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In: Finance

Answer the following questions with detailed explanations. Keep the format reader-friendly (20% of the marks). For...

Answer the following questions with detailed explanations. Keep the format reader-friendly (20% of the marks). For example, use bullet points and highlights to structure your answers. (Suggested time for this question: 30 minutes)

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

Solutions

Expert Solution

Performance evaluation is a tool which is used for evaluating performance of employee work in any Organization.

All organization select method of performance evaluation according to their goal,strategy and planning.

Following are the Different Performance Evaluation Measure used by Organization;;

  • Self Evaluation review-This evaluation measure is used when employee is asked to judge their own performance on the basis of multiple choice answers or essay type answers or both.This measure is effective when teamed up with a performance review.
  • Peer review- many Organization uses peer review technique.In this process feedbacks is taken from colleagues, teammates, and peers on specific aspects of an employee’s performance.It is used to analyze people performance in a group or team.
  • 360 Degree Review-It is one of the most important method used by many Organization to evaluate performance of their employee.The 360-degree review is a process of evaluating employees performance on the basis of  feedback on an employee’s performance from his/her supervisor, peers, colleagues, and subordinates.
  • Quantitative Evaluation-When the performance of employee is evaluated on the basis of statistical or numerical data its called quantitative evaluation.This method is used to measure that the performance of employee match with standard or not.This method is used for fixation of salary,promotion ,incentive etc.
  • Supervisor Evaluation-Supervisor evaluation method means when feedback of the employee performance taken from their spervisor.Supervisor evaluation helps an organization and its l understand the accuracy of the work done by the supervisor and also helps them evaluate the overall value the supervisor and their team.
  • Graphic Scale of Performance-This method of performance evaluation is done by managers.The employee's performance is evaluated on scale according to different job performed by employee.The value of graded scale performance help manager to compare performance of two different employees.

  • Checklist Evaluation Method- In this method number of questions given whose answer in either yes or no if more number of no that means training needed to employee.So this method is used to know which employee required training and other which not required training.


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