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Performance appraisal in a crucial element in all business's and companies as it provides employers an opportunity to give their employee's feedback on their performance within the workplace. For employee's performance appraisal can provide them with suggestions on how the can improve or praise them for a job well done, it is an integral part of the goal setting process as it allows the goals set by management to be reviewed in order to determine whether they have been successfully achieved or not.
Performance appraisal is a process that is ongoing meaning that it is a continuing process performed either on a formal level where the employees are evaluated against a set criteria, normally once a year and has a very formal approach or an informal level where the evaluation is flexible, performed on a regular basis and has a more laid back approach to the review. During the review both the subordinates and managers perspectives must be taken into account in order to provide a fair evaluation and to identify possible problems that may have altered the final outcome of the employee's performance at their set task.
Effective workplace appraisal systems need to apply both the evaluation and feedback systems. There are three different methods of performance appraisal
1) Absolute Standards: - This method uses a heavily written basis to perform the appraisal. In the forms of reports or essays which clearly identify where the subordinates strengths and weaknesses lie, this can be done by purely writing or by selecting predefined statements that describe the subordinates performance which are analysed by an independent person.
2) Relative Standards: - Uses a ranking structure to place subordinates into performance bands (e.g. Percentiles, fractions) or ranks the individual subordinates from highest to lowest according to their overall job performance.
3) Objectives: - This involves MBO where subordinates are appraised on their ability to reach the goals agreed upon by themselves and their manager.
Performance appraisal can allow managers to identify both exceptional and weak employees, provide new opportunities like promotions and training for strong employees and provide support employees that are having problems. The appraisal system also benefits employees by providing them with motivation to improve, praise and satisfaction for performing a good job and even rewards in recognition for helping to achieve the companies goals and targets.
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