Summary of Performance Appraisal, performance appraisal process, Performance appraisal method, Human Resource
The video discusses the concept of Performance Appraisal in human resource management, emphasizing its importance in evaluating employee performance and contribution to organizational goals. Here are the main financial strategies, market analyses, and business trends presented, along with a step-by-step guide on the Performance Appraisal process:
Main Financial Strategies and Business Trends:
- Performance Appraisal Definition: It is a systematic evaluation of an employee's performance based on their current job and potential for future roles.
- Regular Reviews: Companies conduct regular performance reviews to identify high achievers and reward them, which can include incentives and promotions.
- Feedback Mechanism: Performance appraisals provide feedback to employees and management, guiding decisions on promotions, training, and development.
- Goal Setting: The process involves setting clear Performance Standards and goals, which are mutually agreed upon between management and employees.
- Training and Development: Identifying Training Needs based on performance outcomes is crucial for Employee Development and organizational growth.
- 360-Degree Feedback: This method collects feedback from various sources (peers, subordinates, and customers) to provide a comprehensive view of an employee's performance.
- Management by Objectives (MBO): This approach focuses on setting specific objectives for employees to achieve, enhancing clarity and accountability.
Step-by-Step Guide to Performance Appraisal:
- Set Performance Standards: Establish clear and measurable performance criteria in collaboration with employees.
- Conduct Regular Reviews: Implement a schedule for performance reviews (e.g., annually or semi-annually).
- Collect Feedback: Use various methods, including self-assessments and 360-Degree Feedback, to gather comprehensive performance data.
- Evaluate Performance: Compare actual performance against the established standards and identify gaps.
- Provide Feedback: Share the evaluation results with employees and discuss areas for improvement.
- Identify Training Needs: Determine if additional training or development is necessary based on the appraisal results.
- Make Decisions: Based on the appraisal, decide on promotions, demotions, or other employment actions.
- Monitor Progress: Continuously track employee performance and adjust objectives as needed.
Presenters/Sources:
The video does not specify individual presenters but discusses concepts attributed to general human resource management practices and theories, including references to Performance Appraisal methodologies and approaches.
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Category
Business and Finance