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Performance Appraisal & Reward System (PARS)
Performance Appraisal - Review of an employee’s contributions to the company against setIPM’s/Goals.
It serve many purposes within an organization. Performance Appraisal offers an insight into anindividual’s performance, and provides a standardized way to make comparisons among employee’sproductivity.
Objective:• To review the performance of the employees over a given period of time against predefined goals• To analyze the gap between the actual and the desired performance• To provide feedback to the employees regarding their performance
Result:• Assist in career development / potential appraisal• Provide clear understanding to every individual/ department of their roles• Generate performance data that will help in amend compensation & career progression
Coverage – April 2015 cycle:• All C-Code employees joined by 30th September 2014 & duly confirmed are eligible for PARS Cycle
April 2015.
Performance Appraisal
• Performance Appraisal is a valuable tools for communication with employees as pertainingto how their job performance stands with organizational expectations.
• Performance Appraisal helps the supervisors to suggest the growth path for performingemployees, also indicating employees with leadership potential or leadership developmentneeds.
• Ratings provided post Performance Appraisal helps in providing increment incompensation packages for employees which also includes bonus, additional allowancesand pre-requisites .
• Employee’s training and development are crucial components in helping an organizationachieve strategic initiatives, post-appraisal opportunities for training and development indifficult areas can be determined.
• Feedback & Employee communication can serve as a guide in enhancing job performancein future.
Performance Appraisal - Advantage
Individual Performance Measures (IPMs) are the goals or objectives that the employee needs toachieve for a particular year.
IPM’s are set the beginning of the financial year in Goal Setting Activity. Goal setting is the processof deciding what an employee has to accomplish at the end of the year it also helps in devising aplan to achieve the result desired by the organisation.
At IIFL , any job can be segregated in any predefined 4 different parameters naming Customer,Process, Finance & Employee to aim at overall growth of an employee along with organisationaldevelopment. On these parameters the performance of an employee is measured. (Minimum 4 &Max 8 IPMs can be mentioned)
The Goals should be SMART. Setting of realistic goals through SMART techniques should befollowed.
SMART specifies Specific, Measurable, Attainable, Relevant & Time-bound. At IIFL we emphasize insetting SMART Goals which results in motivating employees & building their self confidence.
The weightage against each IPM is entered by the Employee in the system. It is the reflection of amount or importance of a particular IPM on the person’s performance. The sum of weightage of all IPMs in all parameters put together must be 100%
Individual Performance Measures (IPMs)
Reward System - RatingRating Scale: Ratings are the scores given to employee against each IPM on the basis of performance of theemployee relative to other employees performing similar jobs at IIFL by IRA / Reviewer / HOD. PerformanceRatings determines an employees overall performance during the time period.
The Various Ratings at IIFL are :
• Flyer (4): It indicates that exceptional performance is demonstrated , high accomplishments of task are made in areas besides current job role without much supervision. Is recognized as an expert in his or her job area.
• Runner (3): Employee performs assigned responsibilities in a manner that consistently exceeds expectation, as demonstrated throughout the review period. Takes initiative to seek information or clarification of policies, procedures or objectives. Takes on additional tasks assigned without defaulting in other assigned activity areas
• Walker (2): Employee performs assigned responsibilities throughout the review period. Has ethical work habits, follows established work schedule, completes projects and tasks and produces acceptable output of work
• Learner (1): Employee performs assigned responsibilities in an unsatisfactory manner, has not responded to constructive feedback, or has not improved performance.
"Performance" includes not only how well the employee carries out the specific tasks or responsibilities of the job, but also includes work habits or behaviors that impact customers, co-workers or the general work environment
Giving Feedback In An AppraisalOne of the most challenging part of the performance appraisal meeting is giving feedback to employees ontheir performance. Feedback will provide motivation to employee and leading in improved performance.
Feedback can reinforce existing strengths, keep goal-directed behaviour on course, clarify the effects ofbehaviour, and increase the recipient’s ability to detect and remedy errors independently. Both appraisers andappraisees can use the tips below to learn to receive and give feedback more effectively
Feedback is effective when the IRA ensures that it:
• is descriptive rather than evaluative;• is focused on the employee’s behaviour rather than
the employee as a person;• is specific and based on information rather than
general and based on impressions;• provides information from their own experience;• reinforces positive new behaviour and what the
subordinate has done well;• suggests rather than prescribes avenues for
improvement;• is continual rather than sporadic;• is intended to help;• is checked with other sources for verification;• is well timed; and,• contributes to the rapport between the IRA and the
employee and enhances their relationship.
Receiving Feedback Effectively by employee:
• Listen effectively to the feedback given. • Be aware of your non-verbal responses. • Be open & receptive to new ideas and different
opinions. • Understand the feedback before responding to
the it. • Ask questions for clarification. • Follow up on Feedback given, post
implementing it
IPM-PARS Process Flow
IPM SETTING STAGE
PHAS
E -I
PARS
PHAS
E -I
I
APPRAISEE APPRAISER
REVIEWER (IRA’s IRA)HOD
APPRAISEE APPRAISER• Selects Parameter• Enters IPM, Measurement
Criteria, • Adds weightage• Submits to IRA
• Approves or Rejects IPM • IRA mention its comment• Post Approval IPM Setting stage
completes
• Enters Extent of achievement against each IPM
• Selects Training requirements• States Strengths & Development
Areas • Submits Self Appraisal
• Enters Comments, Ratings against each IPM
• Rates Competency Assessment• Select Training needs• Adds overall Comment • Submits the form by approving it
• Edit Ratings against each IPM (optional)
• Adds overall Comment • Approves
• May modify Overall Ratings • Add Comments (optional)• ApprovesReview process complete
Step 1:IPM Setting Stage– Employee
Section A displays the details of the employee
Mouse over help icon for the Help Information
Click on My IPM
Click here to minimize and expand Section B
Click Here for IPM Setting
Click on Performance Alignment
IPM Setting – Employee
Employee selects theParameter from Dropdown Employee enters
Measurement CriteriaEmployee enters Individual Performance Measures (IPMs)
Employee entersWeight age
Employee Clicks on ‘Save’ Note : Minimum 4 & max 8 IPMs
Select Appraisal Calendar 2015-16
IPM Setting – Employee
Select Goals to Submit for approval from Saved goals
Click on ‘Submit’Note: Total weight age of goals to be submitted should be 100%
IPM Setting – Employee
Select Goals to submit for approval from Saved goal
Notification message post Submission
IPM Setting – Employee
Step 2:IPM Setting Stage - IRA
IRA clicks here to approve Pending IPMs
IPM Setting
IPM Setting – IRA
IRA clicks on Employeeto approve his IPM
IRA approves/ Rejects IPM and enters comments against each IPM
IRA Clicks on Approve
IPM Setting – IRA
Notification Message to display IPM setting stage is completed
Notification messagepost submission
IPM Setting – IRA
Step 1:PARS Stage - Employee
PARS Stage EMPLOYEE LOGIN
Section A displays the details of the employee
Click here to minimize and expand Section B
Click for entering Self Appraisal
Click here for PARS
Click on Performance Alignment
PARS Stage – Employee
Click here to view IPM content and Measurement Criteria
Employee enters ‘Extent of Achievement’ against each IPM
Click on ‘Save’ to save
PARS Stage – Employee
Click on ‘Training’ section
Click ‘Add’ to select training from available coursesIf required training is not available in list it can be added in the text box
PARS Stage – Employee
Select from required course title
Click on Choose
Activity
Select Location, Type and Category, click Go
PARS Stage – Employee
Click on ‘Save’ to save
PARS Stage – Employee
Click on Strengths and Development
Employee entersStrengths
Employee enters Development Area
Employee Saves & Submits
PARS Stage – Employee
Notification Message to display Self Appraisal is submitted successfully
PARS Stage – Employee
Step 2:PARS Stage - IRA
IRA clicks to view and continuethe appraisal process PARS
PARS Stage – IRA
IRA clicks on Employee name to proceed with the appraisal process
PARS Stage – IRA
IRA selects the Rating against each IPM
Click here to view IPM content & Measurement Criteria
IRA can view Calculated Rating Click here to Save
Click on Goals
IRA enters comments forthe employee against each IPMIRA can view employees
‘Extent of Achievement’
PARS Stage – IRA
Click here to Save
IRA selects Rating againsteach Competency
Click on Competencies
PARS Stage – IRA
Click ‘Add’ to select training from available coursesIf required training is not available in list it can be added in the text box
Click on ‘Training’ section
PARS Stage – IRA
Select from required course title
Click on Choose
Activity
Select Location, Type and Category, click Go
PARS Stage – IRA
Click on ‘Save’ to save
PARS Stage – IRA
IRA can view the Strengths & Development Areas entered by employee
PARS Stage – IRA
Click here to Save
IRA clicks here to Approve
IRA clicks on Overall Comments
PARS Stage – IRA
Notification Message to display Appraisal is submitted successfully
PARS Stage – IRA
Step 3:PARS Stage - Reviewer
Reviewer clicks here to view and continue the appraisal process PARS
PARS Stage – Reviewer
Reviewer clicks on Employee name to proceed with the appraisal processfor the particular employee
PARS Stage – Reviewer
Reviewer can view comments given by IRA & may add comments against each IPM for the employee
Reviewer can view Ratings given by IRA & may modify if required
Click on Save
PARS Stage – Reviewer
Reviewer enters Over all Comments (Mandatory)
Reviewer can view Goals, Competencies, Training, Strengths & Development
Click on Overall Comments
Click on Save & Approve
PARS Stage – Reviewer
Step 4:PARS Stage - HOD
HOD clicks to view and continue the appraisal process PARS
PARS Stage – HOD
HOD clicks on Employee name to proceed with the appraisal process
PARS Stage – HOD
HOD enters Over all Comments (Optional)
Click on Overall Comments
HOD selects the Final Rating from the drop down
Click on Save & Approve
HOD can view Goals, Competencies, Training, Strengths & Development
HOD can view comments given by IRA & Reviewer
PARS Stage – HOD
Notification Message to display HOD comment / Appraiser’s Feedback edited successfully
PARS Stage – HOD
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Thank You !