Recently, I came across an interesting article that talked about how around 80% of workforce had a tenure of less than 5 years. What was more intriguing was the fact that 10% of them had cited unsatisfactory performance appraisals as the issue, and around 24% did not see their growth taking of in the same company, opting for a senior role in some other.
This is where performance reviews and performance appraisals play a major role. Attracting and retaining talent depends not only on the kind of work that an employee does at a company, but also on how that work fits in the overall scheme of things within a company. Relevant feedback and appreciation too plays a major role in helping an employee plan out his/her growth trajectory.
The market has been rife with talks of companies overhauling their appraisal system with major companies such as IBM, Accenture, TCS and HCL technologies moving away from the bell curve system of appraisal to a continuous feedback one. This has made the industry sit up and take notice, with a lot of startups and corporates considering a revisit of their employee appraisal approach.
In such a scenario, we thought we would come up with the best employee appraisal method mix that might suit your needs, whether you are a startup, SME or a corporate. Read on!
In this infographic, we have covered the major systems being used across the industry, which are:
- The Bell Curve System
- Management by objectives
- 360 degree
- 540 degree
- OKRs method
A right performance review and appraisal system depends upon how well you can customize the existing structures available to find what suits your company. What might be true for a lean startup might not be so for one in at the growth stage, and even more so for an MNC. Employees too will have a lot of suggestions and feedback, which you can incorporate in the performance review system based on their merits.
If your company uses an employee appraisal system in your company not in the list above, or if you think that there can be a better mix that you think can be implemented in your company, do add your thoughts in the comments section below!
For any hiring requirements of your own, do visit the Aasaanjobs website.
Credits: Jennifer Rodrigues, VP, Human Resources