1.1 CONCEPT OF 720 DEGREE PERFORMANCE APPRAISALS
„720 degree performance appraisal‟, is the latest appraisal method that has been introduced in New Economy companies. Accurately and objectively measuring the performance of an employee is the most difficult part of the Performance appraisal process. Different methods are used for Performance appraisal that includes: Critical incident method, weighted checklist method, paired comparison analysis, graphic rating scales, essay evaluation method, behaviorally anchored rating scales, performance ranking method, Management by Objectives (MBO) method, 360 degree performance appraisal method, Forced ranking and Behavioral observation scales. 720 degree performance appraisal is an integrated method of performance appraisal where, the performance of an employee is evaluated from 360 degrees (Management, Colleagues, Self and also customers) and timely feedback is given and performance is evaluated again based on the targets that are set. Hence, 720 degree performance appraisal can be stated as twice 360 degree performance appraisal: once when the appraisal is done and the targets are set and he second where the feedback is given and the boss gives tips to achieve the goals. Hence, there is a pre and a post round of feedback.
THE NEED OF 720 DEGREE PERFORMANCE APPRAISALS FOR TODAY’S BUSINESS WORLD As Organizations evolve and new techniques make work complicated it also becomes necessary to have a complex and integrated appraisal system. As organization grows and become diverse the expectation from each employee becomes high in turn, the employee‟s expectation from the employer also increases. The main need of 720-degree performance appraisal is the improvement of the performance of the people in their jobs and to ensure that the expectations of the employer, employee and the customers are met. The main need of 720-degree performance appraisal can be summarized as follows: a) 720-degree performance appraisal method...
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