Performance Appraisal & Reward System (PARS)

Performance Appraisal & Reward System

(PARS)

Performance Appraisal - Review of an employee’s contributions to the company against set IPM’s/Goals.

It serve many purposes within an organization. Performance Appraisal offers an insight into an individual’s performance, and provides a standardized way to make comparisons among employee’s productivity.

Objective:

• To review the performance of the employees over a given period of time against predefined goals • To analyze the gap between the actual and the desired performance

• To provide feedback to the employees regarding their performance Result:

• Assist in career development / potential appraisal

• Provide clear understanding to every individual/ department of their roles

• Generate performance data that will help in amend compensation & career progression Coverage – April 2015 cycle:

• All C-Code employees joined by 30th September 2014 & duly confirmed are eligible for PARS Cycle April 2015.

• Performance Appraisal is a valuable tools for communication with employees as pertaining to how their job performance stands with organizational expectations.

• Performance Appraisal helps the supervisors to suggest the growth path for performing employees, also indicating employees with leadership potential or leadership development needs.

• Ratings provided post Performance Appraisal helps in providing increment in compensation packages for employees which also includes bonus, additional allowances and pre-requisites .

• Employee’s training and development are crucial components in helping an organization achieve strategic initiatives, post-appraisal opportunities for training and development in difficult areas can be determined.

• Feedback & Employee communication can serve as a guide in enhancing job performance in future.

Individual Performance Measures (IPMs) are the goals or objectives that the employee needs to achieve for a particular year.

IPM’s are set the beginning of the financial year in Goal Setting Activity. Goal setting is the process of deciding what an employee has to accomplish at the end of the year it also helps in devising a plan to achieve the result desired by the organisation.

At IIFL , any job can be segregated in any predefined 4 different parameters naming Customer, Process, Finance & Employee to aim at overall growth of an employee along with organisational development. On these parameters the performance of an employee is measured. (Minimum 4 & Max 8 IPMs can be mentioned)

The Goals should be SMART. Setting of realistic goals through SMART techniques should be followed.

SMART specifies Specific, Measurable, Attainable, Relevant & Time-bound. At IIFL we emphasize in setting SMART Goals which results in motivating employees & building their self confidence.

The weightage against each IPM is entered by the Employee in the system. It is the reflection of amount or importance of a particular IPM on the person’s performance. The sum of weightage of all IPMs in all parameters put together must be 100%

Reward System - Rating

Rating Scale: Ratings are the scores given to employee against each IPM on the basis of performance of the

employee relative to other employees performing similar jobs at IIFL by IRA / Reviewer / HOD. Performance Ratings determines an employees overall performance during the time period.

The Various Ratings at IIFL are :

• Flyer (4): It indicates that exceptional performance is demonstrated , high accomplishments of task are

made in areas besides current job role without much supervision. Is recognized as an expert in his or her job area.

• Runner (3): Employee performs assigned responsibilities in a manner that consistently exceeds

expectation, as demonstrated throughout the review period. Takes initiative to seek information or

clarification of policies, procedures or objectives. Takes on additional tasks assigned without defaulting in other assigned activity areas

• Walker (2): Employee performs assigned responsibilities throughout the review period. Has ethical work

habits, follows established work schedule, completes projects and tasks and produces acceptable output of work

• Learner (1): Employee performs assigned responsibilities in an unsatisfactory manner, has not responded

to constructive feedback, or has not improved performance.

"Performance" includes not only how well the employee carries out the specific tasks or responsibilities of the job, but also includes work habits or behaviors that impact customers, co-workers or the general work

Giving Feedback In An Appraisal

One of the most challenging part of the performance appraisal meeting is giving feedback to employees on their performance. Feedback will provide motivation to employee and leading in improved performance.

Feedback can reinforce existing strengths, keep goal-directed behaviour on course, clarify the effects of behaviour, and increase the recipient’s ability to detect and remedy errors independently. Both appraisers and appraisees can use the tips below to learn to receive and give feedback more effectively

Feedback is effective when the IRA ensures that it: • is descriptive rather than evaluative;

• is focused on the employee’s behaviour rather than the employee as a person;

• is specific and based on information rather than general and based on impressions;

• provides information from their own experience; • reinforces positive new behaviour and what the

subordinate has done well;

• suggests rather than prescribes avenues for improvement;

• is continual rather than sporadic; • is intended to help;

• is checked with other sources for verification; • is well timed; and,

• contributes to the rapport between the IRA and the employee and enhances their relationship.

Receiving Feedback Effectively by employee: • Listen effectively to the feedback given. • Be aware of your non-verbal responses.

• Be open & receptive to new ideas and different opinions.

• Understand the feedback before responding to the it.

• Ask questions for clarification. • Follow up on Feedback given, post

IPM-PARS Process Flow

PARS

APPRAISEE

APPRAISER

REVIEWER (IRA’s IRA)

HOD

APPRAISEE

APPRAISER

• Selects Parameter

• Enters IPM, Measurement Criteria,

• Adds weightage • Submits to IRA

• Approves or Rejects IPM • IRA mention its comment

• Post Approval IPM Setting stage completes

•Enters Extent of achievement against each IPM

• Selects Training requirements • States Strengths & Development

Areas

• Submits Self Appraisal

• Enters Comments, Ratings against each IPM

• Rates Competency Assessment • Select Training needs

• Adds overall Comment

• Submits the form by approving it

• Edit Ratings against each IPM (optional)

• Adds overall Comment • Approves

• May modify Overall Ratings • Add Comments (optional) • Approves

Step 1:

Section A displays the details of the employee

Mouse over help icon for the Help Information

Click on My IPM

Click here to minimize and

expand Section B

Click Here for IPM Setting Click on

Performance Alignment

IPM Setting – Employee

Employee selects the

Parameter from Dropdown Employee enters

Measurement Criteria Employee enters Individual

Performance Measures (IPMs)

Employee enters

Weight age

Employee Clicks on ‘Save’ _{Note : Minimum 4 & max 8 IPMs} Select Appraisal Calendar 2015-16

Select Goals to Submit for approval from Saved goals

Click on ‘Submit’

Note: Total weight age of goals to be submitted should be 100%

Select Goals to submit for approval from Saved goal

Notification message post Submission

IPM Setting – Employee

Step 2:

IRA clicks here to approve Pending IPMs

IPM Setting

IRA clicks on Employee to approve his IPM

IRA approves/ Rejects IPM and enters comments against each IPM

IRA Clicks on Approve

IPM Setting – IRA

Notification Message to display IPM setting stage is completed Notification message

post submission

IPM Setting – IRA

Step 1:

PARS Stage

EMPLOYEE LOGIN

Section A displays the details of the employee

Click here to minimize and

expand Section B

Click for entering Self Appraisal

Click here for PARS Click on

Performance Alignment

PARS Stage – Employee

Click here to view IPM content and Measurement Criteria

Employee enters ‘Extent of Achievement’ against each IPM

Click on ‘Save’to save

PARS Stage – Employee

Click on ‘Training’ section

Click ‘Add’ to select training from available courses

If required training is not available in list it can be added in the text box

Select from required course title

Click on Choose

Activity

Select Location, Type and

Category, click Go

Click on ‘Save’to save

PARS Stage – Employee

Click on Strengths and Development Employee enters Strengths Employee enters Development Area

Employee Saves & Submits

PARS Stage – Employee

Notification Message to display Self Appraisal is submitted successfully

PARS Stage – Employee

Step 2:

IRA clicks to view and continue

the appraisal process

PARS

IRA clicks on Employee name to proceed with the appraisal process

PARS Stage – IRA

IRA selects the Rating againsteach IPM

Click here to view IPM content & Measurement Criteria

IRA can view Calculated Rating Click here to Save

Click on Goals

IRA enters comments for

the employee against each IPM

IRA can view employees ‘Extent of Achievement’

PARS Stage – IRA

Click here to Save

IRA selects Rating against each Competency

Click on

Competencies

Click ‘Add’ to select training from available courses

If required training is not available in list it can be added in the text box

Click on ‘Training’ section

PARS Stage – IRA

Select from required course title

Click on Choose

Activity

Select Location, Type and

Category, click Go

Click on ‘Save’to save

PARS Stage – IRA

IRA can view the Strengths & Development Areas entered by employee

Click here to Save

IRA clicks here to Approve

IRA clicks on Overall Comments

PARS Stage – IRA

Notification Message to display Appraisal is submitted successfully

PARS Stage – IRA

Step 3:

Reviewer clicks here to view and continue theappraisal process

PARS

Reviewer clicks on Employee name to proceed with the appraisal process

for the particular employee

PARS Stage – Reviewer

Reviewer can view comments

given by IRA & may add comments against each IPM for the employee

Reviewer can view Ratings given by IRA & may modify if required

Click on Save

PARS Stage – Reviewer

Reviewer enters

Over all Comments (Mandatory) Reviewer can view Goals, Competencies,

Training, Strengths & Development Click on Overall _Comments

Click on Save & Approve

PARS Stage – Reviewer

Step 4:

HOD clicks to view and continue

the appraisal process

PARS

HOD clicks on Employee name to proceed with the appraisal process

PARS Stage – HOD

HOD enters Over all Comments (Optional)

Click on Overall Comments

HOD selects the Final Rating from the drop down

Click on Save & Approve HOD can view Goals, Competencies,

Training, Strengths & Development

HOD can view comments given by IRA & Reviewer

PARS Stage – HOD

Notification Message to display HOD comment / Appraiser’s Feedback edited successfully

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