Effective Performance Management System For Enhancing Growth
Performance management system (PMS) is the heart of any "people management " process in the organization. Organizations exist to perform. If people do not perform, organizations don't survive. If people perform at their peak level, organization can compete and create waves. The paper aims to study the present existing PMS in ICICI prudential and Bhushan Steel Ltd. The sample size was 100. The primary data has been collected through the industry interactions and the secondary data has been taken from the reports and periodicals. Performance appraisal practices in India vary from almost "no appraisal" to a "sophisticated multipurpose, multi-component based appraisal system". Good example of such system is: Larsen & Toubro limited, state bank of India and its associated bank, ICICI prudential. The paper concludes that the Individual's performance can be improved if we don't look at the individual as a problem; instead look at his/ her problem. Performance management supports a company in the achievement of strategic goals and objectives. It assists managers in setting clear performance expectations for all employees that are aligned with the strategic goals. It provides a structure for employees to develop the skills they need to achieve the company's strategic goals. (original abstract)
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