Review of Performance Appraisal System of Eastern Bank Limited

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REVIEW OF PERFORMANCE APPRAISAL SYSTEM
OF
EASTERN BANK LIMITED

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Preface

In the beginning, “Performance Appraisal” systems began as simple methods of income justification. That is, appraisal was used only to decide whether or not the salary or wage of an individual employee was justified. Thus if an employee's performance was found to be less than ideal, there was a decrease in salary. On the other hand, if their performance was better than the supervisor expectation, a pay rise was in order. Sometimes this basic system succeeded in getting the results that were intended; but more often than not, it failed. For example, early motivational researchers were aware that different people with roughly equal work abilities could be paid the same amount of money and yet have quite different levels of motivation and performance. But early motivational researchers were not aware of one thing. That is, pay rates were important, but they were not the only element that had an impact on employees’ performance. It was found that other issues, such as morale and self-esteem or power to provide authority could also have a major influence. As a result, the traditional emphasis on reward outcomes was progressively rejected. Recently, in the United States, the potential usefulness of appraisal as tool for motivation and development was gradually recognized. The general model of performance appraisal, as it is known today, began from that time.

Table of Contents

Executive Summary--- --- --- --- --- --- --- --- --- --- --- --- --- 04
Chapter-1: Introduction--- --- --- --- --- --- --- --- --- --- --- --- --- 05
Introduction--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---06
Purpose of the Study--- --- --- --- --- --- --- --- --- --- ---07
Scope of the Study--- --- --- --- --- --- --- --- --- --- --- --- --- ---07
Methodology of the Assignment--- --- --- --- --- --- --- --- ---08
Limitation of the Assignment--- --- --- --- --- --- --- --- ---08
Chapter-2: Company Profile--- --- --- --- --- --- --- --- --- --- ---09
Formation--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---10
Mission--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---10
Vision--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---10
Area, Size & Activities--- --- --- --- --- --- --- --- --- --- ---10
Financial Position--- --- --- --- --- --- --- --- --- --- --- --- ---11
Organizational Structure--- --- --- --- --- --- --- --- --- --- ---11
Chapter-3: Existence practice of Performance Appraisal System13
Application in the work place of performance appraisal ---14
Objective of Performance Appraisal--- --- --- --- --- ---15
Performance Appraisal Basics--- --- --- --- --- --- --- --- ---16
Sources of Performance Appraisal--- --- --- --- --- --- ---18
The Reward System--- --- --- --- --- --- --- --- --- --- ---19
Performance Appraisal Techniques--- --- --- --- --- --- ---22
Chapter-4: Evaluation of existing practice--- --- --- --- --- --- ---23
Chapter-5: Recommendation & Conclusion--- --- --- --- --- --- ---25
Recommendation--- --- --- --- --- --- --- --- --- --- --- --- --- ---26
Conclusion--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---26
References & Acknowledgement--- --- --- --- --- --- --- --- ---27
Interview Questions--- --- --- --- --- --- --- --- --- --- --- --- --- ---28

Executive Summary

Performance Appraisal is the procedure that involves in setting work standards, assessing the employee’s actual performance relative to those standards and providing feedback to the employee with the aim of motivating him or her to eliminate performance deficiencies or to continue to perform above par. In today’s competitive business world only hard work cannot provide maximum productivity, it needs employees’ capability to work smarter...
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