Table of Contents
3.1 United Overseas Bank Ltd
3.2 Club21 Pte Ltd
Observations And Findings
Appendix 1: United Overseas Bank Pte Ltd - Performance Appraisal Form………………....... 14
Appendix 2: Club21 Pet Ltd: Performance Appraisal Form…………………………………….20
A Comparative Study of Performance Appraisal Systems of United Overseas Bank Ltd and Club21 Pte Ltd
Performance Appraisal is the systematic evaluations which focus on employees’ performance and understanding their abilities for further growth and development.
Performance Appraisal is one of the main streams of an Integrated Human Resource System (IHRS). Fig.1. An IHRS shows that the personnel sub-systems are both interdependent and interlinked which also demonstrates the impact in monitoring and appraisal of performance has on each of these sub-systems. A change in any one part will directly cause changes in one or more sub-systems.
The objective of performance appraisal is to ensure that the people uphold the corporate values and tread in the path of accomplishment of the ultimate corporate vision and mission. It is also a looking process of joint planning and goal setting in the beginning of the year which involves both supervisor and employee. Objectives of Performance Appraisal (Management Study Guide, 2008): 1. To keep track of records and determine compensation packages, wage structure, salaries raises, etc.
2. To spot both strengths and weaknesses of employees’ to place the right men on the right job.
3. To maintain and assess the potential present in a person for further growth and development.
4. To provide a feedback to employees regarding their performance and related status.
5. Selecting employees to serve as a basis for influencing working habits.
6. To review and retain the promotional and other training programs
3. Organization Profiles
3.1 United Overseas Bank Ltd
United Overseas Bank Limited (UOB) is committed to providing quality products and excellent customer service. Founded in 1935, UOB has a well-established regional presence, particularly in Asia where banking subsidiaries in Singapore, Malaysia, Indonesia, Thailand and China. UOB provides a wide range of financial services through its global network of branches, offices, subsidiaries and associates: personal financial services, private banking, commercial and corporate banking and etc. Its mission is to grow the professionalism and careers of their staff, shareholder value and Bank's business activities in Singapore and overseas, also to create a conducive and challenging environment where employees are highly engaged, adaptable and motivated to excel and grow with the organization.
UOB’s employees are evaluated by guiding principles to provide an effective and objective performance management (PM) framework which allows the employee to work with their manager to establish performance objectives (or KPIs), implement development plans and review performance as a basis for compensation decisions, at regularly scheduled intervals. This is frequently referred to as Management by Objectives (MBO), is a method by which managers and subordinates plan, organize, control, communicate and debate (Adapted from UOB’s HR Policy and Procedure).
MBO is a systematic and organized approach that allows management to focus on achievable goals and to attain the best possible results from available resources. It aims to increase organizational performance by aligning goals and subordinate objectives throughout the organization.
MBO process secures employee...
References: Graphic rating scales. (n.d.). HR management. Retrieved June 6, 2012, from http://www.humanresources.hrvinet.com/graphic-rating-scales/
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