Performance Appraisal & Reward System (PARS)

Performance Appraisal & Reward System (PARS)

Performance Appraisal Performance Appraisal is an annual review of an employee s overall contributions to the company by his/her IRA. It also assess employee performance by way of comparing present performance with already established Goals which have been communicated at the Goal Setting activity to employees. It involves evaluation of an employee s skills, achievements and career growth, or lack thereof. It includes both the quantitative and qualitative aspects of job performance. It serve many purposes within an organization. Performance Appraisal offers an insight into an individual s performance, and provides a standardized way to make comparisons among employee s current & future growth. Objective: To review the performance of the employees over a given period of time against predefined goals To analyze the gap between the actual and the desired performance To provide feedback to the employees regarding their performance To diagnose the gap in performance along with strengths and improvement areas of an individual to identify the training and development needs Assist in career development / potential appraisal Provide clear understanding to every individual/ department of their roles Generate performance data that will help in amend compensation & career progression

Performance Appraisal - Advantage Performance Appraisal is a valuable tools for communication with employees as pertaining to how their job performance stands with organizational expectations. Performance Appraisal helps the supervisors to suggest the growth path for performing employees, also indicating employees with leadership potential or leadership development needs. Ratings provided post Performance Appraisal helps in providing increment in compensation packages for employees which also includes bonus, additional allowances and pre-requisites. Employee s training and development are crucial components in helping an organization achieve strategic initiatives, post-appraisal opportunities for training and development in difficult areas can be determined. Feedback & Employee communication can serve as a guide in enhancing job performance in future.

Individual Performance Measures (IPMs) Individual Performance Measures (IPMs) are the goals or objectives that the employee needs to achieve for a particular year. IPM s are set the beginning of the financial year in Goal Setting Activity. Goal setting is the process of deciding what an employee has to accomplish at the end of the year it also helps in devising a plan to achieve the result desired by the organisation. At IIFL, IPM is segregated in 4 different parameters to aim at overall growth of an employee along with organisational development The 4 parameters are Customer, Process, Finance & Employee, on these parameters the performance of an employee is measured. (Minimum 4 & Max 8 IPMs can be entered) The Goals should be SMART. If goals aren t reachable, they aren t worth making. Setting of realistic goals through SMART techniques should be followed. SMART specifies Specific, Measurable, Attainable, Relevant & Time-bound. At IIFL we emphasize in setting SMART Goals which results in motivating employees & building their self confidence.

IPMs Parameters 1. Customer: Within Customer parameter IPMs based on customer interaction, services etc. for internal as well as external customers should be mentioned. 2. Process: All the various processes executed with respect to the current job profile by the employees should be stated in this parameter 3. Finance: The IPMs related to any kind of financial implications with respect to the employees current job role & responsibility. 4. Employee: This section focuses on the interaction/communication essential by an employee within his/her current internal team as well as employees from other departments Measurement Criteria is mentioned against each IPM within all 4 parameters stated above. This will assist in evaluating the performance during the appraisal process. The weightage against each IPM is entered by the Employee in the system. It is the reflection of amount or importance of a particular IPM on the person s performance. The sum of weightage of all IPMs in all parameters put together must be 100%

Reward System - Rating Rating Scale: Ratings are the scores given to employee against each IPM on the basis of performance of the employee on that particular IPM by IRA / Reviewer / HOD. Performance Ratings determines an employees overall performance during the time period. The Various Ratings at IIFL are : Flier (4): It indicates that exceptional performance is demonstrated, high accomplishments of task are made in areas besides current job role without much supervision. Is recognized as an expert in his or her job area. Shows unusual initiative and is a self-starter. Stands apart in his/her ability to positively influence others, thinks beyond the details of the job and works towards the overall goals of the department and the organisation Runner (3): Employee performs assigned responsibilities in a manner that seldom exceeds expectation, as demonstrated throughout the review period, takes initiative to seek information or clarification of policies, procedures or objectives. Takes on additional tasks without defaulting in other assigned activity areas Walker (2): Employee performs assigned responsibilities throughout the review period. Has ethical work habits, follows established work schedule, completes projects and tasks thoroughly, meets deadlines, and produces consistently acceptable output of work Learner (1): Employee performs assigned responsibilities in an unsatisfactory manner, has not responded to constructive feedback, or has not improved performance. "Performance" includes not only how well the employee carries out the specific tasks or responsibilities of the job, but also includes work habits or behaviors that impact customers, co-workers or the general work environment

Coverage All C-Code employees joined by 30 th September 2015 & duly confirmed are eligible for PARS 2016 Cycle All employees are eligible for carrying PARS through Adrenalin System A Code employees joined by 31 st March 2015 would be eligible for offline salary increments

PHASE - II PHASE - I IPM-PARS Process Flow IPM SETTING STAGE APPRAISEE Selects Parameter Enters IPM, Measurement Criteria, Adds weightage Submits to IRA APPRAISER Approves or Rejects IPM IRA mention its comment Post Approval IPM Setting stage completes PARS APPRAISEE Enters Extent of achievement against each IPM Selects Training requirements States Strengths & Development Areas Submits Self Appraisal APPRAISER Enters Comments, Ratings against each IPM Rates Competency Assessment Select Training needs Adds overall Comment Submits the form by approving it HOD May modify Overall Ratings Add Comments (optional) Approves PARS process completes REVIEWER (IRA s IRA) Edit Ratings against each IPM (optional) Adds overall Comment Approves

IPM Setting Stage Employee

IPM Setting Employee Click on My IPM Click on Performance Alignment Section A displays the details of the employee Click Here for IPM Setting Mouse over help icon for the Help Information Click here to minimize and expand Section B

IPM Setting Employee Select Appraisal Calendar Employee enters Individual Performance Measures (IPMs) Employee selects the Parameter from Dropdown Employee enters Measurement Criteria Employee enters Weight age Employee Clicks on Save Note : Minimum 4 & max 8 IPMs

IPM Setting Employee Select Goals to Submit for approval from Saved goals Click on Submit Note: Total weight age of goals to be submitted should be 100%

IPM Setting Employee Notification message post Submission Select Goals to submit for approval from Saved goal

IPM Setting Stage - IRA

IPM Setting IRA IPM Setting IRA clicks here to approve Pending IPMs

IPM Setting IRA IPM Setting IRA clicks here to approve Pending IPMs

IPM Setting IRA Notification message post submission Notification Message to display IPM setting stage is completed

PARS Stage - Employee

PARS Stage Employee Click on Performance Alignment Click here Section for PARS A displays the details of the employee PARS Stage EMPLOYEE LOGIN Click here to minimize and expand Section B Click for entering Self Appraisal

PARS Stage Employee Employee enters Extent of Achievement against each IPM Click here to view IPM content and Measurement Criteria Click on Save to save

PARS Stage Employee Click on Training section Click Add to select training from available courses If required training is not available in list it can be added in the text box

PARS Stage Employee Activit y Select Location, Type and Category, click Go Select from required course title Click on Choose

PARS Stage Employee Click on Save to save

PARS Stage Employee Click on Strengths and Development Employee enters Strengths Employee enters Development Area Employee Saves & Submits

PARS Stage Employee Notification Message to display Self Appraisal is submitted successfully

PARS Stage - IRA

PARS Stage IRA PARS IRA clicks to view and continue the appraisal process

PARS Stage IRA IRA clicks on Employee name to proceed with the appraisal process

PARS Stage IRA Click on Goals IRA can view employees Extent of Achievement IRA enters comments for the employee against each IPM Click here to view IPM content & Measurement Criteria IRA selects the Rating against each IPM Click here to Save IRA can view Calculated Rating

PARS Stage IRA Click on Competencies IRA selects Rating against each Competency Click here to Save

PARS Stage IRA Click on Training section Click Add to select training from available courses If required training is not available in list it can be added in the text box

PARS Stage IRA Activit y Select Location, Type and Category, click Go Select from required course title Click on Choose

PARS Stage IRA Click on Save to save

PARS Stage IRA IRA can view the Strengths & Development Areas entered by employee

PARS Stage IRA IRA clicks on Overall Comments Click here to Save IRA clicks here to Approve

PARS Stage IRA Notification Message to display Appraisal is submitted successfully

PARS Stage - Reviewer

PARS Stage Reviewer PARS Reviewer clicks here to view and continue the appraisal process

PARS Stage Reviewer Reviewer clicks on Employee name to proceed with the appraisal process for the particular employee

PARS Stage Reviewer Reviewer can view comments given by IRA & may add comments against each IPM for the employee Reviewer can view Ratings given by IRA & may modify if required Click on Save

PARS Stage Reviewer Reviewer can view Goals, Competencies, Training, Strengths & Development Click on Overall Comments Reviewer enters Over all Comments (Mandatory) Click on Save & Approve

PARS Stage - HOD

PARS Stage HOD PARS HOD clicks to view and continue the appraisal process

PARS Stage HOD HOD clicks on Employee name to proceed with the appraisal process

PARS Stage HOD HOD can view Goals, Competencies, Training, Strengths & Development Click on Overall Comments HOD can view comments given by IRA & Reviewer HOD enters Over all Comments (Optional) HOD selects the Final Rating from the drop down Click on Save & Approve

PARS Stage HOD Notification Message to display HOD comment / Appraiser s Feedback edited successfully

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