PERFORMANCE APPRAISAL

Oct 05, 2021

“Done right, performance review is one of the best opportunities to encourage and support high performers and constructively improve your middle and lower-tier workers”



Performance appraisal is the process of periodic assessment of an employee’s job performance as a way to bring development in their career and to scrutinize if they are meeting the expectations set out by your organization. Appraisals are usually designed by human resources departments as they provide individuals with feedback and give them guidance if they fall short. Do you know companies who conduct frequent appraisals will experience lower turnover costs? Isn’t that amazing?

Depending on the type of feedback, a performance appraisal is also a window of opportunity for your organization to acknowledge employee achievements and future potential.

Performance appraisals help determine how to allocate the funds to award incentives, such as raises and bonuses. It also provides a way for the companies to determine which employees have contributed the most to your company’s growth so companies can reward their top-performing employees accordingly as recognition is the number one thing employees say their manager could give them to inspire them to produce great work.

Frequent manager feedback matters a lot to the employee in their performance contribution and also helps them do better on their job. What is the right time for your company to conduct a Performance Appraisal?

Performance management is an ongoing process. Employee engagement goes down significantly when you don’t conduct performance appraisals on a regular basis. Facts say that Companies which conduct frequent appraisals experience lower turnover costs. Formal reviews or appraisals often take place on a yearly, half yearly or quarterly basis. How frequent does performance appraisal take place at your company?

Many employees complain that their appraisal feedback is not properly conducted/ evaluated. Below mentioned are a few Types of Performance Appraisals methods you can opt for that will help in giving accurate results:

With the right performance appraisal method, organizations can enhance employee performance within the organization. A good employee performance review method can make the whole experience effective and rewarding.

360-degree feedback assessment: This method necessitates giving out a questionnaire to co-workers, peers, clients, supervisors, and customers regarding a colleague’s performance. It is a time consuming process but it also improves credibility. The manager can consider this feedback by evaluating the performance at the end of the quarter/year.

Management by objective: In this method, managers and employees work together to identify, plan, organize, and communicate goals for success periodically. Over regular meetings, the manager and employee discuss the progress made. The employer can then use these measures of progress as a guide to measuring the contribution level of the employee. Here both the manager and the subordinates know what is expected of them and hence there is no role ambiguity or confusion. On the other side there is considerable paperwork involved and it takes too much of the manager’s time. Too many meetings and too many reports add to the manager’s responsibility and burden.

Critical incident method: In this method, an employer evaluates an employee based on specific events, known as “critical incidents”, process-specific incidents are identified and described in which the employee either succeeded immensely or failed in any given task. They then store the detailed records from the different incidents in the journal. It is based on direct observation by the manager and not second-hand accounts.

Behaviorally anchored rating scales method: This method is often thought of as being the most effective, as it succeeds in bringing out both the qualitative and quantitative benefits of the performance appraisal process. In the Behaviorally Anchored Rating Scale (BARS) system, the employer compares employee performance with specific behavioral examples that are anchored to numerical ratings. It is considered formatted and is a mix of critical incident technique and rating scale.

Manual VS automated performance appraisal. Which one is better? Let’s look at these options closely.

Manual performance appraisal

  • Employee data is magnificent and requires a lot of changes and interpretation.
  • In a manually maintained system, one cannot track if employees travel along the organization’s goals because they don’t have a proper tracking system in place.
  • Managers may not have proper analysis on every employee’s performances.
  • Performance appraisal when done manually involves labor intense work followed by one-on-one meetings, discussions and lots of paperwork.
  • To remember the achievements and failed results of each employee from day 1 till date is not merely possible. Therefore managers tend to remember only the recent performances of employees.

Automated performance appraisal

  • Provides quick analysis on the dashboard and generates reports easily.
  • It keeps track of the employee data
  • Keeps the record of employee achievements.
  • Employee information can be accessed from anywhere on any device
  • Maintain a balanced approach and objective feedback through 360 degree feedback review

Testimonials for Wallet HR solutions

  • Lucas

    "We have implemented all the modules of Wallet-HR in our organization. We are very happy to mention that the product works great and the Crystal team implemented the solution at cheetah pace with good understanding. Very commendable job considering the size of our organization. We have integrated attendance devices across our 45 locations to centralised attendance software and integrated to payroll along with other modules. As a result of complete HR automation we were able to save atleast 7% on our turnover year on year. We are extremely delighted to have chosen Crystal HR as our solution provider."

    HR

  • Isha Foundation

    "We have 9 companies with almost 4000 employees Over all; managing employee’s records was very difficult. We have chosen wallet-HR after evaluating many products. Now we are using few modules of Wallet-HR, further we are planning to use all modules from this financial year. We are very satisfied with the Wallet-HR software, because of its updated technology, and the time it saves. Wallet-HR gives us accurate results and reports as per our requirements. Good Luck to Crystal team!"

    HR

  • Specsmakers

    "We tried different softwares before selecting Wallet-HR. Our challenge has been to integrate and monitor the attendance of 300 stores. We are highly impressed by the solution offered. We are now able to get real-time attendance with costing effortlessly. Managing the process from Entry to exit has been made simpler. Thanks to Wallet HR team."

    HR Head

  • Solara Active Pharma Science Ltd

    "Wallet HR has been implemented and integrated across all our 9 locations. We have strict FDI guidelines to follow in respect of access control and attendance, which we have tirelessly implemented with the help of Wallet HR suite."

    IT Head

  • Surin Automotive Pvt. Ltd.

    "We have nine factories across different locations in India. Wallet-HR is implemented for managing our entire employee lifecycle. We had huge challenges in managing workforce using attendance devices. Crystal with their proprietary technology was able to provide us a seamless solution. We have been using Wallet HR for 6 years now with excellent backup support from Crystal whenever required."

    HR Head

  • Pothys

    "We are amazed by the domain understanding of Crystal and the configuration capabilities of the product. They have been able to provide solution to all our issues without making any customization in the product. It is a great tool that helps to balance the entire process of our organization in an easy manner."

    HR Manager

  • Le Royal Meridian

    "Intuitive UI, dynamic functionality and robust technology is what made us choose Wallet HR amongst all other products in the market. Earlier we used to manually amend the attendance data before processing payroll, now everything is automatic, which in multiple ways has reduced the time and effort spent in validating the attendance. That is indeed great."

    IT head

  • CAMS

    "We are very impressed by the lightning speed of Wallet-HR’s payroll engine. We have been able to process payroll of around 4000 employees in less than two minutes."

    Functional Manager - HRD

  • Hyundai Hysco

    "Selection of vendor is a tough process in Hyundai. Wallet-HR has been selected by Hyundai software division to implement the solution across all Hyundai subsidiaries. As a first step we have implemented the solution at one of our subsidiaries in Sriperumbudur and we are happy that they have gone live without any fuss. Good job done by Team Crystal."

    HR Manager

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