Credit Appraisal Benefits Essay

About the Benefits of a Performance Appraisal System There are a number of benefits to be received from a performance appraisal system. However, you have to determine your goals. A system should be in place that helps employees understand their jobs a little better. Typically, a performance appraisal is given every six months or once a year. A performance appraisal helps give an employee some direction and education regarding his current position and future growth and development. Goals and Objectives

A performance appraisal system allows an employee to periodically receive feedback regarding his performance as well as his goals and objectives. An employee wants to know how he matches up to the goals that have been set by the company. A performance appraisal will provide this information by being as objective as possible. The best way to do this is using some type of measurement. If an employee is expected to close five sales per day and someone is only closing two sales per day, then the performance appraisal should outline this information.

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The employee should be told about the variance and then management or the immediate supervisor should provide feedback. The feedback should give the employee some insight about what is causing the variance and how it can be corrected. Feedback An employee should be allowed to give his opinion about a particular system or method. When an employee is allowed to give feedback, it opens the lines of communication with management and everyone involved will benefit from the process. Feedback helps to get rid of misconceptions and it keeps everyone from making assumptions.

A performance appraisal system should allow an employee the opportunity to make recommendations and suggestions about the best way to correct the work deficiencies. When an employee truly wants to improve, he will provide the methods that will truly help him improve. An employee should be able to rate his supervisor in terms of the administration of his job duties and the implementation of the performance appraisal. Career Development Every performance appraisal system should have a section that measures an employee’s career development.

This section should outline things the employee should do that will help advance his career. Some career development programs could be attending outside seminars, which are paid for by the company. An employee should always receive additional education and training within his area of expertise. Taking classes or working towards a degree is another way to help an employee develop. When an employee goes and visit other departments to see how they operate this shows initiative and show interest in a company or organization.

An employee’s performance appraisal should outline the things that an employee has chosen to do which will help define his career. Recognition and Rewards A performance appraisal should always include a recognition and awards section. An employee should always be recognized for contributions whenever possible. This helps to motivate, inspire and encourage an employee to go above and beyond the call of duty. Sometimes a simple thank you is all it takes. When ever someone is recognized or rewarded, he feels like he is appreciated and this sets the stage for good relations between management and the employee.

Leadership A performance appraisal system should measure an employee on the ability and desire to take on leadership functions, whenever possible. Every job does not require this of an employee. When an employee is allowed to lead a team meeting or share the best demonstrated practice for completing a function with the team, it makes him feel like he is contributing and it increases confidence and self-worth. Taking on leadership functions allows the employee to develop, grow and ultimately assume larger leadership responsibilities. Documentation

A performance appraisal system should have everything documented so that an employer and employee each know what was covered. After the appraisal has been completed, the employee should be given time to look over the document and reflect on what was said. Then the employee should be allowed to add comments to the appraisal before signing it. Everyone should get a copy of the final document after the employee has signed it including human resources. A performance appraisal gives management information, later on, if they need to promote or fire an employee. It is very hard to argue with objective facts and figures

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