Location: Verna Industrial Estate Verna Goa .
No of staff: 250.
Operations: Assembly of Consumer Durables( Washing Machines, Dishwashers, Clothes Dryers) The performance appraisal system which is followed in IFB is: The company has a 3 phased approach in its system of Performance management. They are Planning, Review and Assessment. Based on the results of these steps, compensation, benefits, training and compensation revisions are made. In the first step of Planning, the Key Result Area format is used to set yearly objectives in performance. Key Result Area in may be defined as primary responsibilities of an individual, that is the core area for which each person is accountable. The outcome is then reviewed at the end of the year. This brings to fore the hurdles in the path of achieving set goals and the steps to tackle such hurdles are discussed and taken into consideration in the process of setting subsequent goals In the next step of Review, managers and employees meet to discuss the results in relation to set goals. Taking into consideration the points of discussion an input from such meetings, objectives in terms of performance are changed and improved. Problems and barriers are taken into consideration and new paths are formulated to achieve subsequent goals. There is also a meeting held to discuss the past years performance in terms of learning from the previous year’s targets and adapting the next year´s performance goals accordingly. Each individual is then given a career path according to the performance requirements established for him. The company also suggests ways and methods for the individual to develop within the organization. Based on the results of the previous year, employees are rated on their level of performance and achievement of goals. These ratings are then used to forecast and determine future performance and subsequently training and developmental needs. *
Once the final ratings...