Graduate School of Management
Master of Management
Human Resource Management
A Customized Performance Appraisal System
Dr. Amat Taap
Makhmoor Bashir G1038417
Abdulkadir Elmi G1125493
Abdi nafa’ Moalim G1124549
This case provides an insight view about Equifax’s performance appraisal system. The company provides information solutions to businesses and consumers regarding credit reporting, fraud protection, and debt recovery services. Equifax Inc. is a consumer credit reporting agency in the United States, considered one of the three largest American credit agencies along with Experian and TransUnion. Founded in 1899, Equifax is the oldest of the three agencies and gathers and maintains information on over 400 million credit holders worldwide. Based in Atlanta, Georgia, Equifax is a global service provider with US $1.5 billion in annual revenue and 7,000 plus employees in 14 countries. Equifax is listed on the NYSE.
In this case Managers are required to create annual objectives in four areas: strategy, operations, people, and finances. The objectives are weighted along with needed competencies for workplace tasks. As part of the performance management process, employees must include a learning objective, which states how and when the employee intends to accomplish the objective and apply it in job or career development. The objective counts for 10% of employee overall evaluation.
Q1. How does this type of performance appraisal system affect training and development?
Having a customized performance Appraisal System in Tact Affects Training and Development to a Great Extent and particularly when it is a credit reporting firm. Some of the main impacts of this type of performance appraisal on training and development are as follows:
Increase employee knowledge about their business: Due to this system in tact employees
References: Allan, Leslie, "Performance Management Survey Votes Down Employee Appraisals", Business Performance Pty Ltd (2010). By Stephen Miller, “Pay for performance pays off” SHRM 14/9/2011. Ben W.Heineman, “The fatal flaw in the pay for performance” Harvard business review June 2008. Sharon Armstrong “The benefits of performance appraisal” asae July 2005.