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 3

2. PROBLEM DEFINITION 4

3. METHODOLOGY 4

4. CURRENT PERFORMANCE APPRAISAL SYSTEM 5

4.1 Appraisal Methodology 5

4.2 Incentivization 9

5. DEFICIENCIES OF THE CURRENT SYSTEM 10

5.1 Current Methodology 10

5.2 Current Performance Appraisal Report: 11

6. SUGGESTIONS AND CONTRIBUTIONS FOR IMPROVEMENT 12

6.1 Increase in evaluation frequency 12

6.2 Individual Parameters 13

6.3 Reducing Subjectivity 14

6.4 Involving the appraisee in the process 15

6.5 Making the appraisal form concise 16

6.6 Focus on future 16

6.6.1 Changing roles of HR Management 16

6.6.2 Focus on Innovative practices and innovation 18

6.7 Self Evaulation 18

7. CONCLUSION 20

8. REFERENCES 21

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 employee's 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