Employee evaluation is the best way to evaluate the performance of employees and highlight any shortcomings for future improvement. Performance appraisal is a systematic process that follows some steps. The supervisor measures the employees’ pay and compares it to the plan. He analyses the factors behind the work performance of employees and then suggests ways to improve them.
Performance appraisal is not just a formal activity that companies do every year. If taken seriously, it can have various advantages for your career and professional life.
Employee performance appraisal is not only important for the employees, it is even important for other departments such as HR, payroll, administration, and finance. Performance appraisal has more than enough benefits. It identifies the strengths of each employee and makes it easy to understand who is better at doing what. It even highlights the potential of every individual and helps to assess the current salary and the expected increment of an employee.
It is rightly said that employee appraisal is an investment by the company on the employees. Retaining employees is a trick which if a company masters, can be very successful in the long run. Employee appraisal helps to plan the promotion program for employees. Performance appraisal helps to determine the weaker employees and a plan can be devised for them accordingly.
Performance appraisal is giving value to the performance of an employee. Compensation packages such as bonuses, high salaries, benefits, and allowances are all dependent on the appraisal. Every employee has the right to be promoted based on merit rather than seniority. Education is one part of our life and once we finish our degree, most of the people do not turn back to learn anything new.
Learning new skills is very important especially now when everything changes at a fast pace. Performance appraisal makes it easy for the management to frame training policies.
Hiring people is a hectic task and involves a lot of cost. Performance appraisal provides the recruiters with an idea about the current company culture and makes it easy for them to devise future recruitment policies.
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