Performance Evaluation
PERFORMANCE EVALUATION
Formal determination of an individual's job-related actions and their outcomes within a particular position or setting. In financial trading, its objective is to assess the extent to which the individual added wealth to the firm and/or its clients, and whether his or her achievement was above or below or industry norms. also called performance.
Performance appraisal is the procuring, analyzing and documenting of facts and information about an employee's net worth to the organization. It aims at measuring and constantly improving the employee's present performance and tapping on the future potential.
"Performance appraisal is the systematic description of an employee's job relevant strengths and weaknesses." by Sir Wayne Cascio
According to top family business expert Don Schwerzler, “Having a performance evaluation system in place to measure and monitor how well the business (managers and associates) is doing in meeting “mission critical” benchmarks is a basic building block for every successful family business.”
The uses of performance evaluation in the organization are outlined below.
Performance evaluation is the continuous assessment of the employee to asertain his/her performance in comparison with the set standards.
Uses of performance evaluation;
To find out the strengths and weaknesses of the employee and inform him.
To motivate weak employees
To align performance with organization's strategies.
To identify personnel for promotion and transfer
To identify criteria for compensation and benefits according to the usefulness of the employee to the organization.
To help in succession planning
For employees and management to meet and discuss objectives
To identify problems preventing the employee performing well.
To identify training needs.
Objectives
Improve Performance
• The over-riding
Formal determination of an individual's job-related actions and their outcomes within a particular position or setting. In financial trading, its objective is to assess the extent to which the individual added wealth to the firm and/or its clients, and whether his or her achievement was above or below or industry norms. also called performance.
Performance appraisal is the procuring, analyzing and documenting of facts and information about an employee's net worth to the organization. It aims at measuring and constantly improving the employee's present performance and tapping on the future potential.
"Performance appraisal is the systematic description of an employee's job relevant strengths and weaknesses." by Sir Wayne Cascio
According to top family business expert Don Schwerzler, “Having a performance evaluation system in place to measure and monitor how well the business (managers and associates) is doing in meeting “mission critical” benchmarks is a basic building block for every successful family business.”
The uses of performance evaluation in the organization are outlined below.
Performance evaluation is the continuous assessment of the employee to asertain his/her performance in comparison with the set standards.
Uses of performance evaluation;
To find out the strengths and weaknesses of the employee and inform him.
To motivate weak employees
To align performance with organization's strategies.
To identify personnel for promotion and transfer
To identify criteria for compensation and benefits according to the usefulness of the employee to the organization.
To help in succession planning
For employees and management to meet and discuss objectives
To identify problems preventing the employee performing well.
To identify training needs.
Objectives
Improve Performance
• The over-riding