Question

In: Finance

List the performance evaluation measures. When is it appropriate to use them?

List the performance evaluation measures. When is it appropriate to use them?

Solutions

Expert Solution

Performance evaluation measures and when its appropriate to use them :

1.self evaluation : here the employee must evaluate or judge his own performance before providing to managers , which are correctly done against predetermined criteria. Its good during official performance review to allow for thorough discussion and help the employees to know how they will be judged. But here the employees may rate themselves as too high or too low.

2.Behavioural checklist : its a checklist of behaviours, an employee must consider for being a valuable member of that company and to receive a good review.behaviour required for the employee is depends up on his jop type.here employee responds to yes or no questions and all will be weighted with predetermined value.

3. MBO : its the management by objective.its a better recent appraisal method.it ropes the employee for goal setting activities.here both managers and employees agree upon specific,achievable objectives with a set of deadline. Thus here aims to improve company's performance by clearly defining objectives.

This is appropriate for knowledge based companies or institutions where staff is competent. Also suit when the company likes to build employees's management ,self leadership skills,tap their new creativities,tactic knowledge and new intial works. Its used by CEO for their manager who were lives in abroad.

4.360 degree feedback : it gives a comprehensive look at employee's performance by pulling feedback from ouside sources.here employee will get confidential,anonymous feedback from all people who work around him.it may be his manager,peers or direct reports.

5.rating scale : its a widely used method.its depends upon a set of employer developed criteria which involves behaviour,traits, completed projects or works..etc against which employee are judged.employer gives number value for each criteria.may be 10 or 5 point scale , which may running from poor to excellent..it assumes equal intervals between point. It measures the employees performance in quantitative terms

6.ranking and grading : in ranking, all employees are compared each others.rank them from best to worst.its easy to know highest and lowest performed employees. Employee's team work,communication and activeness in company are correctly mentioned by grading system.

7.critical incident review: collect an employee's good and bad incidents while his performance. It will be used in discussion during their performance review.it will keep ongoing log throughout the year of an employee's performance.

If there is no measures to evaluate the performance,the company can not possible to find out who are contributing best and who are not. By such a measure,an employee will give his maximum effort to the company for getting good worth.

You know,each measures have their own merits.consider the jobs and related people. Then choose a suitable method.and remember, the constructive criticism and clear goals for improvement , which are important factors for any better performance review.

You can choose just one method to review their performance. But when we use multiple methods,it will give a broader picture of the areas where they wants improvements and what message the manager should make to support for their development.

Hope you understand


Related Solutions

Using appropriate performance measures is crucial for the success of the performance evaluation and incentive schemes....
Using appropriate performance measures is crucial for the success of the performance evaluation and incentive schemes. However, using improper performance measures may result in goal conflict problems (e.g., between departments, between managers and shareholders, or between a superior and a subordinate). Describe two goal conflict situations caused by the use of inappropriate performance measures and also discuss potential solution(s) for each situation.
1. For this problem, use the following randomly generated list of accounts, placing them in appropriate...
1. For this problem, use the following randomly generated list of accounts, placing them in appropriate order to prepare an income statement. Accounts ($000,000) Depreciation 25 General and administrative expenses 22 Sales 345 Sales expenses 18 Cost of goods sold 255 Lease expense 4 Interest expense 3 The following randomly constructed table requires that as part of your Critical Thinking Assignment you arrange the accounts into a well-labeled income statement. Make sure you label and solve for gross profit, operating...
1. For this problem, use the following randomly generated list of accounts, placing them in appropriate...
1. For this problem, use the following randomly generated list of accounts, placing them in appropriate order to prepare an income statement. Accounts ($000,000) Depreciation 25 General and administrative expenses 22 Sales 345 Sales expenses 18 Cost of goods sold 255 Lease expense 4 Interest expense 3 The following randomly constructed table requires that as part of your Critical Thinking Assignment you arrange the accounts into a well-labeled income statement. Make sure you label and solve for gross profit, operating...
discuss the following four budgets in healthcare, and when would it be appropriate to use them?...
discuss the following four budgets in healthcare, and when would it be appropriate to use them? operating budget cash budget capital budget grant/contract budget
List some evaluation projects for which nonprobability sampling might be appropriate.
List some evaluation projects for which nonprobability sampling might be appropriate.
List some evaluation projects for which nonprobability sampling might be appropriate.
List some evaluation projects for which nonprobability sampling might be appropriate.
Conduct an evaluation of the performance of STL containers (vector, list, set, unordered_set) in inserting and...
Conduct an evaluation of the performance of STL containers (vector, list, set, unordered_set) in inserting and finding elements, with a relatively large data set. What you'll be measuring is the execution time. Obviously it's dependent on the speed of the computer one uses, so what matters is the relative speed (relative to the vector's speed in percentage) create a vector of 100,000 elements of integers, with the values initially set as 1~100,000, in this order. randomize the ordering of these...
PERFORMANCE EVALUATION - Economics Computer Company assembles personal computers and sells them in the retail marketplace....
PERFORMANCE EVALUATION - Economics Computer Company assembles personal computers and sells them in the retail marketplace. The company is organized into two profit centers: the assembly division and the distribution division. The demand curve facing the company (and the distribution division) is P = 3,500 – 10Q. The marginal cost for assembly (which includes purchasing the parts) is constant at $450. The distribution division faces constant marginal distribution costs of $50 per unit. A. What is the profit-maximizing retail price...
PERFORMANCE EVALUATION – Economics for Business Decisions Computer Company assembles personal computers and sells them in...
PERFORMANCE EVALUATION – Economics for Business Decisions Computer Company assembles personal computers and sells them in the retail marketplace. The company is organized into two profit centers: the assembly division and the distribution division. The demand curve facing the company (and the distribution division) is P=3,500 – 10Q. The marginal cost for assembly (which includes purchasing the parts) is constant at $450. The distribution division faces constant marginal distribution costs of $50 per unit. A. What is the profit-maximizing retail...
This week we introduced two major performance evaluation measures: Sharpe’s and Treynor’s. Which measure are you...
This week we introduced two major performance evaluation measures: Sharpe’s and Treynor’s. Which measure are you most likely to use for your current portfolio (the one you reported holding for your client in Portfolio Report 1)? What benchmark would you choose to compare performance of your portfolio? The use of the Sharpe’s ratio has been more mainstream. Sortino’s is rarely mentioned in undergrad textbooks; however it is used by practitioners. Sortino’s Ratio is only penalizing for harmful volatility. In your...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT