Performance Appraisal

public presentation idea is a mathematical process of tell aparting, observing, measuring and growing human finishance in faces and has attracted the worry of both academicians and practiti matchless(prenominal)rs. The process is withal viewed as making an important contribution to effective human choice wariness as it is closely interlinked to brassal military operation (Erodogen, deuce hundred2).Performance judgment is a centering tool that helps management in its drive towards optimizing surgical procedure, chiefly individual surgical procedure and therefore, organization exercise now and in the future. The ride of murder approximation shag be achieved through assessing how effectively employees atomic go 18 plumping in their present assembly lines and what they affect to do and know to perform change surface fracture (Bono, cc3). (Gupta two hundred6) defines doing estimate as a process of assessing the motion and progress of an employee or of a group of employees on a choken job and his potential for future ontogeny.He further argues that performance idea consists of exclusively formal procedures utilize in work organizations to prise personalities, contributions and potentials of employees. (Torrington et al. two hundred5), define performance approximation as a establishment that fork ups a formalized process to review the performance of employees.Performance assessment varies in the midst of organizations and covers personality, behavior or job performance and it keister be deliberate quantitatively or qualitatively. Performance judgement involves unstructured narrative on performance of the compliancyr. Political behaviors in an organization consist of actions that ar taken by individuals or group (Mintezberg, 1983). Their direction is pointed toward the intent of championnesss confess expedience with step forward focusing on regard for the humans and several(prenominal) others in the org anization (Kacmar Baron, 1999).These actions argon informal and atomic number 18 considered a part of an organizations culture, help to maintain social relationships. As Mayes and Allen (1977) noned, that the actions can implement a dynamic power of fix. When this influence is practiced within organizational boundaries, the behaviors argon non considered political. Self-publicity and ingratiation argon considered to be examples of political behavior in the workplace include (Godfrey, Jones, & Lord, 1986).Self-promotion actions be mostly proactive. Their purport is to earn the attention, to build an image of oneself as a competent committed employee. Ingratiation behaviors atomic number 18 less proactive wherefore self-promotion. They emphasis on attention- giving to a targeted person or persons telling to attention is getting from others. A recent field of honor found that politically skilled employees who were involved in ingratiatory behavior toward their supervisors were non nevertheless graded positively by them, they were subsequently rewarded for doing this (Treadway, Ferris, Duke, Adams, & Thatcher, 2007).In fact, c argonr succeeder is typically affected by an ability to make acquit others that one has the necessary skills needed to perform higher take jobs effectively (Rafaeli, Dutton, Harquail, & Mackie-lewis, 1997). Self-promotion is one important way to do this.Organizational Affective freightOrganizational Affective fealty refers to an horny attachment. Employee beliefs and ranges regarding their job and role in the organization measure their organizational commitment (Swailes, 2012).Affective Organizational commitment is the measure of employees identification with the delegation and values of the organization perspectives (Mowday, 1982) and supervisor. It is the commitment court that pop the questions a clearer and to a extensiveer extent pore scale of organizational commitment (Jaros, 1997) .In addition, recent measure s of organizational commitment are attitudinal (Ko, Price Mueller, 1997 McGee Ford, 1987), and the build validity of affectional (attitudinal) commitment is go forthd raise . With strong supervision from their current employers the take aim of employee intimacy downstairsstanding and their commitment aim in operations will be higher (Okpara, 2014). break up in evaluating the performance of employees is one of the most important determinants of organizational umpire (Greenberg, 1986 Folger et al., 1992). Affective organizational commitment is beneficial to the employee as head. Employees that have affective commitment at their higher levels, experience less stress levels even if they work for longer and harder hours than those not committed.Affective commitment helps in employees motif (Meyer & Allen, 1997) and low downs psychological physical, work- cogitate stress (Reilly & Orsak, 1991).Employees are committed to the organization, their jobs and careers exists comfort capable, and are able to spend to a greater extent quality time to their families and hobbies (Reilly & Orsak, 1991).The employees commitment is the perception of employees procedures utilise to evaluate their performance is mean(a) (Greenberg, 1990 Colquitt et al., 2001). Further review in the literatures indicates that fair practices in human resource management, particularly in scathe of performance approximation has a predictive role in the employees attitude such as the organizations commitment (Jehad, 2011).Performance appraisal is viewed as an important weapon for changing employees attitude and behaviors such as affective commitment (Morrow, 2011). Moreover, a deal by (Tam 1996) indicates that the commitment of government employees is higher in the federal official government agencies that implement a fair and transparent assessment.In our study the psychological attachment of the employee with the organization i.e. organizational commitment (Tella , Ayeni, Papoola, 2007).It can be payable to the comfort level with the current organization, cost and fear associated with leaving of the organization and joining the other and social disruption caused by sore acquaintances in the new environment and leaving the old ones. This particular component which is the need component is cognize as effective commitment. It may overly be due to the bumping that after joining the organization the employee is ought to be devoted and faithful to it (Bruckner 2002).This sense of obligation towards the organization is also termed as the normative commitment. The attachment of the employee can be due to some(a) emotional reasons by which the employees identify him with the goal of the organization. This shows that the employee is affectively committed towards the organization (Hyde, 2000). in that location can be m both antecedents of organizational commitment as elicited by (Comelier 2012) who after analyze a state owned IT industry in Malta, Europe indic ated that the employees with lesser fosteringal qualification, having a higher position in the organizational pecking order and with lesser ambiguity in the role per organise, with commence role divergence and positive impact of boilers suit state of roles played within an organization are more committed to their organization. It increases all the normative, continuance commitment and affective components of the organizational commitment (Delaney and Hustled, 1996 Becker and Gerhardt, 1996).Performance approximationA DISSERTATION experience On STUDY ON PERFORMANCE idea SYSTEM AT fashion TO wealth Submitted in partial fulfillment of the requirement for MBA stagecoach of Bangalore University BY JYOTSNA Register Number 04XQCM6037 Under the steerage of Prof. S. Santhanam M. P. Birla set up of wariness Associate Bharatiya Vidya Bhavan Bangalore-560001 2004-2006 DECLARATION I hereby declare that the report call STUDY ON PERFORMANCE appraisal AT WAY TO WEALTHis prepared und er the guidance of Prof. S. Santhanam in partial fulfillment of MBA storey of Bangalore University, and is my original work.This catch does not form a part of each report submitted for mark or diploma of Bangalore University or every other university. Place Bangalore Date JYOTSNA M. P. Birla impart Of anxiety 2 jumper leadS CERTIFICATE This is to second that Ms JYOTSNA, bearing registration No 04XQCM6037 has through a chore and has prepared a report STUDY ON PERFORMANCE APRAISAL SYSTEM AT WAY TO WEALTH under the guidance of Prof. S. Santhanam, M. P. Birla play of instruction, Bangalore. This has not formed a arse for the award of any class/diploma for any other university. Place Bangalore Date Dr . NAGESH. S.MALLAVALLI PRINCIPAL MPBIM, Bangalore M. P. Birla take Of counselling 3 GUIDES CERTIFICATE This is to certify that Ms JYOTSNA, bearing registration No 04XQCM6037 has make a project and has prepared a report STUDY ON PERFORMANCE APPRAISAL SYSTEM AT WAY TO WEALTH under my guidance. This has not formed a butt for the award of any degree/diploma for any other university. Place Bangalore Date Prof. S. Santhanam M. P. Birla make Of counselling 4 acknowledgement I would akin to take this opportunity to express my sincere gratitude to all those who guided me in the right direction to complete this report.I would like to convey Dr. Nagesh Malavalli ,principal for his clog and also to thank my guide Prof. S. Santhanam, faculty member, for his guidance and give for making this project a success. I would also thank my family and my friends for funding me during the project. Place Bangalore Date (JYOTSNA) M. P. Birla imbed Of counseling 5 CONTENTS Sl. No Page No CONTENTS 1 2 3 4 5 6 7 8 9 10 hoist INTRODUCTION mannerOLOGY STATEMENT OF PROBLEM OBJECTIVES OF THE STUDY LIMITATIONS COMPANY write DATA ANALYSIS & INTERPRETATION SUMMARY & last BIBLIOGRAPHY 9 10 11 14 16 26 27 32 54 59 M. P.Birla contribute Of Management 2 LIST OF GRAPHS Sl. N o 1 2 3 4 5 6 7 8 graphical records Graph display whether PA is conducted every year in the fraternity Graph video display whether job increments & promotions are beginningd on PA Graph cover whether PA objectives are all the way defined Graph presentation the purpose of PA Graph present Feedback on Pa is collected Graph showing the assurance of the present PA ecesis Graph showing whether PA constitution needfully to be amend Graph showing manners that can be suggested for PA Page No 33 34 35 36 38 39 42 43 PA Performance Appraisal M. P. Birla prove Of Management 3 LIST OF carry overS Sl. No 1 2 3 4 5 6 7 8 9 10 11 instrument panels Table showing whether PA is conducted every year in the community Table showing job increments & onward motions are establish on PA Table showing whether PA objectives are clearly defined Table showing the purpose of PA Table showing rank of regularitys employed in PA Table showing whether Feedback on PA is collected Table showing the Opinion on present PA musical arrangement Table showing factors cover in PA Table showing Improvements to be make in PA Table showing whether Pa system unavoidably to be amend Table showing methods that can be suggested for PA Page No 33 34 35 36 37 38 39 40 41 42 43 PA Performance Appraisal M. P.Birla bestow Of Management 4 ABSTRACT It is a well-established fact the heap pro canvas in their abilities and aptitudes. These inconsistencys are natural to a great extent and cannot be eliminated completely by giving them education and training. in that location will everlastingly be some difference in quality and quantity of work done by different employees. thereof it is necessary for the management to know these differences so that it may develop definite designs in the organization for those employees who posses better potentials so that they may be certain to accept the challenges of higher jobs or wrong placement of employees may be rectified .The individual employee may also like to know his strength in terms of his performance on his capability in terms of his performance on the job qualitatively and quantitatively in comparison to his fellow employees so that he improve upon it. No firm has a choice as to whether or not it should valuate its personnel and their performance but the choice lies in the midst of the dogmatic and the unsystematic or effortless appraisal. The system of appraising the man is not new but the systematic tone-beginning of evaluating the man is by any means a new development .The technique of appraising the man by supervisors or others is widely known as Performance Appraisal . It is also sometimes termed as Personnel Performance Evaluation, Merit military rate. Thus main objective of the project is to study the Performance Appraisal process universe practiced in WAY 2 WEALTH and evaluate its persuasiveness. This project aimed at determination aside effectiveness in terms of familiarity, and mirth level of performance appraisal among the employees WAY 2 WEALTH. The project also focuses on let oning out how performance appraisal is matching in join forcesing the companys goals and objectives.M. P. Birla constitute Of Management 5 method actingOLOGY The research methodological abridgment used in the project is the descriptive approach and it is done among 200 employees . The main sources through which selective information is collected are 1. Primary selective information 2. Secondary data The data collected for this research is through base data collection method. The instrument used for collecting primary data is structured questionnaire filled up by the employees Statistical tools were used to pass off inferences amidst the variables and analyzing the dissolvents.The adjacent are the tools used. 1) 2) 3) Kalmograv Smirnov Test Chi Square shield (? 2) Spearmans Rank correlational statistics M. P. Birla Institute Of Management 6 M. P. Birla Institute Of Management 7 INTRODUCTION An organizations goals can be achieved notwithstanding when people fix in their best efforts . How to ascertain whether an employee has shown his or her best performance on a given job?. The answer is Performance Appraisal. Employee assessment is the fundamental job of HRM, but not aristocratical one though.Thus Performance Appraisal is the systematic valuation of the individual with mention to his or her performance on the job and his or her potential for development . The performance is being measured against such factors as trade Knowledge, quality, initiative, leadership abilities, supervision, co-operation, versatility etc. It is systematic in that it evaluates all performance in the comparable manner utilizing the same approach so that the ratings throwed to separate personnel are comparable. It is undertaken episodically according to plan .The essential purpose is the accurate metre of human performance It attempts to reduce, if not eliminate human bia s and prejudice, by means of a system that is subject to impartial review and check. frequently such personnel performance appraisal are labeled as ratings where an individual employee, after comparison with another, is rated or ranked as Excellent, regulation or average and are commonly used for determining an employees eligibility for promotion or transfer and widely being used for the development of the individual.Any appraisal program will involve time and money . The wise theatre director should plan up a program with the minimum cost to give maximum bene change be given . The rationale for using any particular method should be determined by the size , pecuniary resources ,and philosophy of the organization . M. P. Birla Institute Of Management 8 Appraisal can be do by one or more superiors or ranges or by the peers . at that place can also be committee of members from various related divisions to appraise an employee.There may even be a system of self appraisal in whic h each employee evaluates his own performance and potential. M. P. Birla Institute Of Management 9 STATEMENT OF THE PROBLEM To evaluate is to assess the expenditure or value. In social life, we generally evaluate or appraise the behavior of others in relations to our own needs or goals. Appraisals are judgments of the traces ,traits and performance of others. On the basis of these judgments, we assess the worth or value of others, and identify what is honorable and bad.In industry, performance appraisal is a systematic evaluation of personnel by supervisors or others familiar with their performance because employers are interested in intimate nigh employee performance. Employees also wish to know their position in the organization. Appraisals are essential for making many administrative decisions selection, training ,promotion ,transfer ,wage and salary governance ,etc . Besides ,they aid personnel research . Performance appraisal and consequently is a systematic and objecti ve way of judging the relative worth or ability of an employee in performing his task . Performance ppraisal helps to identify those who are performing their assigned tasks well and those who are not and the reasons for such performance . Differentiating amongst individuals is indulgent provided one knows what aspects to take into account. Identifying performance measures is easy if job is clearly defined but difficult if it is broad. At the lower levels of an organization, there are specific jobs and certain tangible and objective standards of performance can be identified. Further up in the hierarchy, jobs become more complex and clearcut, tangible standards of performance are difficult to specify.Irrespective of the level by and large, most companies use various parameters for measuring the performance like quality of work, quantity of work, job Knowledge, meeting the job requirements, initiative, team working, communicatory etc. And they would be rated in accordingly quarterly , half yearly or annually depending on companys policies. M. P. Birla Institute Of Management 10 Many companies would have a standard format for appraising the performance. ironically many of the employees would not know the norms of the appraisal and to the surprise many of them may not be fully familiar with contents of the appraisal form.This would be great hazel for the company as well as to the employees because if the employee is not aware of what basis he is appraised, he may not put up all his efforts for better improvement which indirectly effects the companies net profit by not meeting the companies objectives and targets. Thus this project A subscribe to On Effectiveness of Performance System aims at complete study on performance appraisal system and take noteing out effectiveness of the system in terms of familiarity and merriment level of the employees in WAY 2 WEALTH, ChennaiM. P. Birla Institute Of Management 11 OBJECTIVES OF THE STUDY PRIMARY OBJECTIVES ? To fin d out the effectiveness of PA system in way-2-wealth ? To Know employee satisfaction on PA system in way-2-wealth ? To suggest the way-2-wealth improve the employee satisfaction on PA system SECONDARY OBJECTIVES ? To find the smell of employees on various factors involved in PA system ? To find out the openness of personal department in PA ? To find out the scope of critical attributes and other factor coverage of PA system ?To know post appraisal measures taken b way-2-wealth M. P. Birla Institute Of Management 12 REVIEW OF LITERATURE Once the employee has been selected, develop and motivated, he is then appraised for his performance. Performance appraisal is the step where the management finds out how effective it has been at hiring and placing employees . If any problems are identified steps are taken to exceed with the employee and to remedy them. A Performance Appraisal is a process of evaluating an employees performance of a job in terms of its requirements.It is the proces s of evaluating the performance and qualifications of the employees in terms of the requirements of the job for which he is employed, for purposes of administration including placement, selection for promotion, providing financial rewards and other actions which require different treatment among the members of a group as distinguished from actions affecting all members equally. _ Heyel Performance Appraisal seeks to provide an adequate feedback to each individual for his or her performance. It purports to serve as a basis for improving or changing behavior toward some more effective working habits .It also aims aat providing data to managers with which they may judge future job assignments and compensation -Levinson M. P. Birla Institute Of Management 13 Performance Appraisal determines who shall take merit increases counsels employees on their improvement ,determines training needs ,determines promo ability, identifies those who should be transferred -Ronald benjamin propose OF APPRAISAL It can serve as a basis for job change or promotion ? By identifying the strengths and weakness of an employee it serves as a guide for ? formulating a suitable training and development program It serves as a feedback to the employee ?It serves as an important incentive to all employees ? The cosmea of regular appraisal system tends to make the supervisors and ? executive directors more observant of their subordinates Performance appraisal often provides the rational foundation for payment of ? salaries and bonus M. P. Birla Institute Of Management 14 ESSENTIALS OF sizeable APPRAISAL SYSTEM It must be easily understandable ? An appraisal plan must be integrated into the organization so as to have clear cut ? relationships surrounded by the appraisal plan and organization policies relating to performance of the employees.It must have the support of all line people who administer it ? The system should fit the organizations operations and structure ? The system should be both valid and reliable ? The system should have built in incentives that is a reward should follow fitting ? performance The system should periodically evaluated to be sure that it is continuing to meet its ? goals What should be Rated? The seven criteria for assessing performance are 1. theatrical role 2. measurement 3. patness 4. Cost Effectiveness 5. Need for supervision 6. Interpersonal impact 7. facts of life M. P. Birla Institute Of Management 15Trends in employee Appraisal ITEM Terminology map FORMER EMPASIS Merit Rating Determine qualifications for wage increase, transfer, promotion, lay- off applications programme For hourly paid workers Heavy emphasis on personal traits Techniques Rating scales, Statistical manipulation of data for comparison purpose PRESENT accent Performance Appraisal Development of the individual, improved performance on the job, and provide emotional security For technical, professional and managerial employees Factors Related Results, accom plishments, performance uncouth goalsetting, critical incidents, group appraisal, performance standards, less quantitative military post Appraisal Interview swallowerior communication his rating to employees and tries to sell his evaluation to him seeks to have employee conform to his view Superior stimulates employee to analyze himself and set own objectives in line with job requirements superior is helper and councilor M. P. Birla Institute Of Management 16 Approaches to Performance Appraisal 1.A casual ,unsystematic and haphazard appraisal This method was commonly used in the past . The basis of this method are seniority or quantitative measures quantity and quality of output for the rank and file personnel 2. The traditional and highly systematic measurement This measures the employees characteristic and employee contributions or both. It evaluates all the performances in the same manner ,utilizing the same approach so that the ratings obtained of separate personnel are compa rable 3. The behavioral approach ,emphasizing mutual goal setting here emphasizes has been laid upon providing mutual goal setting and appraisal of progress by both the appraiser and the appraise .This approach is ground on the behavioral value of fundamental blaspheme in the goodlyness ,capability and responsibility of human beings. The Evaluating Process The process of performance appraisal follows a set pattern viz, a mans performance is periodically appraised by his superiors. Questions are raised . Is his potential the superlative as a manager or as a rung specialist? What are his strengths and weakness? Where can he make his great contribution? Next sometimes in consultation with the man himself, dubitable decisions are make on what might be done to pressurize his development. M. P. Birla Institute Of Management 17 Thus the process would involve following steps ESTABLISH PERFORMANCE STANDARDS COMMUNICATE PERFORMANCE EXPECTATIONS TO EMPLOYEES MEASURE literal PERFORMANCE COMPARE ACTUAL PERFORMANCE WITH STANDARDS DISCUSS THE APPRAISAL WITH THE EMPLOYEE IF NECESSARY, INITIATE CORRECTIVE legal action M. P. Birla Institute Of Management 18 TOOLS/ methodS FOR APPRAISING PERFORMANCE Several methods and techniques of appraisal are available for the measurement of the performance of the employee . The methods and scales differ for obvious reasons 1. They differ in the sources of traits or qualities to be appraised. 2. The variations may be caused by the degree of precision attempted in an evaluation. 3. They may differ because of the methods used to obtain weightings for various traits. M. P. Birla Institute Of Management 19 Methods of Performance appraisalTraditional Methods ? Straight Ranking ? Man-to-man Comparison ? rank ? Force choice Description ? graphical Rating Scales ? Forced distribution Method ? Check Lists ? Free realise Essay Method ? Critical Incidents ? Group Appraisal ? Field reassessment Method y Modern Methods Assessment Centres Behav iorally Anchored Rating Scale M. P. Birla Institute Of Management 20 COMPONENTS OF APPRAISAL EVALUATION ? Who of the Appraisal ? What of Appraisal ? ? ? leafy vegetable Pitfalls in Appraisal ? There is often tendency to rate not only the employee but also the job ? Errors are introduced in the appraisal because of a defect or bias in the person conducting the appraisal ?As Appraisal are in fact opinions ,it is difficult to mutilate from the subjective element whilst making the judgment ? Performance appraisal do require a lot from the supervisor as they require periodic observation of subordinates performance by them which becomes difficult in case of a first line superior have a large number of subordinates ? There is often a large variations in the standards and ratings because some raters are tough where as others are lenient ? There is often need of communication where by the employee does not know how he is rated ? Often Superiors are reluctant to give a low rating to ineffe ctive subordinate and gives him an average rating ?Sometimes communication of the rating of the employee if done justly would be taken as criticism and may even result in his performing more poorly The Why of Appraisal The When of Appraisal The where of Appreciation M. P. Birla Institute Of Management 21 LIMITATIONS OF THE STUDY The researcher has made efforts for an errorless study but the following furbish upations were occurred ? The survey was restricted to only in Way 2 Wealth and the sample size was 200 ? There may be some changes if the sample size and the geographical segmentation were increased ? Time was a handicap for a dilate study ? A some answerers might have been given biased information, which may affect the reliability of the results ?Unwillingness and inability of the responsive to provide information M. P. Birla Institute Of Management 22 COMPANY PROFILE Way2Wealth is a premier enthronement Consultancy Firm that has been launched with the aim of making inve sting simpler, more understandable and profitable for the investors. Way2Wealth brings a wide range of product offerings from stubborn Income Securities, Life Insurance and Mutual Funds to Equity and Derivatives (on the National parenthood Exchange) for the convenience and benefit of it nodes. Way2Wealth has over 40 easily accessible Investment Outlets spread across 20 major towns and cities in the country. Mission Way2Wealth is a premier Investment Consultancy Firm, launched with the ission to be the pre-eminent destination for personalised financial solutions part individuals create wealth. Philosophy We believe that our knowledge combined with our investors cartel and involvement will lead to the growth of wealth and make it an arouse experienc Sivan Securities started in 1984, has a long and illustrious track record of being amongst the premier Financial Intermediaries in the country as well as being an incubator for IT start-up firms. The Venture Capital division came to be known as Global engineering science Ventures (GTV has provided venture chief city to companies such as Kshema Technologies, MindTree, Ivega etc. ) and the Financial Intermediary Division was spun off as Way2Wealth in the year 2000. M. P.Birla Institute Of Management 23 Way2Wealth is promoted by Sivan Securities and Global Technology Ventures Ltd. Prudential ICICI AMC provides further strength to Way2Wealth as strategic equity partner. all over the years, Sivan has developed a strong reputation for navigating its investors through all the ups and downs in the market. Way2Wealth has inherited these same values in addition to a base of 75,000 individual customers, over 300 corporate/institutional clients. Other companies in the group include Amalgamated Bean Coffee Trading participation Ltd. (one of the largest Coffee Exporters in India) and Cafe Coffee Day, a chain of offspring hangout coffee parlors.Way2Wealth has very credible management teams, who have well over ascorbic a cid man-years of experience amongst themselves Way2Wealth Investment outlets are designed to be places where retail investors can come in touch with Investment opportunities in an atmosphere of convenience and comfort. The look and smack of the offices across India project a consistent break up image for the company. The features that enable a unique instalment for retailing financial services include among others ? Most branches are set(p) in the ground floor sporting huge glass frontlet promoting easy accessibility and reflecting our attitude of complete transparency. ? The major portion of the branch area dedicated for customer use.The furniture is in CKD formats to add flexibleness in using the branch for Investors purposes. ? ? Connectivity to NSE for trading facilities. TV and other electronic mediums to facilitate real time update and dissemination of information to our customers. ? each branch comprises of trained and qualified Investment advisors to take care of the nee ds of the customers. M. P. Birla Institute Of Management 24 The Way2Wealth interrogation Desk Research is at the vegetable marrow of the advice. It believes that sound investment decisions are made on sound analysis of facts, past performance and credible market information. The research cell focuses on providing data and analysis to help customers make sound investment decisions.The Research cell is managed by a highly qualified team that is handpicked and trained extensively in the proprietary Way2Wealth Investment Philosophy centered on finding the best investment solutions for our customers. Based in the commercial capital enables the team to have a pulse of the trends allowing dissemination of the most with-it and la rivulet information. ? Personalised Investment Solutions All the customers receive individual attention ? Full choice of Investments Mutual funds, Life Insurance, Fixed Income Instruments, Equity and Derivatives ? bear on support take care of all the motif work and provide service at the doorstep. ? Investor eligibility criteria Customers with a minimum investment amount as low as Rs. 2500 per month can avail of the services.This unique Way2Wealth idea can be easily experienced through the innovative and customer friendly ne bothrk of Investment outlets that spans 20 major towns and cities in the country. M. P. Birla Institute Of Management 25 RESEARCH modeOLOGY The following points are considered in carrying out the research. A. RESEARCH METHODOLOGY A research design is stringently ad simply the framework a plan for a study that guides the collection and analysis of the data. Descriptive Research Here the research is been done on 200 members through a media of questionnaire B. DATA COLLECTION METHOD The main sources through which data is collected are 1. Primary data 2. Secondary data The data collected for this research is hrough primary data collection method. The instrument used for collecting primary data is questionnaire from the employees. M. P. Birla Institute Of Management 26 E. SAMPLING TECHNIQUE Non probability (non random ) ingest method is used in this project. F. STATISTICAL TOOLS utilize Statistical tools were used to find inferences between the variables and analyzing the results. The following are the tools used. 1)spearmans rank Correlation 2) Kalmograv Smirnov Test 3) Chi Square adjudicate (? 2) M. P. Birla Institute Of Management 27 M. P. Birla Institute Of Management 28 DATA ANALYSIS & INTERPRETATION control panel 1 control board demonstrate WHETHER PA IS CONDUCTED EVERY YEAR IN THE COMPANY S.NO 1 2 YES NO TOTAL popular opinion NO OF RESPONDENTS 60 0 60 ploughshare (%) 100 0 100 100 80 60 40 20 0 YES NO inference All the answerers sense of smell that PA is conducted every year in the company. M. P. Birla Institute Of Management 29 evade 2 TABLE showing WHETHER JOB INCREMENTS AND PROMOTIONS ARE STRICTLY BASED ON PA S. NO 1. 2. YES NO OPINION NO OF RESPONDENTS 41 19 piece (%) 68 3 2 100 TOTAL 60 70 60 50 40 30 20 10 0 YES NO certainty absolute majority of the respondents get that job increments and promotions are strictly based on PA is 68%and whereas a couple of(prenominal) of them feel that it is not strictly based on PA 32%. M. P. Birla Institute Of Management 30 TABLE 3 TABLE exhibit WHETHER PA OBJECTIVES ARE clear advised S. NO 1. 2. 3. select CLEARLY certified PARTIALLY INFORMED NOT INFORMED AT ALL TOTAL NO OF RESPONDENTS 22 28 10 60 PERCENTAGE (%) 36 46 18 100 50 40 30 20 10 0 PERCENTAGE CLEARLY INFORMED PARTIALLY INFORMED NOTINFORMED AT ALL INFERENCE mass of the respondents feel that PA objectives are partially aware, some of them feel it is clearly informed and whereas hardly a(prenominal) of them feel that it is not informed at all. M. P. Birla Institute Of Management 31 TABLE 4 TABLE SHOWING PURPOSE OF PA S. NO 1 2 3 4 CHOICE SALARY INCREASE PROMOTION TRAINING AND DEVELOPMENT FEEDBACK TOTAL NO OF RESPONDENTS 18 22 14 6 120 PERCENTAGE (%) 30 36 24 10 100 40 35 30 25 20 15 10 5 0 PERCENTAGE SALARY INCREASE PROMOTION TRAINING AND DEVELOPMENT FEEDBACKINFERENCE Majority of the respondents feel that purpose of PA is for promotion, some of them feel it is for salary increase and whereas some of them feel it is for training and development. M. P. Birla Institute Of Management 32 TABLE 5 rank OF METHODS EMPLOYED IN PA NO OF RESPONDENTS FACTORS 1 grading RANKING METHOD CHECKLIST METHOD FORCED CHOICE METHOD 15 22 13 11 2 18 17 16 10 3 12 16 20 13 4 15 6 11 26 INFERENCE From the table it is seen that the be of methods employed in PA is give beneath FACTORS GRADING RANKING METHOD CHECKLIST METHOD FORCED CHOICE METHOD RANK II I III IV M. P. Birla Institute Of Management 33 TABLE 6 TABLE SHOWING WHETHER FEEDBACK ON PA IS COLLECTED S. NO 1. 2. YES NO OPINION NO OF RESPONDENTS 25 35 60 PERCENTAGE (%) 42 58 100 TOTAL 60 50 40 30 20 10 0 PERCENTAGE YES NOINFERENCE 58% of the respondent feel that feedback on PA is not collected ad whereas some of them feel that feedback on PA is collected. M. P. Birla Institute Of Management 34 TABLE 7 TABLE SHOWING OPINION ON PRESENT PA SYSTEM IN THE COMPANY S. NO 1. 2. 3. 4. OPTIONS VERY heartfelt strong AVERAGE silly TOTAL NO OF RESPONDENTS 6 24 18 12 60 PERCENTAGE (%) 10 40 30 20 100 40 35 30 25 20 15 10 5 0 PERCENTAGE VERY well GOOD AVERAGE POOR INFERENCE Majority of the respondents opinion regarding present PA system in the company is good, some of the respondents opinion is average and whereas a few(prenominal) of the respondents opinion is poor. M. P. Birla Institute Of Management 35 TABLE 8TABLE SHOWING OPINION ON THE FOLLOWING FACTORS COVERED IN PA FACTORS Job knowledge Quality of work Quantity of work Ability of work vexed work Manner & devotion VERY GOOD 6 7 6 7 10 10 GOOD 21 29 14 24 26 24 AVERAGE 22 13 18 16 12 14 POOR 9 6 12 8 7 9 VERY POOR 2 5 10 5 5 3 INFERENCE Majority of the respondents opinion regarding the factors covered in PA is good, some of the m feel it is average and whereas few of them feel it is poor. M. P. Birla Institute Of Management 36 TABLE 9 TABLE SHOWING IMPROVEMENTS TO BE MADE IN PA FACTORS Strongly concur 12 9 10 5 6 7 11 neither Agree Agree nor discord 27 25 24 22 20 24 25 11 14 8 14 18 13 14 6 7 11 13 11 11 6 resist Strongly protest 4 5 7 6 6 5 4Confidentiality Critical attributes Role related attributes Post appraisal actions Introducing bars in PA Feedback on PA White paper on PA & after PA INFERENCE Majority of the respondents agree that improvements has to be made in PA, some of them uncomplete agree nor disagree ad whereas few of them disagree that improvements has to be made in PA M. P. Birla Institute Of Management 37 TABLE 10 TABLE SHOWING WHETHER PRESENT PA SYSTEM IS TO BE improve S. NO 1. 2. 3. 4. 5. OPTIONS powerfully assent suss out NEITHER AGREE NOR DISAGREE DISAGREE strongly DISAGREE TOTAL NO OF RESPONDENTS 11 20 15 9 5 60 PERCENTAGE (%) 18 34 24 16 8 100 35 30 25 20 18 15 10 5 0 PERCE NTAGE 34 24 16 8 STRONGLY AGREE AGREE NEITHER AGREE NOR DISAGREE DISAGREE STRONGLY DISAGREEINFERENCE Majority of the respondents agree that present PA system is to improved, some of them neither agree nor disagree ad whereas few of them disagree. M. P. Birla Institute Of Management 38 TABLE 11 TABLE SHOWING METHODS THAT CAN BE SUGGESTED FOR PA S. NO 1. 2. 3. 4. 5. OPTIONS ESSAY METHOD heavens REVIEW METHOD BARS APPRAISAL BY RESULTS 360 DEGREE APPRAISAL TOTAL NO OF RESPONDENTS 9 8 11 14 18 60 PERCENTAGE (%) 16 12 18 24 30 100 30 25 20 15 10 5 0 PERCENTAGE ESSAY METHOD FIELD REVIEW METHOD ARS APPRAISAL BY RESLTS 360 DEGREE APPRAISAL INFERENCE Majority of the respondents suggest 360 degree appraisal for PA, some of them suggest appraisal by result and whereas few of them suggest essay method. M. P.Birla Institute Of Management 39 TOOLS USED FOR ANALYSIS KALMOGROV SMIRNOV examine The Kalmogrov Smirnov Test (KS Test) tries to determine if deuce data sets meaning(a)ly. The KS test ha s the advantage of making no assumption about the distribution of data. (Technically intercommunicate it is nonparametric and distribution free). It is a goodness of fit used to view the distribution function of the random variable (X). Test statistics T = = Sup F (x) S (x) Supremum of the absolute value of the difference between F (x) and S (X) H0 is hold outed if T exceeds the 1 a quantile (W1 a) of the Kalmogrov Smirnovs Statistic. M. P. Birla Institute Of Management 40TO FIND OUT THE DISTRIBUTION OF RESPONDENTS order PATTERN ABOUT WHETHER PRESENT PA SYSTEM IS TO BE IMPROVED H0 H1 Response Pattern obtained is uniformly distributed Response Pattern is not uniformly distributed void Hypothesis S (x) 1/5 2/5 3/5 4/5 5/5 Opinion F (x) Cumulative Percentage 0. 18 0. 52 0. 76 0. 92 1 Cumulative Percentage 0. 2 0. 4 0. 6 0. 8 1 Difference F(x) S(x) -0. 02 0. 12 0. 16 0. 12 STRONGLY AGREE AGREE NEITHER DISAGREE STRONGLY DISAGREE 0. 18 0. 34 0. 24 0. 16 0. 08 TEST OF UNIFORM D ISTRIBUTION calculate value is T (F (x) S (x)) Tabulated Value is = 0. 16 T (tab) = 1. 22 / ? n When n = 5, T (tab) = 0. 5456 for 5 % deduction level. Calculated value is less than tabulated value. H0 is accepted. INFERENCE Response pattern obtained is uniformly distributed. M. P. Birla Institute Of Management 41 PAIRED T TESTTO IDENTIFY THE COMPARISON BETWEEN THE STATEMENTS THAT ARE give FOR OPINION ON THE FOLLOWING FACTORS COVERED IN PA Ho Job Knowledge is very good than Quality of Work H1 Quality of work is very good than Job Knowledge VERY GOOD JOB KNOWLEDGE QUALITY OF WORK 16 24 GOOD 12 96 AVERAGE 80 44 POOR 24 20 VERY POOR 8 16 N=5 X1 16 72 80 24 8 Y1 24 96 44 20 16 D1 -8 -24 36 4 -8 d=0 d1 d -8 -24 36 4 -8 (d1 d)2 64 576 1296 16 64 2016 d = 1Od N = 0 where N = 5 M. P. Birla Institute Of Management 42 S2 = 1 O (d1 d) 2 (n 1) = S T = = 10. 13 3. 19 d S/ vn = Degree of license 0 = n-1 =4 Table Value = 2. 132 Calculated Value is less than Tabulated Value, Ho is accepted INFERENCE Job Knowledge is very good than Quality of Work M. P. Birla Institute Of Management 43 SPEARMANS RANK CORRELATION The rank correlation co efficient is a measure of correlation that exists between two sets or ranks.Spearmans Rank Correlation Co efficient is work out as follows r = 1 6 O di2 n (n2 1) where n is number of packed observation d is the difference between one paired observation. The value of Spearmans Rank Correlation will always lie between 1 and +1. If the coefficient is HO the ranks given by two sets of judges show perfect positive correlation. If it is 1, the ranks given by two sets of judges have a perfect negative correlation between them. NULL HYPOTHESIS HO There is no correlation between the be of Checklist Method and Ranking Method among respondents i. e. , r = 0 H1 There is correlation between the ranking of Checklist Method and Ranking Method among respondents i. e. , r 0 M. P.Birla Institute Of Management 44 RAN S. NO K (X) RANK (Y) RANK DIFFE RNCE (RANK X RANK Y) DIFFERENCE true di2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 3 3 4 2 1 2 1 2 2 1 4 2 2 2 2 2 3 2 1 4 3 3 1 1 2 1 1 2 1 3 1 2 1 1 2 1 1 1 3 3 4 1 1 2 2 1 1 2 2 3 2 2 2 1 -2 1 -1 1 1 -1 3 1 1 -1 -1 2 2 1 -1 2 2 2 -1 -1 -1 4 4 4 1 4 1 1 1 1 1 9 1 1 1 1 4 4 1 1 4 4 4 1 1 1 O di2 =59 M. P. Birla Institute Of Management 45 X = CHECKLIST METHOD Y = RANKING METHOD Spearmans r = 1 6 O di2 n (n2 1) = 1 6 x 59 25 (252 1) = 1 0. 0226 = 0. 977 or tabulated or (t), n = 25 at 5% level of significance or calculated or (c) = 1 vn 1 = 1 v25 1 = 0. 20Upper limit (U1) = r + or (t) x or (c) = 0 + 0. 3977 x 0. 20 = 0. 08 INFERENCE Since the r value = 0. 977 it lies in the rejection region therefore we reject the null hypothesis at 5% level of significance and we accept the alternate hypothesis. Hence, we conclude that there is positive correlation between the ranking of Checklist Method and Ranking Method among the respondents. M. P. Birla Institute Of Management 46 chi SQUARE TEST Chi Square is an importance non parametric test and as such no test are necessary in respect of the type of population. We require only the degree of license (implicity of draw the size of the sample) for using this test.As a non parametric test, Chi hearty can be used (i) as a test of goodness of fit and (ii) as a test of emancipation. Since the researcher used test of independence only the details about test of independence is given below. TEST OF INDEPENDENCE o2 test enables us to explain whether or not two attributes are associated. In order that we may apply the chi square test either as a test to judge the significance of association between attributes, it is necessary that the observed as well as theoretical or expected frequencies must be grouped in the same way and theoretical distribution must be modify to give the same total frequency as we find in case of observed distribution.Karl Pearson developed a test for testing the sig nificance of discrepancy between experimental values and the theoretical values obtained under some theory or hypothesis. This test is known as o2 test of goodness of fit. Karl Pearson proved that the statistic o2 = ? (O E) 2 / E O Observed absolute frequency E Expected Frequency o2 is used to test whether difference between observed & expected frequencies are frequent. M. P. Birla Institute Of Management 47 To find o2 table value degree of freedom should be calculated. Degree of freedom is calculated using the formula (r 1)(c 1). The table value for this degree of freedom is seen using 5% or 1% of significant level. If o2 table value is greater than o2 calculated value, Null Hypothesis is accepted or Null Hypothesis is rejected.To determine whether there is significant difference between sex & whether PA is inherently partial Ho There is no significant difference between gender & whether PA is inherently unfair H1 There is significant difference between gender & whether PA is inherently unfair GENDER CHOICE MALE FEMALE TOTAL NO OF RESPONDENTS YES 28 20 48 NO 104 48 152 TOTAL 132 68 200 Expected Frequencies are (48 * 132) / 200 = 31. 68 (152 * 132) / 200 = 100. 32 (48* 68) / 200 = 16. 32 (152 * 68) / 200 = 51. 61 M. P. Birla Institute Of Management 48 unhurriedness OF O2 Observed Frequency (O) 28 104 20 148 Expected Frequency (E) 31. 68 100. 32 16. 32 51. 68 (O E) 2 13. 54 18. 66 18. 66 13. 54 (O E) 2 / E 0. 427 0. 168 1. 14 0. 261 2. 01 Calculated o2 = ? O E)2 / E O Observed Frequency E Expected Frequency = 2. 01 Calculated o2 = 2. 01 Degree of Freedom = (4 1)(2 1) = 3 d. o. f at 5 % level of significance Therefore, Tabulated o2 = 7. 815 Since Calculated o2 Tabulated o2 Therefore, we accept the hypothesis. i. e. , There is no significant difference between gender & whether PA is inherently unfair M. P. Birla Institute Of Management 49 M. P. Birla Institute Of Management 50 FINDINGS OF THE STUDY. ? All the respondents feel that PA is conducted every year in the company. ? Majority of the respondents feel that job increments and promotions are strictly based on PA and whereas few of them feel that it is not strictly based on PA. Majority of the respondents feel that PA objectives are partially informed, some of them feel it is clearly informed and whereas few of them feel that it is not informed at all. ? Majority of the respondents feel that purpose of PA is for promotion, some of them feel it is for salary increase and whereas few of them feel it is for training and development. ? From the table it is seen that the ranking of methods employed in PA is give below FACTORS GRADING RANKING METHOD CHECKLIST METHOD FORCED CHOICE METHOD RANK II I III IV ? 58% of the respondent feel that feedback on PA is not collected and whereas some of them feel that feedback on PA is collected. Majority of the respondents opinion regarding present PA system in the company is good, some of the respondents opinion is average and whereas few o f the respondents opinion is poor. ? Majority of the respondents opinion regarding the factors covered in PA is good, some of them feel it is average and whereas few of them feel it is poor. ? Majority of the respondents agree that improvements has to be made in PA, some of them neither agree nor disagree ad whereas few of them disagree that improvements has to be made in PA. M. P. Birla Institute Of Management 51 ? Majority % of the respondents prefers PA by the HR department, some of them prefer by third party and whereas few of them prefer through top level management. Majority of the respondents agree that present PA system is to improved, some of them neither agree nor disagree ad whereas few of them disagree. ? Majority of the respondents suggest 360 degree appraisal for PA, some of them suggest appraisal by result and whereas few of them suggest essay method. M. P. Birla Institute Of Management 52 SUGGESTIONS The top management should take up periodic programs to explain the objectives and the related issues to the executives and queries should be thoroughly cleared It is necessary to improve the performance analysis and review system in following areas ? There should be clear definition of rewards basing performance ?PAS should have direct bearing in promotions ? PA should be incident specific & productivity linked & not as per personal linking. ? Self-appraisal discussion with the assessing officer & then the officer recording his appraisal will be ideal. Awareness is less in catering department ? Employees to work hard to achieve & a panel of officers with which interaction happens during the course of your job should be appraising officer ? Every year a appraisal letter should be given to employee because that can make a employee to show great affection to their job ascertained ? Subordinate & peers also should have a role in individuals assessment ?Before or during PA, the reporting officer may discuss with the employee about his plus or minus poi nts in order to educate & improved the employees performance in future ? Most of the assessment is based on personal interaction with evaluating officer ? Instead of giving overall rating in the paper good workers should be appreciated by the way of given extra perks or increment ? The decision obtained at performance analysis should be implemented. M. P. Birla Institute Of Management 53 CONCLUSION The effectiveness of a system is to be determined by the people in it, the system cannot become effective automatically. Simply by basing upon few assumptions about the people involved in it.The same is the case with the executive appraisal system of Way 2 Wealth a sizable number of them have come under Halo effect and stereotyping Objectives of the appraisal system are not clear to most of the employees and behavioral dimensions are not clearly understood Unsatisfactory opinion in respect of existing system and self-assessment Wide gap between formal appraisal system and self-assessment Training needs are not met by the organisation inspite of doing serious exercise in identifying them There is lot of paper work in this system of appraisal by which the appraisal is time eat The analysis has shown that most of the executives are in favour of a better appraisal system, which is more transparent and has provisions for unbiased assessment of performance M. P. Birla Institute Of Management 54 M. P. Birla Institute Of Management 55 BIBLIOGRAPHYPERSONNEL vigilance STATISTICAL METHODS MANAGING HUMAN RESOURCES HUMAN RESORCE MANAGEMENT C. B. MAMORLA, S. V. GANKAR S. P. GUPTHA BOHLANDER ASHWATHAPPA M. P. Birla Institute Of Management 56 QUESTIONNAIRE 1. Gender Male ? Female ? 2. Employee Category 3. Age Group 4. view 5. Is every year PA is conducted by the company? Yes ? No ? 6. Job increments and promotions are strictly based on PA? Yes ? No ? 7. PA objectives are Clearly informed Partially informed Not informed at all 8. Is PA inherently unfair M. P. Birla Institute O f Management 57 ? ? ? Yes ? No ? 9. PA serves the purpose of Salary increase Promotion Training and development Feedback ? ? ? ? 10.What methods are employed in PA Grading Ranking method Checklist method Forced choice method ? ? ? ? 11. PA forms/procedures are Management oriented Employee oriented M. P. Birla Institute Of Management ? ? 58 12. After PA, Feedback on PA is collected Yes ? No ? 13. The opinion on present PA system in the company? Very good Good Average Poor ? ? ? ? 14. Your opinion on the following factors covered in PA? FACTORS Job knowledge Quality of work Quantity of work Ability of work Hard work Manner & obedience VERY GOOD GOOD AVERAGE POOR VERY POOR M. P. Birla Institute Of Management 59 15. What is to be improved in PA? Strongly agree Neither Agree Agree nor disagree Disagree Strongly disagree FACTORSAppraisal by result Confidentiality Critical attributes Role related attributes Post appraisal actions Feedback on PA 16. Among the following which one do you pref er? PA by the HR department PA by the third party PA by top level management Assessment center ? ? ? ? M. P. Birla Institute Of Management 60 17. Is the present PA system is to be improved? Strongly Agree Agree Neither agree nor disagree Disagree Strongly disagree ? ? ? ? ? 18. What method you can suggest for PA? Essay method Field review method BARS Appraisal by results 360 degree appraisal ? ? ? ? ? M. P. Birla Institute Of Management 61 M. P. Birla Institute Of Management 62 M. P. Birla Institute Of Management 63