Performance appraisal

As the world of business changes, how is performance appraisal changing?

Performance appraisal is a key part of modern human resource management. Traditionally conducted by a manager or supervisor at the end of the year, performance appraisal is used to document and evaluate an employee’s performance, and provide feedback and performance support when necessary.

To evaluate an employee’s performance, managers typically fill out cumbersome paperwork. This traditional appraisal process is challenging and less effective in the new, transformed post-pandemic workplace where remote work is quickly becoming the norm, digitization is on the rise, competition is increasing, and communication is becoming more and more open. 

In today’s business environment, organizations are leveraging technology to automate key processes including talent and appraisal systems. Automation of key activities is helping identify the smartest and toughest employees with an unbiased system to record key results and performance. Automation is also helping cut down red tape in an organization. For instance, if an employee has an idea that will sell, he/she can voice their idea much more easily even if he/she is not a senior or experienced veteran in the organization. 

Automated human resource systems are enabling companies to move towards real-time and ongoing feedback in contrast to yearly appraisals. These systems also enable organizations to conduct virtual feedback sessions, and record goals and feedback, thus facilitating the entire appraisal process through many open source Balanced Scorecard solutions and applications that are available to track and record business achievements more systematically. 

Automation also translates to data- and analytics-based evaluations, eliminating biases from the appraisal process. Self-appraisal too is gaining relevance in today’s workplace. The continuous feedback system is increasing the need to constantly upgrade oneself and build confidence with upskilling and reskilling. 

To this end, many organizations are now linking appraisals with learning goals and platforms. Ultimately, such systems help drive performance to attain not just the set business goals but also individual growth.

Whether you are looking to keep pace with the industry, hone your skillset, or develop a new skillset in banking and insurance, IRA can help. Check out our upcoming training sessions. Learn from banking and insurance industry experts in real-time!