In an Advisory Services firm offering Finance & CFO Support, Business Risk, and Transaction Advisory Services, how do we conduct performance appraisals for all our employees working in our clients' offices? Additionally, how can we provide them with training to enhance their performance and become valuable assets within the company?
Thank you.
From India, Delhi
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2Thank you.
From India, Delhi
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Dear Ranjan,
It appears that you do not have a proper Policy on Performance Appraisal (PA) well in place. When employees join the company, during induction itself, they should be informed about when their appraisal will take place. The salient features of the policy could be as below:
a) Appraisal may be done quarterly. An appraisal cycle of one year is too long. Nevertheless, a salary hike may be done as of 1st April or 1st Oct.
b) For employees who join in between, the timing of their first PA can be decided in the policy.
c) The percentage of the salary hike should be linked to the score of the PA.
The important point is that PA concentrates only on individual performance. We need to go beyond and measure business performance. For this, you need to have a well-designed policy on Performance Management System (PMS). Regardless of the type of company, the principles of PMS do not change and are common across all industries. While establishing PMS or designing the KRAs, the following needs to be noted:
d) Do we measure what deserves to be measured?
e) Do KRAs pass the test of the SMART principle?
f) Have the direct and indirect costs been identified for all departments? Are these costs included as KRAs for the respective HOD?
g) Has the staff at the lowest level understood the importance of measurement or how to design the measures? Mere understanding of the concept of KPIs and KRAs by a Manager or HOD is not sufficient. They achieve departmental KRAs through their subordinates. What if the Manager/HOD does not receive sufficient support from the juniors?
h) Are there any staff members who are being let off the hook?
I have been replying to posts on PMS time and again. Click the following link to refer to one exhaustive reply:
https://www.citehr.com/511936-pms-company.html
Though the heading of the link is for IT companies, the reply is applicable to all types of industries. In the above link, you will find several other links. Go through all the links patiently. It will improve your awareness of the subject.
For further doubts, you may call me on my mobile number. Talk to your management and find out whether they are ready to hire paid services of an external consultant like me. For further information, you may call me on my mobile.
Thanks,
Dinesh Divekar
From India, Bangalore
Acknowledge(1)Amend(0)
It appears that you do not have a proper Policy on Performance Appraisal (PA) well in place. When employees join the company, during induction itself, they should be informed about when their appraisal will take place. The salient features of the policy could be as below:
a) Appraisal may be done quarterly. An appraisal cycle of one year is too long. Nevertheless, a salary hike may be done as of 1st April or 1st Oct.
b) For employees who join in between, the timing of their first PA can be decided in the policy.
c) The percentage of the salary hike should be linked to the score of the PA.
The important point is that PA concentrates only on individual performance. We need to go beyond and measure business performance. For this, you need to have a well-designed policy on Performance Management System (PMS). Regardless of the type of company, the principles of PMS do not change and are common across all industries. While establishing PMS or designing the KRAs, the following needs to be noted:
d) Do we measure what deserves to be measured?
e) Do KRAs pass the test of the SMART principle?
f) Have the direct and indirect costs been identified for all departments? Are these costs included as KRAs for the respective HOD?
g) Has the staff at the lowest level understood the importance of measurement or how to design the measures? Mere understanding of the concept of KPIs and KRAs by a Manager or HOD is not sufficient. They achieve departmental KRAs through their subordinates. What if the Manager/HOD does not receive sufficient support from the juniors?
h) Are there any staff members who are being let off the hook?
I have been replying to posts on PMS time and again. Click the following link to refer to one exhaustive reply:
https://www.citehr.com/511936-pms-company.html
Though the heading of the link is for IT companies, the reply is applicable to all types of industries. In the above link, you will find several other links. Go through all the links patiently. It will improve your awareness of the subject.
For further doubts, you may call me on my mobile number. Talk to your management and find out whether they are ready to hire paid services of an external consultant like me. For further information, you may call me on my mobile.
Thanks,
Dinesh Divekar
From India, Bangalore
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Coaching For High Performance Training.zip
Performance Appraisal Form for Staff.doc