence to all Health system requirements as nursing is a lifelong learning process. However , reflective practice is a driveway not only for personal development but also for team work with the purpose to improve care and to blend theory with practice( Jasper 2013). As part of Revalidation, the NMC(2015) require that all nurses must provide evidence that are using reflective practice as part of the process of maintaining their registration in order to remain fit for practice, to promote professionalism and to demonstrate a good understanding and an ongoing development.
The system needs to be productive or it will be a waste of money and time, this makes a virtual as a potential to refine employee’s performance. The performance appraisal will lead to a behavioral change when an individual accepts the system (A. Elverfeldt, 2005). The system used in performance appraisal has the roots and become more powerful in almost all the organization through the world. These are the assessment of the performance of an employee or employer, whom one is concern about (D. Goel, 2010). According to E. Lawler, G. Benson and M McDermott, 2012 performance appraisal is a censure powe of management practices, criticism ranging from an extensive waste of time to their having a negative impact on the correlation between managers and their subordinates.
It is built around rewards and punishments. Behaviour that results in a desire outcome is rewarded with a promotion or bonus (“the carrot”) and unproductive behaviour receives the “stick”, such as demotion or a payment discount. These incentives are proven to be ineffective because extrinsic rewards, which are temporary, guides employees to focus on the prize, rather than on the intrinsic satisfaction they get from
The training set up by performance management empowers staff to understand their strengths and weaknesses, know what job responsibilities they are fit for, and find a company-specific position such as a cleaner, cashier or referee who serves Starbucks in a different role. Reward management The assessment reports will allow Starbucks to reward employees for their performance, so that employees feel that they are valued by Starbucks paid the time and effort is worth it. After giving the reward, employees have a sense of belonging to Starbucks and therefore work more earnestly and the morale of the employees is improved.
Each and every goal should be analyzed to determine the potential impact on firm
In a company Human Resource is a very important part of the strategic plan. The HR department is the go-to when a company decides how to approach a problem or gain Ideas. If there needs to be hiring, the HR department will take care of it. They will provide the proper training and tools to achieve the organizations goals. There must be a strategic plan put in place that way everyone is on the same page internally within the company to be successful outside of the company.
Performance issues are very common problems at workplaces. Managers usually are unsatisfied and frustrated with their employee performance problems but they do not often spend time and effort to find out why it occurs. It is crucial for managers to have some thoughts about the causes of the problem before confronting their employees about this specific subject. The following part of the report will outline those questions and ideas that can allow us to understand the situation better. At workplace, the employer and employee have to corporate well with each other.
In exchange for their loyalty towards the orgnization and their effect for their work, employees form expectations. To improve the quality of their work, to realize their career goals and to ensure that they work efficiently, the organization has to mobilize various incentive mechanism. Organizations can support their employees by establishing properly working human resources procedures and performance evaluation systems, concentrating on career management activities and improving the employees’ physical working conditions. Organizational support theory explain the psychological process underlying POS as follows: Firstly, POS in the basis of reciprocity norm creates a feeling of necessity concerning the organization working towards its goals and considering the
1- Investment decision 2- Financing decision, 3- Assets Management decision.
Employees are considered as one of the most valuable assets for a company. They are the main force behind the company’s success. So happiness of employees is definitely a big factor in driving the company to meet its goals and reap the benefits. Now the question comes that does happy employees create happy customers. Well the answer is definitely yes.