Performance Management at Union Bank of India
Essay title: Performance Management at Union Bank of India
PM & IR PROJECT
PERFORMANCE MANAGEMENT AT UNION BANK OF INDIA
Submitted To Prof. PANKAJ KUMAR
GROUP
Anup Gupta
ABM02003
Arjun Balaji
PGP21062
Harish Narayanan S
PGP21071
Kaushik Prasad
PGP21073
Navneet Bhaiyya
PGP20185
Ramachandran R
PGP21091
Sameer Bhat
PGP21093
Shaktie Prakash
PGP21094
Shashi Kant Ranjan
PGP20195
Sumit Takkar
PGP21096
TABLE OF CONTENTS
1. PURPOSE OF STUDY
2. PROBLEM DEFINITION
3. METHODOLOGY
4. CURRENT PERFORMANCE APPRAISAL SYSTEM
4.1 Appraisal Methodology
4.2 Incentivization
5. DEFICIENCIES OF THE CURRENT SYSTEM
5.1 Current Methodology
5.2 Current Performance Appraisal Report:
6. SUGGESTIONS AND CONTRIBUTIONS FOR IMPROVEMENT
6.1 Increase in evaluation frequency
6.2 Individual Parameters
6.3 Reducing Subjectivity
6.4 Involving the appraisee in the process
6.5 Making the appraisal form concise
6.6 Focus on future
6.6.1 Changing roles of HR Management
6.6.2 Focus on Innovative practices and innovation
6.7 Self Evaulation
7. CONCLUSION
8. REFERENCES
APPENDICES:
EXSTING APPRAISAL FORMS: APA-1 TO APA-8
KEY RESPONSIBILITY AREAS (KRAs)
1. PURPOSE OF STUDY
After employee selection, performance appraisal is the most important management tool for the success and growth of any organization. The performance appraisal, when properly carried out, can help to fine tune and reward the performance of present employee and align the personal goals of the employee with the organizational goals.
Performance appraisal for evaluation using the traditional approach has served the following purposes:
Promotion, separation, and transfer decisions
Feedback to the employee regarding how the organization viewed the employees performance
Evaluations of relative contributions made by individuals and entire departments in achieving higher level organization goals
Criteria for evaluating the effectiveness of selection and placement decisions, including the relevance of the information used in the decisions within the organization
Reward decisions, including merit increases, promotions, and other rewards
Ascertaining and diagnosing training and development decisions
Criteria for evaluating the success of training and development decisions
The age old performance appraisal systems in many of India’s public sector banks play the traditional role well. But the present situation demands much more from the performance appraisal system, because of which the system need to be dynamic and needs to be revamped over a period of time. Hence the purpose of this study is to analyze the current appraisal system, and suggest some changes in the methodology and in the performance appraisal form which can address the problems enumerated in this study.
2. PROBLEM DEFINITION
The traditional performance