In: Economics
Answer :-
Before appraising performance, managers should understand certain basic concepts in performance management and appraisal. Stripped to its essentials, performance appraisal involves setting work standards, assessing the employee's actual performance relative to those standards, and providing feedback to the employee.
Managers should appraise employees based on the criteria previously assigned, and the actual standards should be specific, measurable, attainable, relevant, and timely
Performance appraisal :-
Evaluating an employee's current and/or past performance relative to his or her performance standards. The process for this appraisal is,
1. Sets work standards
2. Assesses performance
3. Provides feedback to the employee
There are basically five reasons to appraise subordinates performance which are listed below,
1. Used for pay, promotion, and retention decisions
2. Links performance management to company goals
3. The manager can correct deficiencies and reinforce strengths
4. With appraisals employee's can review career plans
5. Training needs are identified