Professional Documents
Culture Documents
INTRODUCTION
INTRODUCTION
A major concern of every organization should be to contribute positively towards the
achievement of its objective. Organizational effectiveness is often equated with managerial
efficiency. A manager can ensure organizational effectiveness only by guaranteeing the full
utilization of human resource available through individual employees under his guidance. Hence,
it is always required for a manager to monitor and measure the performance of employees.
Moreover, since the organization exists to achieve the goals, the degree of success that
individual employees have in reaching this individual goal is important in determining
organizational effectiveness. The assessment of how successful employees have been at meeting
their individual goal to come a critical part of human resource management. This leads to
concept of Evaluation of Employee's Performance.
Employee Performance Management is a process for establishing a shared workforce
understanding about what is to be achieved at an organization level. It is about aligning the
organizational objectives with the employees' agreed measures, skills, competency requirements,
development plans and the delivery of results. The emphasis is on improvement, learning and
development in order to achieve the overall business strategy and to create a high performance
workforce.
NEED FOR THE STUDY:
The need of the Evaluation of Employee's Performance is to determine what aspects of
performance are required to be evaluated.
To identify those who are performing their assigned task well and those who are not and
the reason for such performance.
To provide information about the performance ranks basing on which decisions regarded
salary fixation, conformation, promotion, demotion and transfer are taken.
To provide feedback information about the level of achievements and behavior of an
employee.
To provide information and counsel the employee.
To compare actual performance with the standards and in out deviations (positive and
negative)
To create and maintain satisfactory level of performance.
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We can briefly say that Evaluation of Employee's Performance systems are necessities to
assess performance at regular intervals with consistency to study improvements, deviation and to
take corrective actions to bride gaps and improve performance over a period of time.
SCOPE:
In the present study a attempt has been made to know the actual implementation of
Evaluation of Employee's Performance techniques in general and some other aspects such as
awareness of the workers, effectiveness of the performance appraisal system in particular.
Human resource projections are valid on appraisals. By improving job skills, the
employees have lot of scope for development and prepare themselves for higher responsibilities.
A thorough analysis of the Evaluation of Employee's Performance system will help the
management to know the short comings, if any. It also help the company in knowing whether the
performance appraisal techniques are used to full extent or not, there by the researcher can
understand the effective implement of the Evaluation of Employee's Performance system.
OBJECTIVES:
The objective is to know how effective is the execution of Evaluation of Employee's
Performance in ICICI Limited., Hyderabad.
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system, job analysis, and internal and external environment factors influencing employee
performance.
The objectives is to identify the common goals of the organization, define each individuals major
areas of responsibility in terms results expected of him, review the individual performance
progress in a job and his potential for future improvement. It aims at providing data to managers
with whom they may judge future job assignments and compensation.
To establish an objective basis from the different levels of performance and to identify
executives with potential to grow in the organization.
To counsel the employees appropriately regarding their strengths and weaknesses and
asses in developing them to realize they are full potential in line with the company's objectives
and goals. Always emphasize that the role of a manager is to offer constructive support and not
condemn. Give the employees many opportunities to ask guidance to air grievances and discuss
anxieties.
The research methodology is a systematic way to solve the problem and it is an important
component of the study without which researcher may not be able to obtain the facts and figures
from the employees.
SOURCE OF DATA:
The study is based on primary as well as secondary data collected from different sources:
SAMPLING PROCESS:
The sample size consists of 100 respondents employed in ICICI Limited, Hyderabad. Of these 30
are executives, 20 are senior executives and the remaining 50 are employees.
CHAPTER-II
COMPANY PROFILE
A bank is a financial institution that accepts deposits and channels those deposits into
lending activities. Banks primarily provide financial services to customers while enriching
investors. Government restrictions on financial activities by banks vary over time and location.
Banks are important players in financial markets and offer services such as investment
funds and loans. In some countries such as Germany, banks have historically owned major stakes
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in industrial corporations while in other countries such as the United States banks are prohibited
from owning non-financial companies. In Japan, banks are usually the nexus of a cross-share
holding entity known as the keiretsu. In France, bancassurance is prevalent, as most banks offer
insurance services (and now real estate services) to their clients.
Introduction
India's banking sector is constantly growing. Since the turn of the century, there has been
a noticeable upsurge in transactions through ATMs, and also internet and mobile banking.
Following the passing of the Banking Laws (Amendment) Bill by the Indian Parliament in 2012,
the landscape of the banking industry began to change. The bill allows the Reserve Bank of India
(RBI) to make final guidelines on issuing new licenses, which could lead to a bigger number of
banks in the country. Some banks have already received licences from the government, and the
RBI's new norms will provide incentives to banks to spot bad loans and take requisite action to
keep rogue borrowers in check.
Over the next decade, the banking sector is projected to create up to two million new
jobs, driven by the efforts of the RBI and the Government of. India to integrate financial services
into rural areas. Also, the traditional way of operations will slowly give way to modern
technology.
Market size
Total banking assets in India touched USS 1.8 trillion in FY13 and are anticipated to
cross USS 28.5 trillion in FY25.
Bank deposits have grown at a compound annual growth rate (CAGR) of 21.2 per cent over
FY06-13. Total deposits in FY 13 were US$ 1.274.3 billion.
Total banking sector credit is anticipated to grow at a CAGR of 18.1 per cent (in terms of
INR) to reach USS 2.4 trillion by 2017.
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In FY 14, private sector lenders witnessed discernable growth in credit cards and personal
loan businesses. ICICI Bank witnessed 141.6 per cent growth in personal loan disbursement in
FY 14, as per a report by Emkay Global Financial Services. Axis Bank's personal loan business
also rose 49.8 per cent and its credit card business expanded by 31.1 per cent.
Investments
Bengaluru-based software services exporter Mphasis Ltd has bagged a five-year contract
from Punjab National Bank (PNB) to set up the bank's contact centers in Mangalore and Noida
(UP). Mphasis will provide support for all banking products and services, including deposits
operations, lending services, banking processes, internet banking, and account and card-related
services. The company will also offer services in multiple languages.
Microfinance companies have committed to setting up at least 30 million bank accounts
within a year through tie-ups with banks, as part of the Indian government's financial inclusion
plan. The commitment was made at a meeting of representatives of 25 large microfinance
companies and banks and government representatives, which included financial services
secretary Mr GS Sandhu.
Export-Import Bank of India (Exim Bank) will increase its focus on supporting project
exports from India to South Asia, Africa and Latin America, as per Mr Yaduvendra Mathur,
Chairman and MD, Exim Bank. The bank has moved up the value chain by supporting project
exports so that India earns foreign exchange. In 2012-13, Exim Bank lent support to 85 project
export contracts worth Rs 24.255 crore (USS 3.96 billion) secured by 47 companies in 23
countries.
Government Initiatives
The RBI has given banks greater flexibility to refinance current long-gestation project
loans worth Rs 1,000 crore (USS 163.42 million) and more, and has allowed partial buyout of
such loans by other financial institutions as standard practice. The earlier stipulation was that
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buyers should purchase at least 50 per cent of the loan from the existing banks. Now, they get as
low as 25 per cent of the loan value and the loan will still be treated as 'standard'.
The RBI has also relaxed norms for mortgage guarantee companies (MGC) enabling
these firms to use contingency reserves to cover for the losses suffered by the mortgage
guarantee holders, without the approval of the apex bank. However, such a measure can only be
initiated if there is no single option left to recoup the losses.
SBI is planning to launch a contact-less or tap-and-go card facility to make payments in
India. Contact-less payment is a technology that has been adopted in several countries, including
Australia, Canada and the UK, where customers can simply tap or wave their card over a reader
tit a point-of-sale terminal, which reads the card and allows transactions.
SBI and its five associate banks also plan to empower account holders at the bottom of the social
pyramid with a customer call facility. The proposed facility will help customers get an update on
available balance, last five transactions and cheque book request on their mobile phones.
Road Ahead
India is yet to tap into the potential of mobile banking and digital financial services.
Forty-seven per cent of the populace have bank accounts, of which half lie dormant due to
reliance on cash transactions, as per a report. Still, the industry holds a lot of promise.
India's banking sector could become the Fifth largest banking sector in the world by 2020
and the third largest by 2025. These days, Indian banks are turning their focus to servicing clients
and enhancing their technology infrastructure, which can help improve customer experience as
well as give banks a competitive edge.
Exchange Rate Used: INR 1 = USS 0.0163 as on October 28, 2014
The level of government regulation of the banking industry varies widely, with countries
such as Iceland, having relatively light regulation of the banking sector, and countries such as
China having a wide variety of regulations but no systematic process that can be followed typical
of a communist system.
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The oldest bank still in existence is Monte dei Paschi di Siena, headquartered in Siena,
Italy, which has been operating continuously since 1472.
History
Origin of the word
The name bank derives from the Italian word banco "desk/bench", used during the
Renaissance by Jewish Florentine bankers, who used to make their transactions above a desk
covered by a green tablecloth. However, there are traces of banking activity even in ancient
times, which indicates that the word 'bank' might not necessarily come from the word 'banco'.
In fact, the word traces its origins back to the Ancient Roman Empire, where
moneylenders would set up their stalls in the middle of enclosed courtyards called macella on a
long bench called a bancu, from which the words banco and bank- are derived. As a
moneychanger, the merchant at the bancu did not so much invest money as merely convert the
foreign currency into the only legal tender in Romethat of the Imperial Mint.
The earliest evidence of money-changing activity is depicted on a silver drachm coin
from ancient Hellenic colony Trapezus oh the Black Sea, modern Trabzon, c. 350-325 BC,
presented in the British Museum in London. The coin shows a banker's table (trapeza) laden with
coins, a pun on the name of the city.
In fact, even today in Modern Greek the word Trapeza {TpaneCa) means both a table and a bank.
Entry regulation
Currently in most jurisdictions commercial banks are regulated by government entities
and require a special bank license to operate.
Usually the definition of the business of banking for the purposes of regulation is
extended to include acceptance of deposits, even if they are not repayable to the customer's order
although money lending, by itself, is generally not included in the definition.
Unlike most other regulated industries, the regulator is typically also a participant in the
market, i.e. a government-owned (central) bank. Central banks also typically have a monopoly
on the business of issuing banknotes. However, in some countries this is not the case. In the UK,
for example, the Financial Services Authority licences banks, and some commercial banks (such
as the Bank of Scotland) issue their own banknotes in addition to those issued by the Bank of
England, the UK government's central bank.
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Where bank transactions, balances, credits and debits are discussed below, they are done
so from the viewpoint of the account holderwhich is traditionally what most people are used to
seeing.
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Economic functions
1.
issue of money, in the form of banknotes and current accounts subject to cheque or
payment at the customer's order. These claims on banks can act as money because they are
negotiable and/or repayable on demand, and hence valued at par. They are effectively
transferable by mere delivery, in the case of banknotes, or by drawing a cheque that the payee
may bank or cash.
2.
netting and settlement of payments - banks act as both collection and paying agents for
credit intermediation - banks borrow and lend back-to-back on their own account as
middle men.
4.
credit quality improvement - banks lend money to ordinary commercial and personal
borrowers (ordinary credit quality), but are high quality borrowers. The improvement comes
from diversification of the bank's assets and capital which provides a buffer to absorb losses
without defaulting on its obligations. However, banknotes and deposits are generally unsecured;
if the bank gets into difficulty and pledges assets as security, to raise the funding it needs to
continue to operate, this puts the note holders and depositors in an economically subordinated
position.
5.
maturity transformation - banks borrow more on demand debt and short term debt, but
provide more long term loans. In other words, they borrow short and lend long. With a stronger
credit quality than most other borrowers, banks can do this by aggregating issues (e.g. accepting
deposits and issuing banknotes) and redemptions (e.g. withdrawals and redemptions of
banknotes), maintaining reserves of cash, investing in marketable securities that can be readily
converted to cash if needed, and raising replacement funding as needed from various sources
(e.g. wholesale cash markets and securities markets).
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Law of banking
Banking law is based on a contractual analysis of the relationship between the bank
(defined above) and the customerdefined as any entity for which the bank agrees to conduct an
account.
The law implies rights and obligations into this relationship as follows:
1.
The bank account balance is the financial position between the bank and the customer:
when the account is in credit, the bank owes the balance to the customer; when the account is
overdrawn, the customer owes the balance to the bank.
2.
The bank agrees to pay the customer's cheques up to the amount standing to the credit of
3.
The bank may not pay from the customer's account without a mandate from the customer,
The bank agrees to promptly collect the cheques deposited to the customer's account as
the customer's agent, and to credit the proceeds to the customer's account.
5.
The bank has a right to combine the customer's accounts, since each account is just an
The bank has a lien on cheques deposited to the customer's account, to the extent that the
The bank must not disclose details of transactions through the customer's account
unless the customer consents, there is a public duty to disclose, the bank's interests require it, or
the law demands it.
8.
The bank must not close a customer's account without reasonable notice, since cheques
These implied contractual terms may be modified by express agreement between the
customer and the bank. The statutes and regulations in force within a particular jurisdiction may
also modify the above terms and/or create new rights, obligations or limitations relevant to the
bank-customer relationship.
Some types of financial institution, such as building societies and credit unions, may be
partly or wholly exempt from bank licence requirements, and therefore regulated under separate
rules.
The requirements for the issue of a bank licence vary between jurisdictions but typically include:
1.
Minimum capital
2.
3.
'Fit and Proper' requirements for the bank's controllers, owners, directors, and/or senior
officers
4.
Approval of the bank's business plan as being sufficiently prudent and plausible.
Types of banks
Banks' activities can be divided into retail banking, dealing directly with individuals and
small businesses; business banking, providing services to mid-market business; corporate
banking, directed at large business entities; private banking, providing wealth management
services to high net worth individuals and families; and investment banking, relating to activities
on the financial markets. Most banks are profit-making, private enterprises. However, some are
owned by government, or are non-profit organizations.
Central banks are normally government-owned and charged with quasi-regulatory
responsibilities, such as supervising commercial banks, or controlling the cash interest rate. They
generally provide liquidity to the banking system and act as the lender of last resort in event of a
crisis.
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Commercial bank: the term used for a normal bank to distinguish it from an investment
bank. After the Great Depression, the U.S. Congress required that banks only engage in banking
activities, whereas investment banks were limited to capital market activities. Since the two no
longer have to be under separate ownership, some use the term "commercial bank" to refer to a
bank or a division of a bank that mostly deals with deposits and loans from corporations or large
businesses.
Community development banks: regulated banks that provide financial services and
Postal savings banks: savings banks associated with national postal systems.
Private banks: banks that manage the assets of high net worth individuals.
Offshore banks: banks located in jurisdictions with low taxation and regulation. Many
Savings bank: in Europe, savings banks take their roots in the 19th or sometimes even
18th century. Their original objective was to provide easily accessible savings products to all
strata of the population. In some countries, savings banks were created on public initiative; in
others, socially committed individuals created foundations to put in place the necessary
infrastructure. Nowadays, European savings banks have kept their focus on retail banking:
payments, savings products, credits and insurances for individuals or small and medium-sized
enterprises. Apart from this retail focus, they also differ from commercial banks by their broadly
decentralised distribution network, providing local and regional outreachand by their socially
responsible approach to business and society.
Ethical banks: banks that prioritize the transparency of all operations and make only what
Investment banks "underwrite" (guarantee the sale of) stock and bond issues, trade for
their own accounts, make markets, and advise corporations on capital market activities such as
mergers and acquisitions.
Merchant banks were traditionally banks which engaged in trade finance. The modern
definition, however, refers to banks which provide capital to firms in the form of shares rather
than loans. Unlike venture capital firms, they tend not to invest in new companies.
Both combined
Universal banks, more commonly known as financial services companies, engage in several of
these activities. These big banks are very diversified groups that, among other services, also
distribute insurance hence the term bancassurance, a portmanteau word combining "banque or
bank" and "assurance", signifying that both banking and insurance are provided by the same
corporate entity.
Islamic banks adhere to the concepts of Islamic law. This form of banking revolves around
several well-established principles based on Islamic canons. All banking activities must avoid
interest, a concept that is forbidden in Islam. Instead, the bank earns profit (markup) and fees on
the financing facilities that it extends to customers.
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ICICI Bank is India's largest private sector bank with total assets of Rs. 5,946.42 billion
(USS 99 billion) at March 31, 2014 and profit after tax Rs. 98.10 billion (USS 1,637 million) for
the year ended March 31, 2014.ICICI Bank currently has a network of 3,839 Branches and
11,943 ATM's across India.
History
1955
The Industrial Credit and Investment Corporation of India Limited (ICICI) incorporated
at the initiative of the World Bank, the Government of India and representatives of Indian
industry, with the objective of creating a development financial institution for providing
medium-term and long-term project financing to Indian businesses. Mr.A.Ramaswami Mudaliar
elected as the first Chairman of ICICI Limited.
ICICI emerges as the major source of foreign currency loans to Indian industry. Besides
funding from the World Bank and other multi-lateral agencies, ICICI was also among the first
Indian companies to raise funds from international markets.
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial
institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was
reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in
the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of
Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by
ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955
at the initiative of the World Bank, the Government of India and representatives of Indian
industry.
The principal objective was to create a development financial institution for providing
medium- term and long-term project financing to Indian businesses.
In the 1990s, ICICI transformed its business from a development financial institution
offering only project finance to a diversified financial services group offering a wide variety of
products and services, both directly and through a number of subsidiaries and affiliates like
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ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or financial
institution from non-Japan Asia to be listed on the NYSE.
After consideration of various corporate structuring alternatives in the context of the
emerging competitive scenario in the Indian banking industry, and the move towards universal
banking, the managements of ICICI and ICICI Bank formed the view that the merger of ICICI
with ICICI Bank would be the optimal strategic alternative for both entities, and would create the
optimal legal structure for the ICICI group's universal banking strategy. The merger would
enhance value for ICICI shareholders through the merged entity's access to low-cost deposits,
greater opportunities for earning fee-based income and the ability to participate in the payments
system and provide transaction-banking services. The merger would enhance value for ICICI
Bank shareholders through a large capital base and scale of operations, seamless access to
ICICI's strong corporate relationships built up over five decades, entry into new business
segments, higher market share in various business segments, particularly fee-based services, and
access to the vast talent pool of ICICI and its subsidiaries.
In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger
of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial
Services Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was
approved by shareholders of ICICI and ICICI Bank in January 2002, by the High Court of
Gujarat at Ahmadabad in March 2002, and by the High Court of Judicature at Mumbai and the
Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group's financing and
banking operations, both wholesale and retail, have been integrated in a single entity.
ICICI Group Companies
ICICI Group
http://www.icicigroupcoinpanies.com
ICICI Prudential Life Insurance Company
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http://www.iciciprulife.eom/public/default.h tm
ICICI Securities
http://www.icicisecurities.com
ICICI Lombard General Insurance Company
h ttp: //www. i c i c i 1 ombard. com
ICICI Prudential AMC & Trust
http://www.icicipruamc.com
ICICI Venture
http://www.iciciventure.com
ICICI Direct
http://www.icicidirect.com
ICICI Foundation
http://www.icicifoundation.org
Disha Financial Counselling
http://www.icicifoundation.org
Board of Directors
Mr. K. V. Kamath, Chairman
Dr. Tushaar Shah
Mr. Dileep Choks
Mr. V. K. Sharma
21
Awards - 2014
ICICI Bank
Ms. Chanda Kochhar received an honorary Doctor of Laws from Carleton University,
Canada. The university conferred this award on Ms. Kochhar in recognition of her
pioneering work in the financial sector, effective leadership in a time of economic crisis
and support for engaged business practices.
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Ms Chanda Kochhar featured in The Telegraph (UK) list of'11 most important women in
finance'.
ICICI Bank has been recognised as one of the 'Top Companies for Leaders' in India in a
study conducted by Aon Hewitt.
IDRBT has given awards to ICICI Bank in the categories of'Social Media and Mobile
Banking' and' Business Intelligence Initiatives'.
ICICI Bank won the award for the Best Bank - Global Business Development (Private
Sector) in the Dun & Bradstreet - Polaris Financial Technology Banking Awards 2014.
ICICI Bank was awarded the Certificate of Recognition as one of the Top 5 Companies in
Corporate Governance in the 14th ICSI (The Institute of Company Secretaries of India)
National Awards for Corporate Governance.
ICICI Bank has been honoured as The Best Service Provider - Risk Management,
India at The Asset Triple A Transaction Banking, Treasury, Trade and Risk Management
Awards 2014.
Mr Rakesh Jha has been ranked as the Best CFO in India at the 14th Annual Finance
Asia's Best Managed Companies Poll.
ICICI Bank has won The Corporate Treasurer Awards 2013 in the categories of 'Best
Cash Management Bank in India' & 'Best Trade Finance Bank in India'.
ICICI Bank has been awarded the 'Best Retail Bank in India', 'Best Microfinance
Business' and Best Retail Banking Branch Innovation' under the 'Excellence in Retail
Financial Services awards 2014' by The Asian Banker.
Ms Chanda Kochhar, MD & CEO, ICICI Bank, has been named among Fortune's 50
most powerful women in business for the fourth consecutive year.
Ms. Chanda Kochhar, MD and CEO received die 'Mumbai Women Of The Decade' award
by ASSOCHAM.
ICICI Bank, India's largest private sector bank, today announced the launch of India's
only credit card with a unique transparent design and a distinctive look. The 'ICICIBank
Coral American Express Credit Card' is the latest addition to the Bank's exclusive
'Gemstone Collection' of credit cards.
Speaking at the launch, Mr. Rajiv Sabharwal, Executive Director, ICICI Bank
said, "At ICICI Bank, it is our constant endeavour to deliver innovative, powerful and distinctive
value propositions to our discerning customers. We are delighted to launch the 'ICICI Bank Coral
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American Express Credit Card', the only card in the country with a youthful, transparent design.
Aimed at providing significant lifestyle benefits, this card re- affirms our commitment to bring
forth innovative services to our customers. We are also introducing a host of exciting privileges
including an introductory extended credit period offer and bonus reward points on online
transactions. We believe this card will be yet another compelling addition to our Gemstone
collection of credit cards."
Ms. Siew Choo Ng, Senior Vice President, Head of Global Network
Partnerships, Asia, American Express International, Inc. said, "We are delighted to have
further strengthened our long and cherished relationship with ICICI Bank with the launch of the
new ICICI Bank Coral American Express Credit Card. Designed to appeal to value seeking
customers, the Card reinforces our consistent endeavor to provide differentiated products and
services to our customers. The Card offers a wide array of exclusive privileges and features
including additional PAYBACK points on online spend and an innovative transparent design. At
American Express, we always strive to work closely with our partners to develop the most
relevant and compelling products for our valued card members."
Mr. Sanjay Rishi, President, South Asia, American Express, said, "This launch marks
a further strengthening of the relationship between ICICI Bank and American Express. We
already partner with ICICI Bank on customer loyalty programs, insurance services, retail
banking services as well as initiatives to expand card accepting merchants. The launch of the
ICICI Bank Coral American Express Card combines the strengths and capabilities of both
organizations to offer an exciting new payment choice to customers.
The ICICI Bank Coral American Express Credit Card offers a wide range of attractive
benefits to its card members:
Extended Credit Period; a unique proposition offering card members ability to carry over
the retail purchase balances in first two billing statements by simply paying the minimum
amount due. No interest shall be charged in such cases and the total amount due shall be payable
as per the third billing statement. TnC apply, for complete details please
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visit www.icicibank.com.
4 PAYBACK points per Rs.100 spent on dining, groceries and at supermarkets, 3 PAYBACK
points per Rs.100 of online spends and 2 PAYBACK points per Rs.100 on other spends
Complimentary movie tickets with 'buy one get one free' offer on www.bookmvshow.com
Complimentary visits to Altitude lounges at Mumbai and Delhi airports
Minimum 15% discount on dining bills at leading restaurants across India with the ICICI
Bank 'Culinary Treats' programme
No fuel surcharge on fuel transactions at HPCL fuel stations
26% stake respectively. For FY 2012, the company garnered Rs. 140.22 billion of total premiums
and has underwritten over 13 million policies since inception. The company has assets held over
Rs. 707.71 billion as on March 31, 2012.
ICICI Lombard General Insurance Company, is a joint venture between ICICI Bank
Limited, India's second largest bank with consolidated total assets of over USD 91 billion at
March 31, 2012 and Fairfax^Financial Holdings Limited, a Canada based USD 30 billion
diversified financial services company engaged in general insurance, reinsurance, insurance
claims management and investment management. ICICI Lombard GIC Ltd. is the largest private
sector general insurance company in India with a Gross Written Premium (GWP) of Rs. 5,358
crore for the year ended March 31, 2012. The company issued over 76 lakh policies and settled
over 44 lakh claims and has a claim disposal ratio of 99% (percentage of claims settled against
claims reported) as on March 31, 2012.
ICICI Securities Ltd is the largest integrated securities firm covering the needs of
corporate and retail customers through investment banking, institutional broking, retail broking
and financial product distribution businesses. Among the many awards that ICICI Securities has
won, the noteworthy awards for 2012 were: Asiamoney 'Best Domestic Equity House for 2012;
'BSE IPF D&B Equity Broking Awards 2012' under two categories:- Best Equity
Broking House - Cash Segment and Largest E-Broking House; the Chief Learning
Officer Award from World HRD Congress for Innovation in Learning category. IDG India's CIO
magazine has recognized ICICI Securities as a recipient of CIO 100 award in 2009, 2010,
2011 and 2012. I-Sec won this awards 4 times in a row for which the CIO Hall of Fame award
was additionally conferred in 2012.
ICICI Securities Primary Dealership Limited (T-Sec PD') is the largest primary dealer in
Government Securities. It is an acknowledged leader in the Indian fixed income and money
markets, with a strong franchise across the spectrum of interest rate products and services institutional sales and trading, resource mobilisation, portfolio management services and
research. One of the first entities to be granted primary dealership license by RBI, I-Sec PD has
made pioneering contributions since inception to debt market development in India. I-Sec PD is
also credited with pioneering debt market research in India. It is one of the largest portfolio
26
managers in the country and amongst PDs, managing the largest AUM under discretionary
portfolio management. I-Sec PD's leadership position and research expertise have been
consistently recognised by domestic and international agencies. In recognition of our
performance in the Fixed Income market, we have received the following awards:
"Best Domestic Bond House" in India - 2007, 2005, 2004, 2002 by Asia Money
"Best Bond House" - 2009, 2007, 2006, 2005, 2004, 2001 by Finance Asia
"Best Domestic Bond House" - 2009 by The Asset Magazine's annual Triple A Country Awards
Ranked volume leader - by Greenwich Associates in 2010 Asian Fixed-Income Investors Study.
Ranked 5th in 'Domestic Currency Asian Credit' with market share of 4.5%, Only Domestic
entity to be ranked.
"Best Debt House in India" - 2012 by EUROMONEY
ICICI Prudential Asset Management is the third largest mutual fund with average asset
under management of Rs. 688.16 billion and a market share ( mutual fund ) of 10.34% as on
March 31, 2012. The Company manages a comprehensive range of mutual fund schemes and
portfolio management services to meet the varying investment needs of its investors through 117
branches and 196 CAMS official point of transaction acceptance spread across the country.
ICICI Venture is one of the largest and most successful alternative asset managers in
India with funds under management of over USS 2 billion. It has been a pioneer in the Indian
alternative asset industry since its establishment in 1988, having managed several funds across
various asset classes over multiple economic cycles. ICICI Venture is a wholly owned subsidiary
of ICICI Bank
GROUP PHILOSOPHY
As India transforms into a key player in the global economic arena, multiple
opportunities for the financial services sector have emerged. We, at ICICI Group, seek to partner
27
the country's growth and globalization through the delivery of world-class financial services
across all cross-sections of society.
From providing project and working capital finance to the buoyant manufacturing and
infrastructure sectors, meeting the foreign investment and treasury requirements of the Indian
corporate with increasing levels of international engagement, servicing the India linked needs of
the growing Indian diaspora, being a catalyst to the consumer finance story to serving the
financially under-served segments of the society, our technology empowered solutions and
distribution network have helped us touch millions of lives.
Vision:
To be the leading provider of financial services in India and a major global bank.
Mission:
We will leverage our people, technology, speed and financial capital to:
be the banker of first choice for our customers by delivering high quality, world-class
maintain a healthy financial profile and diversify our earnings across businesses and
geographies.
28
1) ICICI Foundation for Inclusive Growth: ICICI Foundation for Inclusive Growth (ICICI
Foundation) was founded by the ICICI Group in early 2008 to carry forward and build upon
its legacy of promoting inclusive growth. ICICI Foundation works within public systems and
specialised grassroots organisations to support developmental work in four identified focus areas.
We are committed to investing in long-term efforts to support inclusive growth
through effective interventions.
2) Disha Counselling: Disha Financial Counselling services are free to all in areas like financial
education, credit counselling and debt management.
3) Technology Finance Group: TFG's programmes are designed to assist industry and
institutions to undertake collaborative R&D and technology development projects.
4) Read to Lead campaign: ICICI Bank has pledged to educate 1,00,000 children through the
'Read to Lead initiative. Because education today means a better life tomorrow.
5) Go Green. Each one for a better earth: ICICI Bank, is a responsible corporate citizen and
believes that every small 'green' step today would go a long way in building a greener future and
that each one of us can work towards a better earth. Go Green' is an organisation wide initiative
that moves beyond moving ourselves, our processes and our customers to cost efficient
29
automated channels to building awareness and consciousness of our environment, our nation and
our society.
PERSONAL BANKING
Deposits
ICICI Bank offers wide variety of Deposit Products to suit your requirements.
Convenience of networked branches/ ATMs and facility of E-channels like Internet and Mobile
Banking, Select any of our deposit products and provide your details online and our
representative will contact you.
Loans
ICICI Bank offers wide variety of Loans Products to suit your requirements. Coupled
with convenience of networked branches/ ATMs and facility of E-channels like Internet and
Mobile Banking, ICICI Bank brings banking at your doorstep. Select any of our loan product and
provide your details online and our representative will contact you for getting loans.
Cards
ICICI Bank offers a variety of cards to suit your different transactional needs. Our range
includes Credit Cards, Debit Cards and Prepaid cards. These cards offer you convenience for
your financial transactions like cash withdrawal, shopping and travel. These cards are widely
accepted both in India and abroad. Read on for details and features of each.
Wealth Management
Wealth is the result of a recognized opportunity. We understand this and we work with
you to plan and manage your financial opportunities prudently. Not just that, we also extend a
host of services so you can remain focused on immediate objectives while we take care of all
your wealth management requirements.
30
CHAPTER-III
REVIEW OF THE LITERATURE
31
process of management. Some of the developments that have shaped Performance Management
in recent years are the differentiation of employees or talent management, management by
objectives and constant monitoring and review. Its development was accelerated by the following
factors:
completed by line managers throughout the year - it is not a once off annual event coordinated by
the personnel department.
Focusing on setting clear performance objectives and expectations through the use of
results, actions and behaviors,
Defining clear development plans as part of the process, and
Conducting regular discussions throughout the performance cycle which include such
things as coaching, mentoring, feedback and assessment.
Performance appraisal properly describes a process of judging past performance and not that
performance against clear and agreed objectives. Performance Management shifts the focus away
from just an annual event to an on-going process. Figure 2.1 is a process diagram that provides a
graphical view of the major differences between the two processes.
34
Figure 2.1 Graphical view of the difference between performance Appraisal and
Management www.peoplestreme.com
Typical Outcomes from Annual Appraisals
Most recent research suggests that annual staff reviews are generally perceived as a
difficult and painful process by both managers and employees. As there are typically no
objectives which are set in appraisal systems, there is no link to strategic or operational
outcomes. If the CEO's objective was to increase margins by 3%, employees may be aware of the
CEO's intent but they are usually not measured on this objective in their individual appraisal.
Therefore, there is no linkage in the appraisal review and no linkage at a team or department
level.
35
Misdirected Bonuses
This situation has been illustrated many times where employees and managers have
received favorable reviews and bonuses and yet the organization has not achieved its goals. The
organization may be losing millions of dollars and yet still paying out bonuses to its managers
and employees.
Too Painful, Emotionally Charged
a poor emotional state in which to have a thorough discussion about employee performance.
Poor Understanding of Expectations High stress levels for both managers and employees also
become a factor. They both know they will be judged on the outcome of the appraisal and the
fallout is often destructive rather than constructive. The reasoning behind this is that there are
rarely any pre-defined measures or objectives and the employee review is not based on any
considered evaluation criteria. The employees' remuneration and future are at stake and the
goodwill of the managers future resources are also at stake. This leads to high stress in the case
both individuals and this is
Where the appraisal system is poorly communicated, both the employee and manager
enter these discussions with low confidence levels. This is due to a lack of "rules" as to how to
go about the appraisal process and a lack of understanding of the expected outcomes. As this
process is infrequent, it is viewed by the employee as an opportunity to discuss remuneration,
promotion prospects and other issues related to the employee. This means the discussion is
dominated by employee content rather than what the manager needs the employee to do for the
next year. This leads to vague definition of performance goals and perpetuates the system of
poorly defined and executed appraisals.
As an annual staff review is so infrequent, both managers and employees find it difficult
to remember what actually happened during the year. Both typically come to the meeting ill
prepared with little meaningful content to discuss. This makes the appraisal more difficult and
frustrates both the employee and manager.
36
Bad Timing
More often than not, the annual appraisal is executed on the employees' anniversary
which does not coincide with any particular performance period. If appraisals are conducted
annually on the anniversary date, it is only possible to align at best only 50% of your staff with
future objectives, assuming there is an even distribution of start dates across the employee
workforce. Given that most appraisal systems are not automated, there is poor reporting and
therefore low visibility as to who did or did not achieve their objectives.
37
38
favorable reviews and bonuses in line with their performance and contribution to the
organization.
Communication Improves
The employee and manager communicate more frequently and agree on changed
objectives to suit continuing changes in conditions and priorities. This is an inclusive and
collaborative process, which ensures that the employee has input and does not feel they have
wasted the year. The employee works towards specific objectives that are relevant. If the
organization is using a Performance Management product that has a performance diary, both the
manager and employee attend the review meeting with copies of their performance diary notes.
This contains content from the performance period to be reviewed. Given that both have content,
they feel much better prepared and stress is lower than if they were attending a meeting not
aware of the subject matter.
39
If the organization has a system with a performance diary, then both parties are prepared
with relevant content to discuss. They have diary notes that relate to performance during the
entire performance period. This raises confidence and reduces stress levels. Both parties feel
more comfortable and they can have a content rich and factual discussion about performance.
By conducting more frequent reviews, objectives can be adjusted and modified to suit
changing business conditions. This dramatically increases the probability that the objectives are
relevant and are able to be acted upon during the performance period.
By performing frequent performance reviews, visibility is increased dramatically. Areas
of non performance receive much more focus and attention and problems can be acted upon
40
much quicker. Most Performance Management systems provide reporting as to who has or has
not achieved their objectives (departments and individuals). Adjustments to objectives or strategy
can then be made to ensure expectations can be met. Alternately, expectations can be modified as
appropriate. By reviewing more frequently, all managers and employees start to plan and execute
to clearly thought out objectives. This results in better resource management and enables
managers to work on the business, not in the business.
Given that most Performance Management systems require managers and employees to
commit to a development plan, employees experience real personal development and become
more engaged with the organization. They feel part of the organization and start to understand
that they and the organization are interdependent. The organization is developing the employee
and the employee is working towards developing the organization by achieving its goals. The
majority of Performance Management systems are able to provide graphical compliance reports.
Therefore, the setting of objectives and development plans for employees can no ldnger be
ignored. Employees see real planning, are involved in setting meaningful objectives and have
input into personal development plans which benefit both themselves and the organization. In all,
this results in an engaged workforce who are extremely committed to achieving real outcomes
for the organization.
Performance Management Research
Several studies have been conducted in Australia that indicates the predominant method
of assessing employees in Australia is appraisal. During 2004, Associate Professor Alan
Nankervis of Royal Melbourne Institute of Technology conducted a study of 992 Australian
organisations. One of the outcomes was that only 2.4% of organizations reviewed their
employees against objectives, the remaining 97.5% were a combination of some type of
appraisal.
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42
Assessment center
Appraisal by results or management by objectives
Human asset accounting method
Behaviorally anchored rating sales
TRADITIONAL METHODS
1. Straight Rank Method:
43
It is the oldest & simplest method of performance appraisal, by which the man and his
performance are considered as an entity by the rater. Then ranking of a man in work group is
done against may also do that of another member of a competitive group by placing him as one
or two or three in total group, i.e. persons are tested in order of merit and place in a simple
grouping.
2. Man -To-man Comparison Method:
The USA army during the FIRST WORLD WAR used this technique. By this method,
certain factors are selected for the purpose of analysis and a scale is designed by the rater for
each factor. A scale of man is also created for each selected factor. The each man to be rated is
compared with in the scale, and certain scores for each factor are awarded to him. This method is
used in job evaluation, and is known as the factor comparison method.
3. Grading Method:
Under this system, the rater considers certain features and marks them accordingly to a
scale. The selected features may be analytical ability, cooperativeness, dependability, selfexpression, job knowledge, judgment, leadership and organizing ability, etc. they may be
A.
B.
C.
D.
E.
Outstanding,
Very good,
Good or average,
Fair,
Poor,
44
This is most commonly used method of performance appraisal. Under it, a printed forms
one of each person to be rated. According to juices, these factors are employee characteristics ad
employee contribution. In employee characteristics are included such qualities and initiative,
leadership, cooperativeness, dependability, industry, attitude, enthusiasm, loyalty, creative ability,
decisiveness, analytical ability, emotional ability and co-ordination. In the employee contribution
are quantity and quality of work, the responsibility assumed specific goals achieved regularity of
attendance, leadership offered, attitude towards supervisors and associates, versatility etc. The
rating scale method is easy to understand and easy to use, and permits a statistical tabulation of
scores. A ready comparison of scores among the employees is possible.
or minimize rater's bias, so that all personnel may not be placed at the higher end or at the lower
end of the scale. It requires the rater to appraise an employee according to a predetermined
distribution scale. Under this system, it is assumed that it is possible and desirable to rate only to
factors, viz., job performance and promotability. For this purpose, a five point performance scale
is used without any descriptive statement. Employees are placed'between the two extremes of
'good' and 'bad' job performance.
7.
Check List:
45
Under this method, the rater does not evaluate employee performance; he supplies report
about it and the personnel department does the final rating. A series of questions are presented
concerning an employee to his behaviour. The rater, the checks to indicate if the answer to a
question about an employee is positive or negative. An example of check list is given below:
a.
b.
c.
d.
e.
46
Objectives of MBO:
MBO has an objective in itself. The objective is to change behaviour and attitudes
towards the affecting getting the job done. In other words, it is result oriented; it is performance
that counts. It is a management system and philosophy that stresses goals rather has methods. It
provides responsibility and accountability and recognizes that employees have needs for
achievement and self-fulfillment. It meets These needs by providing opportunities for
participation goals setting process. Sub ordinates become involved in planning their own careers.
47
MBO Process:
This method emphasizes the value of the present and the future instead of that of the past,
and focuses attention on the results that are accomplished and not on personal traits or
operational methodology. An employee is not judged in terms of operational methodology, or in
terms of initiative, cooperativeness, attitude, emotional stability, or any other human quality, but
on the basis of the achievement of the targets that have been set. This method is largely applied
to technical, professional, supervisory or execute personnel and not to the hourly paid workers
because their jobs are usually too restricted. Under MBO programme, an employee and his
supervisory meet and together define, establish and set certain goals or objectives which the
employee would attempt to achieve within the period of, prescribed time. It consists of five basic
steps:
o Set organizational goals i.e., establishment of an organization wide strategy and
goals.
o Joint goals setting i.e., establishment of short term performance targets between
the management and the subordinate in a conference between them.
o Performance review i.e., frequent performance review meetings between the
manager and the subordinate.
o Set check points i.e., establishment of major check points to measure progress.
o Feed back.
1)
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49
If you want to improve employee performance, think about your daily conversations with
employees. No better opportunity exists to reinforce and help refine excellent employee
performance. You discuss new projects, talk about overdue assignments, give updates about
completed tasks, and more. Use these conversations to reinforce the importance of doing a great
job. How? Link the employee performance to a workplace result.
o If you attend the community meetings (action you want employee to take), you
will have an opportunity to interact with all of the senior managers in the
company (result of action)."
o "By participating in the project (action you want employee to take), you will have
an opportunity to leam more about the organizationas strategic plan (result of
action)."
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and such other positive tendencies of the employees. Bet whether the employees are committed,
dedicated, willing to work hard etc. depends on few factors viz., employee's feelings about the
nature of work, yearning for recognition, cordial relations and above all a well guided and
properly designed personnel appraisal system is implemented to achieve the said goal. This has
led to the researcher to choose the topic.
In the present study an attempt has been made to throw a beacon of light on the various
aspects related to performance appraisal system as witnesses ICICI Limited., Hyderabad. Based
on the analysis it needs to be probed how performance appraisal practices help in achieving the
organizational goal?
54
Job knowledge.
Mental ability.
Attitude.
General disposition.
Efficiency.
Leadership (for supervisory staff).
2). General comments are overall assessment including development needs of the appraised
leading to the final assessment.
3). Review discussion between appraised.
4). Follow up action, if any, to be taken.
Appraisal Ratings:
Individual factors failing within the areas including separate
weightages for WG to 6, WG 5 to 6, WSI, administrative staff is follows:
Factors
WGI
WGV/VI
WSI
Administrative
to WGIV
Staff
Job knowledge
4
2
2
4
Mental ability
3
2
5
4
Attitude
5
5
4
6
General ability
3
6
2
2
Efficiency/leadership
5
5
7
7
Factor Score:
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Each of these factors has to be assessed on a 5-point scale multiplied by the specified
weightage from each other factor. Assessment of each factor will be done separately by the
reporting officer and the reviewing officer.
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STAGES OF APPRAISAL:
The appraisal system consists of the following stages:
1.
2.
job knowledge
efficiency of work
volume of output
Quality of output.
General comments and overall assessment including development of the appraisal leading
4.
Appraisal Rating:
Individual factors failing within the above areas have separate weightages.
The details are given below:
FACTORS
Job knowledge
Volume of output
Efficiency of work
Quality of output
Minimum score
WEIGHTAGE
4
6
6
4
60%
Factors Score:
Each of these factors has to be assessed on a 5-point scale and multiplied by the specified
weightage from each other. Both the reporting officer and the reviewing officer will separately
assess each other.
57
STAGES OF APPRISAL:
This system consists of the following stages:
1. appraisal rating of the employees on:
Job performance factors.
Managerial ability factors.
2. General comments and overall assessment including developmental needs of theappraise
leading to the final assessment.
3. A review discussion between the appraiser and appraisee.
4. Follow up action, if any to be taken.
APPRAISAL RATINGS:
58
Individual factors failing within the above areas have separate weighages for supervisory and
executive groups. These are given below:
A job Performance Factors:
Factors
Job knowledge
Quality of work
Target fulfillment
Cost/time control
Safety consciousness
TOTAL:
B. Managerial Ability Factors:
Weightage
Supervisors
6
6
6
6
6
30
Factors
Planning and organizing
Problem analysis and decision making
Interpersonal skills
Communication skills
Self motivation
Commitment
Responsiveness to change/innovation
Developing subordinates
Management of human resources
Positive discipline
TOTAL(B)
TATAL(A+B)
Weightage
Supervisors
2
2
2
2
2
2
2
2
2
2
2
2
Executive
4
4
4
4
4
20
Executive
2
2
4
4
3
2
3
3
4
2
30
50
Factor Score:
Each of these has to be assessed on a 5-point scale and multiple by the specified
weightage from each other. Assessment of each factor will be done separately by the reporting
officer and the reviewing officer.
Total appraisal score:
In arriving at the total score, the following weightages are given to the assessment of
reporting/reviewing officers.
59
Reporting officer-60%
Reviewing officer-40%
The total appraisal score for each of this appraise are arrived at by applying weightages
as given below:
Total factor
Reporting Officer
Reviewing Officer
Total appraisal score
Weightage
200
150
Score
60%
40%
Weighted Score
120
60
180
For the purpose of consideration for promotion the total appraisal score will be divided by 5 and
entered in the assessment sheet.
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During the review discussion, the appraisee should give a list of the factors to the
appraisal of the employee is completed him approximately on the areas of strengths and
weaknesses. He should specially indicate the lines on which the appraise should make
improvements and give him proper guideline. The response of the appraise should there after be
recorded.
PERFORMANCE REVIEW COMMITTEE:
Outstanding appraisals of executives shall be subject to review in detail by
performance review committees constituted as under. The above committees shall examine these
ratings on objective basis keeping in view the significant contributions of the assesses in relation
to the unit/company performance.
A). PS I THROUGH PS VI:
Chief of unit
Chief of finance
Chief of personnel
Chief of works/division
B). PS VII and PS VIII:
Functional director
Business group director
Executive director
Chief of unit
Representative of director, finance
Representative of director, personnel
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C). Unit chief and above- chairman, managing director and functional director:
The above performance shall also review the ratings of low performers with the
reference to the constraints, if any, faced by the appraisee. The committees may also recommend
development through training or change of job to enable such low performers to improve their
performance.
FOLLOW-UP ACTION:
The appraisal format shall be filled each financial year before 30th April, with effect from
1987-88.
REPORTING AND REVIEWING OFFICERS:
The reporting officer shall normally be the immediate superior of the assesses.
One executive of one group should write no appraisal for another in the same
group. The reporting officer shall in these cases de from the next group.
The reviewing officer should be one step above the reporting officer.
INTERPRETATION:
The interpretation of the personnel directorate shall be final in respect of this system.
SAVINGS:
Management reserves the right to modify the performance appraisal system
partially of wholly.
PERFORMANCE IMPROVEMENT AND DEVELOPMENT SYSTEM:
The performance improvement and development system shall comprise the
following steps:
a) Target setting and identifying the personnel development needs by appraiser and
appraisee jointly.
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b)
c)
d)
e)
f)
g)
and development system for H.R.D network activities by the custodian of the unit, business
group and co-operative levels.
The PIDS form shall be kept with the appraisee for reference of the task/objectives
assigned to him right from the stage (a) to (c). The appraiser will nevertheless retain it.
In stages (d) to (e) he shall forward the form to the reviewing
officer for taking action on (f) and (g). Finally, the custodian at stage (h) shall take PIDS
form on the record. This will be done for the purpose of record and also for its gainful
utilization for integration of H.R.D network as indicated in this system.
structure:
OBJECTIVES/TASKS:
The objectives or tasks include routine as well as key tasks.
I) Routine Tasks:
The routine tasks are in conformity with the job description of each "job holder"
which may not necessary de the dame for all supervisors/executive with the same designation or
play scale. The routine tasks are significant for these assume the major portion of the activities of
any job holder with any designation or skill.
II). Key Tasks:
Key tasks are the special assignment to the appraise as jointly agreed to by
appraiser and appraisee for the specific appraisal year. These shall be in addition to the routine
tasks as described above. The purpose of the key tasks is to bring about improvement in the
individual job performance and functional effectiveness with creativity and innovation.
Jointly review the routine tasks and key tasks/objectives and standards for the current
year and identity the area for the personal development of the appraisee.
Review and take follow up action, if any, for:
Agreement and implementation of planning requirements for the appraisee.
Continuous monitoring of progress towards achieving defined objectives/tasks by the
appraisee and appraiser.
Application of knowledge/skills.
Leadership skills.
Initiative and innovative (creativity).
Participative approach (inclusive of inner-personal relationship and team work).
Cost and quality consciousness (TQM).
Varying performance factors.
In terms of the varying needs and functions of the corporatecadre, unit cadre and
Developing/appraising people.
Delegation, organization and control.
Problem analysis and decision making.
Communication skills.
Skills and commitment to manage changes.
Negotiation skills/commitment/safety consciousness.
This factor shall vary or be substituted in terms of the nature of job carried out
by the corporate cadre and senior executives.
Developing/appraising people.
Organization and control.
Problem analysis and decision making.
Communication skills.
Responsiveness to change.
Negotiation skills/safety consciousness/R & D skills.
The factor shall vary or be substituted in terms of nature of job earned out by the
unit cadre executives.
i.
Evaluation of objectives.
ii.
Performance factors.
Key tasks
3*20=60
Total
130
Performance factors
A. key performance factors
6*4*3=72
120
In arriving at the total evaluation score, the following weightage are given
to the evaluation marks by the reporting and reviewing officer.
Reporting officer 60%
Reviewing officer 40%
Reporting and reviewing officers:
The reporting officer shall be the immediate supervisor of the appraise.
The reviewing officer shall be the immediate supervisor of the reporting officer.
For the various functional chiefs, the unit chief/business group chief shall be appraiser
and the respective functional director/financial executive directive
shall be the reviewing officer as described under.
Functional Chief
Reviewing Officer
Marketing policy
Director Finance
Executive director
Director, Finance
Business group
Reviewing officer's view:
68
The reviewing officer, while evaluating the performance of the appraise shall also
evaluate the contribution made by him to help achieve the tasks/objective set him and also the
fulfillment of the personnel development needs.
Performance Review Committee:
performance review committee's at the micro-level for supervisory and unit cadres and at
the macro-level for the corporate cadre respectively.
Ordinarily the number of "Exceedingly high achievers" shall not exceed 20% of the total
strength in any PS credit unit. Where it exceeds 20% all such performance improvement
forms shall be referred to unit board / executive committee shall identify the 20%out such
exceedingly high achievers.
The corporate HRD at macro level and HRD departments of the units of the micro level
will look in to the genuine problems of the extremely low achievers and suggest the
remedial measures in terms of the integration HRD network chart after a formal
interaction with them.
Effective date frequency:
The appraisal shall cover the period of from 1st April of current year to 31st March of the
succeeding year. The procedure shall be followed as prescribed in this system.
Interpretation:
The PIDS is an integrated part of promotion and carrier growth policies for PS cadre and
other network such as personal department plan, HRD plans, succession plan, golden hand shake
etc,. The interpretation of the director, personnel shall be final in respect of all such integrated
HRD policies/systems as mentioned above which will be communicated by DPS directly or by
ED(HRD) on his behalf.
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70
71
72
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CHAPTER-IV
DATA ANALYSIS
&
INTERPRETATION
74