Documente Academic
Documente Profesional
Documente Cultură
ON ANALYZING THE PERFORMANCE APPRAISAL SYSTEM IN AVIVA LIFE INSURANCE Submitted in Partial Fulfillment of the requirement of Bachelor of Business Administration (BBA) Of Guru Gobind Singh Indraprastha Uni ersit!" #e$ %elhi
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CERTIFICATION
This is to certify that NEHA GUPTA has completed her project report on Aviva Life Insurance as a part of partial fulfillment of B B A !Gen" pro#ram from $a#annath International %ana#ement &chool' affiliated to Guru Go(ind &in#h Indraprastha University' under my #uidance and her )or* is ori#inal
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AC3NO9LE6GEMENT
It is said' The most important sin#le )ord is )e and the least important )ord is I This is true even in today s modern era It is a(solutely impossi(le for a sin#le individual to complete the assi#ned jo( )ithout help and assistance from others It is my #reatest pleasure to ac*no)led#e sincere #ratitude to)ards %r Ishan Taneja !Territory %ana#er" Aviva Life Insurance' for the completion of the
project )or* I )ould also li*e to ac*no)led#e my sincere #ratitude to my project #uide %s +andana Arora for helpin# me in this project )or*
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E:ECUTIVE SUMMARY
The title of my project is ,T- &TU./ THE PE01-0%AN2E APP0AI&AL &/&TE% -1 A+I+A LI1E IN&U0AN2E3 The o(jective of the project is to study and determine the satisfaction level of the employees )ith respect to the performance appraisal system in the company This project report is a revie) (ased on theory as )ell as research The research report starts )ith Aviva Life Insurance (ac*#round and e4plains the company5s PE01-0%AN2E APP0AI&AL &/&TE% in detail It e4plains the various methods underta*en to calculate the performance appraisal A proper 6uestionnaire has (een prepared to study the satisfaction level of the employees in Aviva Life Insurance &urvey )as conducted on 788 employees of the company In conclusion' this project report )ill ena(le us to understand the concept of Performance Appraisal in Aviva Life Insurance The report )ill also help us to understand (enefits and dra)(ac*s of present appraisal system
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TA;LE OF CONTENTS
CHAPTER NUM;ER 77 7: 7< . :7 ? <7 <: << , >7 >: >< >> >B @ B7 B: B< A C 9 ; 78 TOPIC Insuran2e se2!$r -vervie) of the industry Insurance as a product Need for life insurance A=#=a L#>e Insuran2e -r#ani=ational profile :877 Resear2h )e!h$8$($&% 0esearch o(jective &cope of study 0esearch methodolo#y Per>$r)an2e A ra#sa( S%s!e) ?hat is performance@ Ho) is performance mana#ed@ ?hy performance appraisal@ %easurin# employee performance Performance appraisal system in Aviva Per>$r)an2e a ra#sa( )e!h$8s <A8 de#ree performance appraisal %ana#ement (y o(jective Employee % revie) sheet 6a!a ana(%s#s an8 #n!er re!a!#$n 1indin#s Limitations 2onclusions &u##estions Anne4ure Bi(lio#raphy PAGE NUM;ER < 9 ; 77 -. 7: -< 79 79 7; .* :7 :< :< :A :; ?* <8 <: <B ,. BA B9 B; A8 B7 AB
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CHAPTER 1
INSURANCE SECTOR
-.-
A )ell development and evolved insurance sector is needed for economic development as it is provides lon# term funds for infrastructure development and the same time stren#then the ris* ta*in# a(ility Life insurance is also no) (ein# re#arded as a versatile financial plannin# tool in India India (ein# a country havin# a hu#e population of around one (illion people )ith only << :D of the insurance population in India possessin# life insurance The country has a vast potential that has (een left untapped till no) Therefore' )hat this has led to is the floodin# of life insurance mar*et )ith a num(er of private players )hich in colla(oration )ith reco#ni=ed forei#n company5s promises to deliver the (est of services at the least price All these companies are tryin# to #rasp the ma4imum of mar*et share in life insurance sector 1or that they are developin# a channel i e recruitin# )orldEclass insurance advisorsFa#ents )ho sell their products or policies But )hat a consumer needs or )hat he perceives a(out life insurance still needs to (e ans)ered these are some 6uestions I have tried to ans)er in the project
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This report is tryin# to #ive the detail a(out 2onsumer Perception a(out Life Insurance in India Thus (y #oin# throu#h the report one )ill #et to *no) a(out the life insurance and the opinion in the mind of the consumer a(out his jud#ment and perceptions
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INSURANCE AS A PRO6UCT
Insurance is a contin#ent product )hose utility is tested only in the event of an accident or a disaster
It al)ays has a ne#ative connotation in the mind of the (uyerGit deals )ith losses to the (uyer
It is a product of future delivery and su(ject to (enefit reali=ation only on the occurrence of the contin#ent event
It is a technical product that has a lot of le#al jar#on and )ith numerous le#al principles peculiar to it ma*in# it difficult to comprehend
It is a contin#ent financial promise made (y the security provider and its (enefit can (e reali=ed only after fulfillin# a num(er of stipulations' often' une4plained at the time of commencement of contract
It is a product or service that has to (e resold annually to the same (uyer and hence personal relationship and mutual trust are essential Page 8
As )ith all service products it has limitations' )hose import is hi#hli#hted only after the event The fine print in the policy assumes a (i# role in the event of a claim
Both the contractual parties have passive roles unless an unfortunate claim event of a claim
&ince claim amounts vary su(stantially (oth the contractual parties are )ary of each other5s interest' motives and actions
E4perience of each customer is hi#hly individuali=ed )ith no standards to jud#e the performance and reputation of an insurer
%oral ha=ard on either side plays an important role in claim ne#otiation Product innovations to *eep a(reast of chan#es in technolo#y' political' economic' and social spheres provide a far )ider mar*et
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-.? NEE6 FOR LIFE INSURANCE As life insurance (ecame more esta(lished' it )as reali=ed )hat a useful tool it )as for a num(er of situations' includin# H I" Te) $rar% nee8sB !hrea!s E The ori#inal purpose of life insurance remains an important element' namely providin# for replacement of income on death etc Typically in the case of the (read)inner dyin# an early death II" Re&u(ar Sa=#n& E Providin# for ones family and oneself' as a medium to lon#Eterm e4ercise !throu#h a series of re#ular payment of premiums" This has (ecome more relevant in recent times as people see* financial independence from their family III" In=es!)en! E Put simply' the (uildin# up of savin#s )hile safe#uardin# it from the rava#es of inflation Unli*e re#ular savin# products' investment products are traditionally lump sum investment' )here the individual ma*es a oneEtime payment I+" Re!#re)en! E Provision for one5s o)n later years (ecomes increasin#ly
necessary' especially in a chan#in# cultural and social environment -ne can (uy a suita(le insurance policy' )hich )ill provide periodical payments in one5s old a#e Page 10
CHAPTER 2
AVIVA 7 C$re Cus#ness an8 s!ru2!ure A=#=a is UI5s lar#est and the )orld5s fifth lar#est insurance Group It is one of the leadin# providers of life and pensions products to Europe and has su(stantial (usinesses else)here around the )orld ?ith a history datin# (ac* to 7A;A' Aviva has a >8 millionEcustomer (ase )orld)ide It has more than J<A> (illion of assets under mana#ement In India' Aviva has a lon# history datin# (ac* to 79<> At the time of nationali=ation it )as the lar#est forei#n insurer in India in terms of the compensation paid (y the Government of India Aviva )as also the first forei#n insurance company in India to set up its representative office in 7;;B
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In India' Aviva has a joint venture )ith .a(ur' one of IndiaKs oldest' and lar#est Group of companies A professionally mana#ed company' .a(ur is the countryKs leadin# producer of traditional healthcare products In accordance )ith the #overnment re#ulations Aviva holds a :A per cent sta*e in the joint venture and the .a(ur #roup holds the (alance C> per cent share ?ith a stron# sales force of over :9'888 1inancial Plannin# Advisers !1PAs"' Aviva has initiated an innovative and differentiated sales approach to the (usiness Throu#h the ,1inancial Health 2hec*3 !1H2" Aviva5s sales force has (een a(le to esta(lish its credi(ility in the mar*et The 1H2 is a free service administered (y the 1PAs for a needE(ased analysis of the customer5s lon#Eterm savin#s and insurance needs .ependin# on the life sta#e and earnin#s of the customer' the 1H2 assesses and recommends the ri#ht insurance product for them ?hen Aviva entered the mar*et' most companies )ere offerin# traditional life products Aviva started (y offerin# the more modern Unit Lin*ed and Uniti=ed ?ith Profit products to the customers' creatin# a uni6ue differentiation Aviva5s products have (een desi#ned in a manner to provide customers fle4i(ility' transparency and value for money It has (een amon# the first companies to introduce the more modern Unit Lin*ed products in the mar*et
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Aviva has 7BA Branches in India !includin# rural (ranches" supportin# its distri(ution net)or* Throu#h its Bancassurance partner locations' Aviva
products are availa(le in close to B88 to)ns and cities across India Aviva is also *een to reach out to the underprivile#ed that have not had access to insurance so far Throu#h its association )ith Basi4 !a micro financial institution" and other NG-s' it has (een a(le to reach the )ea*er sections of the society and provide life insurance to them
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;ran8 a)Cassa8$r
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CHAPTER 3
RESEARCH METHO6OLOGY
?.- RESEARCH O;1ECTIVE
The various o(jectives of my projects are as follo)sL To study e4istin# appraisal system in Aviva Life Insurance To find the e4pectation of appraiser and appraise To reveal the various loopholes in the appraisal system if any To understand the need of performance appraisal to employees To understand )hich method is used to evaluate the employees of Aviva Life Insurance
S$ur2es $> 8a!a 7 2ollection of data is (oth from primary and secondary sources 7 Primary data H data is collected throu#h a )ellEdesi#ned and approved 6uestionnaire and also intervie)s : secondary data H it is collected from the records of the or#ani=ation' profile (oo*lets and from various departments and trainin# classes at Aviva Life Insurance
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CHAPTER 4
PERFORMANCE MANAGEMENT
CORPORATE GOALS
DETERMINE INDIVIDUAL OBJECTIVES LINKED TO CORPORATE GOALS ENSURE RESPONSIBILITY AND ACCOUNTABILITY PERFORMANCE APPRAISAL
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Performance &tandardsL
a Translate
$o( analysis states out re6uirements' )hich are translated into performance standards' )hich in turn form the (asis for performance appraisal
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1uman resource and emplo!ee planning purposes G it serves as a valua(le input to s*ills inventories and human resource plannin#O
2ompensationG helps to identify )hat to pay and )hat )ill serve as an e6uita(le monetary pac*a#eO
2ommunication purposesG the rater and ratee #et to *no) each other throu#h communicationO
1/. research purposesG it can (e used to validate selection tools' such as a testin# pro#ram
Today5s )or*in# climate demands a #reat deal of commitment and effort from employees' )ho in turn naturally e4pect a #reat deal more from their employers Performance appraisal is desi#ned to ma4imi=e effectiveness (y (rin#in# participation to more individual level in that it provides a forum for consultation a(out standards of )or*' potential' aspirations and concerns It is an opportunity for employees to have si#nificantly #reater influence upon the 6uality of their )or*in# lives In these times of emphasis on ,6uality3' there is a natural
e6uationL (etter 6uality #oods and services from employees )ho enjoy (etter 6uality ,#oods and services3 from their employers 1or appraisal to (e effective' )hich means producin# results for the company' each mana#er has to develop and apply the s*ills of appraisal
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These areL E Setting standards on the performance re6uired' )hich )ill contri(ute to the achievement of specific o(jectives .onitoring performance in a cost Heffective manner' to ensure that previously a#reed performance standards are actually (ein# achieved on an on#oin# (asis Anal!3ing an! differences (et)een the actual performance and the re6uired performance to esta(lish the real cause of a shortfall rather than assume the fault to (e in the jot holder Inter ie$ing havin# a discussion )ith the jo(holder to verify the true cause of a shortfall' a developin# a plan of action' )hich )ill provide the performance' re6uired
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4ho should rate5 There are several possi(ilities' such as N 0atin# (y a committee of several superiors' N 0atin# (y the employee5s peers !coE)or*ers"' N 0atin# (y the employee5s su(ordinates' N 0atin# (y someone outside the immediate )or* situation !seldom used"' N &elfEevaluation' But the most used evaluation is the appraisal (y the superior &ometimes a com(ination of the a(ove mentioned possi(ilities is also used < Ha=e ra!ers &a!her 8a!a $n e) ($%ee e) ($%eeDs er>$r)an2e The raters collect information (y o(servation' analysis of data and records' and discussion )ith the employee The data they #ather are influenced (y the criteria used for evaluation and (y the techni6ue used for evaluation > 6#s2uss !he e=a(ua!#$n 5#!h !he e) ($%ee The supervisor should hold an evaluation intervie) )ith each su(ordinate in order to discuss his or her appraisal and to set o(jectives for the upcomin# evaluation period E4perts advise that the employee development and salary action discussions should not occur in the same intervie) er>$r)an2e an8 e=a(ua!e
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There are three #enerally used approaches to these intervie) situationsL tell and sell' tell and listen and pro(lem solvin# H the usin# of )hich depends mainly on the e4perience level of the employee The performance evaluation discussions should include N 0evie) of overall pro#ress N .iscussions of pro(lems that )ere encountered N A#reement a(out potential performance improvement possi(ilities N .iscussion ho) current performance is in line )ith lon# term carrier #oals N &pecific action plans for the comin# year A MaHe 8e2#s#$ns an8 >#(e !he e=a(ua!#$n
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PERFORMANCE
DEVELOPMENT
POTENTIAL
CAREER REWARD
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CHAPTER 5
ra#sa(
<A8 de#ree also *no)n as PmultiErate feed(ac*5 is the most comprehensive appraisal )here the feed(ac* a(out the employees5 performance comes from all the sources that come in contact )ith the employee on his jo( <A8 de#ree respondents for an employee can (e hisFher peers' su(Eordinates' team mem(ers' customers' suppliersFvendorsE anyone )ho comes in contact )ith the employee and can provide valua(le insi#hts and information or feed(ac* re#ardin# the I$n0!he0j$CD performance of the employee <A8 7 : &uperior5s appraisal < &u(ordinate5s appraisal > Peer appraisal de#ree appraisal has four inte#ral componentsL &elfEappraisal
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Se(>0a
)ea*nesses' his achievements' and jud#e his o)n performance &uperior5s appraisal forms the traditional part of the <A8 de#ree performance appraisal )here the employees5 responsi(ilities and actual performance is rated (y the superior
SuC$r8#na!es a
parameters li*e communication and motivatin# a(ilities' superior5s a(ility to dele#ate the )or*' leadership 6ualities etc Also *no)n as internal customers' the correct feed(ac* #iven (y peers can help to find employees5 a(ilities to )or* in a team' coEoperation and sensitivity to)ards others
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The principle (ehind %ana#ement (y -(jectives !%B-" is to create empo)ered employees )ho have clarity of the roles and responsi(ilities e4pected from them' understand their o(jectives to (e achieved and thus help in the achievement of or#ani=ational as )ell as personal #oals
&ome of the important features and advanta#es of %B- areL 2larity of #oals H ?ith %B-' came the concept of &%A0T #oals i e #oals that areL 7 &pecific : %easura(le < Achieva(le > 0ealistic' and B Time (ound The #oals thus set are clear' motivatin# and there is a lin*a#e (et)een or#ani=ational #oals and performance tar#ets of the employees The focus is on future rather than on past Goals and standards are set for the performance for the future )ith periodic revie)s and feed(ac* Page 34
%otivation H Involvin# employees in the )hole process of #oal settin# and increasin# employee empo)erment increases employee jo( satisfaction and commitment
Better communication and 2oordination H 1re6uent revie)s and interactions (et)een superiors and su(ordinates helps to maintain harmonious relationships )ithin the enterprise and also solve many pro(lems faced durin# the period
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&ets challen#in# #oals for self and team (ased on company and department5s #oals Accepts accounta(ility for conse6uences of decisions and actions
%ana#es pro#ress a#ainst milestones Ensures #oals are met (y proactively anticipatin# or reactin# 6uic*ly to find and implement solutions for hurdles in the )ay of meetin# #oals Puts in re6uired time to accomplish difficult o(jectives' *eeps )or*in# tirelessly to meet e4ceed stated #oals 2an shift attention 6uic*ly and accurately (et)een multiple tas*s and ta*e a decision to chan#e priorities' )hen called for %easures and evaluates performance of team mem(ers and counsels them a(out improvin# performance 04or6ing 4ith and &hrough Others .isplays a )or*Esharin# attitude )ith team mates to )or* )ell to#etherO shares all useful information and resources Builds relationships and net)or*s internally Assists team mem(ers and leaders )henever it is necessary Al)ays cooperates )ithin and outside the function to #et )or* done Accepts different roles of other team mem(ers and interacts )ith them effectively Leads small teams' if re6uired and provides them support and helps to inte#rate their efforts Updates others and shares *no)led#eFinformation proactively 7Inno ation .evelops or adapts e4istin# processes for #reater efficiency andFor improved 6uality 0ecommends ne) ideas' novel applications or chan#es in oneKs o)n or
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teamF)or* #roupKs )or* practices Implements innovative solutions to pro(lems )hich may involve ta*in# appropriate ris* 72ustomer 2entricit! Assumes responsi(ility to ma*e products andFor services more li*ely to meet customer needs and therefore result in purchaseF(uyEin andFor satisfaction 1osters attitude amon# #roup' to ensure the meetin# of customer needsF satisfaction &ets up processes' systems' procedures and monitorin# )hich )ill facilitate this 2onstantly up#rades and improves these' to (e more responsive BuildsEin correct responses in system to reduce e4ceptions )hich #et escalated to self and (uilds capa(ility of team to handle issues properly (y themselves Proactively sets #oals to ma*e customer products andFor services (etter
,8 Functional "A*J 9e#&h!a&e #s &#=en' 7&echnical 9:pertise Has deep understandin# of all si#nificant areas in o)n *no)led#e domain' and (asic understandin# of related domains necessary to perform comple4 tas*s at a superior level Has comprehensive *no)led#e of Aviva Life Insurance processes' systems and procedures related to the function and a #ood understandin# of industry (est practices and (enchmar*s &een as the internal e4pert 2onducts
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trainin#Fcoaches ne) recruits to o)n function' and mentors those at lo)er competency levels 7.anagerial 9:pertise Leads teams (oth operationally as )ell as for special projects Prioriti=es )or* in line )ith operationalFproject o(jectives' assures proper distri(ution of tas*s )ithin team' ensures coordination' o(tains and allocates resources and mana#es time' (ud#et' 6uality and other output parameters' effectively 2oaches individual team mem(ers' encoura#es innovation and personal contri(utions' confronts )here necessary' and eases interpersonal tensions firmly (ut )ithout compromisin# selfEesteem Participates in the selection of staff and if applica(le' decides a(out selection of a#ents 0Problem Sol ing and %ecision .a6ing 2ollects and collates information efficiently' and processes it for solvin# comple4 pro(lems' under #uidance .evelops net)or*s )ithin and outside the company for this purpose &olves simple or routine or dayEtoEday pro(lems in o)n functional area in accordance )ith defined procedures 0eco#ni=es pro(lems )hen they arise' thin*s of possi(le causes and applies solutions to similar situations &ee*s advice )hen facin# a difficult pro(lem' )ell in time 7Business Acumen
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Has a (road *no)led#e of the insurance (usiness and its drivers in India Is familiar )ith the #eneral product types and ho) they are distri(utedFsold Has (asic *no)led#e of the various functions in the company and their interrelationships Has a (asic understandin# of the industry trends and its implications for o)n role
?. 0eadership "-*J 9e#&h!a&e #s &#=en' 0/ole .odeling 2ore ;alues Understands and acts accordin# to Aviva Life Insurance5s values and operatin# principles' and acts as a role model to others .oes not tolerate trans#ressions and deals )ith such situations personally or )ith the help of a superior Ta*es a personal stand on issues )hen values are concerned and see*s clarifications for self and others )hen there is a seemin# ,conflict of priorities3 (et)een different values 7Strateg! Planning and 9:ecution Has a deep understandin# of ho) o)n and team5s operatin# o(jectives mesh in )ith company5s (usiness strate#y Identifies (usiness patterns' opportunities and
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(arriers in future' usin# information from various sources and modifies approach and plan accordin#ly' )ith the concurrence of superior %onitors implementation of plan and ta*e steps )ell in time' to ensure time and (ud#et #oals are met RATING SCALE 0atin# 1 .efinition Master 2onsistently models this (ehavior' .emonstrates )ellEdeveloped capa(ility in Applyin# this area to #et outstandin# results 2 Expert 1re6uently demonstrates an advanced a(ility in usin# the capa(ilities descri(ed in order to achieve e4pected results 3 Professional .emonstrates all capa(ilities descri(ed in sufficient de#ree in order to achieve E4pected results 4 Developing .emonstrates capa(ilities descri(ed' thou#h #aps are o(served due to )hich results andFor are lees than to e4pected (uild up 0e6uires re6uired
coachin#Ftrainin# capa(ilities
opportunities
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Not Demonstrated -(serva(le lac*s of capa(ilities are responsi(le for results )hich consistently do not %eet e4pected results attention 0e6uires special
Sales Manager Standards - Salient Features &ales %ana#er standards )ould (e there for the follo)in# *ey (usiness driversL Adjusted A1/P Paid 2ases 0ecruitment Active A#ent
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At the end of any #iven month' the /T. performance of the &ales %ana#er )ill (e compared )ith the /T. &tandards )hich )ill (e calculated (ased on the &ales %ana#er vinta#e
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CHAPTER
ra#sa( S%s!e) G
&alary Administration and Benefits .ecisions on layoff Guidelines for trainin# Plan
.etermination of Promotion or Transfer Assistance in #oal An insi#ht into your &tren#th and ?ea*ness
1rom the a(ove ta(le it can (e seen that employees e4pect , Salar !dministration and "enefits3 to (e the main reason for conductin# a Performance Appraisal ,De#ision to la off3 is of least importance as per the appraisees Page 43
Awareness Of Responsibility
No BD
/es ;BD
1rom the #raph it can (e seen that majority i e ;BD of employees are a)are a(out their responsi(ilities' )hich implies that the appraisers have efficiently communicated to the appraisees all the parameters that )ill (e ta*en into account durin# appraisal ?hereas only BD of them are not a)are
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ra#se re&ar8#n& A
ra#sa(
Satisfaction Level
1rom #raph it can (e seen that majority i e B8D of the respondents are satisfied )ith the appraisal system <:D of tem are most satisfied )hereas 79D are partially satisfied But none of the employees is dissatisfied )ith the appraisal system
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/es ;BD
This clearly sho)s that majority i e ;BD of the employees are a)are a(out the performance ratin#s that are ta*en into account )hile conductin# a performance appraisal ?hereas only BD are una)are
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No 8D
/es 788D
1rom #raph it can (e seen that all the respondents i e 788D )ant self ratin# to (e a method of conductin# the appraisals
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No BD
/es ;BD
1rom the #raph )e can see that majority ;BDof the employees are #iven a chance to rate their o)n performance in the or#ani=ation ?hereas BDfeels that they are not #iven a chance to rate themselves
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ra#sa(s
Timing Of Appraisal
BD
9AD
This sho)s that 9AD of the or#anisation conduct their Performance Appraisal pro#rams annually A very small percenta#e of the or#anisation conduct Performance Appraisals on a monthly!BD" and 6uarterly!;D" (asis and this is specifically follo)ed for the ne) employees
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omplaint
hannels For
Employees
No :CD
/es C<D
C<D of the Employess feels that there is proper 2omplaint 2hannel e4istin# in the or#anisations for the employees )ho are dissatisfied )ith the performance appraisal system ?hereas :CD feels that there is no proper 2omplaint
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Stan!ar!
ommunicate! To
Employees
No 7>D
/es 9AD
1rom this it can (e seen that there is a clear majority i e 7AD amon# the employees )ho say that the standards on the (asis of )hich the performance appraisal is carried out is communicated to the employees (efore hand And only a handful of others i e 7>D feel that the standards are not communicated to them Page 51
A.-* Per>$r)an2e A
ra#sa(
:D AD
:D
Immediate &upervisor &elfE0atin# Peer Appraisal A8D 0atin# 2ommittee Appraisal (y &u(ordinates
<8D
Accordin# to majority i e A8D of Employees Performance Appraisal is conducted (y the Immediate &upervisor )hereas <8Dof them consider it to (e self ratin# )hile a minority of AD thin* it is done (y 0atin# 2ommittee':D thin* it is done (y Peers and rest :D (y &u(ordinates
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"oo!
/es 9AD
9AD of the employees feel that the Appraisal &ystems provide a #ood communication flo) of the topEmana#ement plans and (usiness #oals to the staff (elo) ?hereas only 7>D of them thin* that the communication is ineffective
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No 7>D
/es 9AD
Almost all the employees i e 9AD e4pect that their comments and su##estions should (e ta*en into consideration )hile conductin# the Performance Appraisal ?hile only handfull of employees i e 7>D does not )ant their comments and su##estions to (e considered
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A.-? P$s! A
ra#sa( #n!er=#e5
No :CD
/es C<D
As per the response from the employees )e can see that there is intervie) conducted after the appraisal pro#ram for majority ie C<D of the
employees ?hereas :CD of the Employee fells that there is no Post Appraisal Intervie)
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ra#sa( S%s!e)
Accordin# to majority of Employees i e A8D of them' Poor Appraisal &ystem )ill lead to .eEmotivation ?hereas :CD of them (elieve that it )ill lead to (oth .eE motivation and Ineffective team)or* And only 7<Di e the minority feels that it )ill lead to Ineffective team)or*
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CHAPTER !
FIN6INGS
1rom the survey results its evident that (oth the appraisee5s and appraisers e4pectation from Performance appraisal system are the same i e ,.etermination of Promotion or Transfer3 and ,&alary Administration and Benefits3 Hence a sin#le performance appraisal system can satisfy
needs of (oth the Appraiser and appraisee Therefore the Performance appraisal pro#ram )ould (e desi#ned in such a )ay that the appraiser )ould (e a(le to analyse the contri(ution of the employee to the or#aisation periodically and all the employees )ho have (een performin# )ell )ould (e re)arded suita(ly either (y an increase in the salary or a promotion Throu#h this the appraiser can also motivate the employees )ho felt that they had no #ro)th in the or#anisation and serves the purpose of employee development Thus performance appraisals can (e used as a si#nificant tool fo career plannin# Analy=in# ones o)n stren#ths and )ea*nesses is the (est )ay of identifyin# the potentials availa(le' rather than the other person tellin# &elfEappraisal is a tool to analy=e oneself -ne of the most important findin#s )as that almost all the employees )anted selfEratin# to (e a part of performance appraisal pro#ram carried out (y the or#anisation 1rom the responses of the appraisee )e can also see that &elf ratin# is encoura#ed (y the or#anisations Infact the company follo)s a very effective 0atin# system in )hich The Employee frst rate their o)n self Page 57
after that they are rated my their supervisor and then (y the H0 head By selfEratin# themselves the Appraisee )ould #o throu#h a process of reflection and revie) %ost of the employees )ere also clear a(out the criteria on )hich ratin#s )ere #iven to each employee )hile conductin# the performance appraisal Proper communication of these ratin#s help the employers achieve the level of accepta(ility and commitment )hich is re6uired from the employee 1rom the survey )e can also derive that a post appraisal intervie) is conducted )herein they are #iven a proper feed(ac* on their performance and they also put for)ard their complaints if any The appraisal is
follo)ed up )ith a session of counselin# )hich is often ne#lected in many or#ani=ations 2ounselin# involves helpin# an employee to identify his stren#ths and )ea*nesses to contri(ute to his #ro)th and development Purpose is to help an employee improve his performance level' maintain his morale' #uide him to identify and develop his stron# points' overcome his )ea* points' develop ne) capa(ilities to handle more responsi(ilities' identify his trainin# needs
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CHAPTER ;
LIMITATIONS
T"#$ %&' ()* '+,,"-"$(*. L&*$'* ,"/+0$ 0$/&01"(/ ,$% *)2"-' -)3$0$1 %$0$ ()* &3&"4&54$. D+$ *) ,"(&(-"&4 -)('*0&"(*' *6$ 20$'$(*&*")( ), *6"' 20)7$-* -)+41 ()* 5$ #&1$ 5$**$0.
P$0,)0#&(-$ 0$2)0*' ), *6$ -)#2&(8 &0$ -)(,"1$(*"&4 0$2)0*' &(1 *6+'9 *6$8 %$0$ ()* #&1$ &3&"4&54$ *) *6$ "(*$0(' ), *6$ )0/&(":&*")(.
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CHAPTER <
CONCLUSION
?ith re)ards (ein# directly lin*ed to achievement of o(jectives' #oal settin# and Performance Appraisal assumes utmost importance The Performance Appraisal &ystem has (een professionally desi#ned and it is monitored (y H0. The implementation is the responsi(ility of each and every employee alon# )ith their supervisor There should (e ade6uate trainin# to the evaluator that )ill #o a lon# )ay in ans)erin# the 6uality of Performance Appraisal In conclusion' the survey sho)s that Aviva Life Insurance 2ompany has a very effective Performance appraisal system in )hich the satisfaction level amon# the employees is very hi#h The company ensures that the o(jective of the Appraisal system is clear to all of them and also ta*es into su##estions #iven (y the Employees to ma*e the &ystem )or* more effectively
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CHAPTER 1=
SUGGESTIONS
+arious su##estions had (een #iven (y the Employees of Aviva Life Insurance 2ompany to improve the efficiency of Performance Appraisal &ystemLE It should (e transparent and unE(iased 1easi(ility and chances of success should (e *ept in mind (efore settin# #oals and tar#ets %ar*et scenario and overall sentiment on the product and (rand acceptance should also (e *ept in mind and #iven )ei#hta#e Input activity should have )ei#hta#e e6ual to output or results Aviva Life Insurance 2ompany has a very #ood Appraisal system and the same should (e follo)ed in the future &atisfied )ith present procedure Efficiency of Performance appraisal system can (e increased throu#h motivation' a)areness a(out the system etc A more transparent Appraisal system must (e adopted to facilitate #ood achievement It should (e a positively constructed process
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ANNE:URE
Muestions for Appraisee NameL QQQQQQQQQQQQQQQQQQQQQQQQ QQQQQQQQQQQQQQQQQQQQQQQQQQ 2ontact NoL
?hat do you e4pect from a Performance appraisal L !0an* the options from 7 to AO 7 (ein# most preferred R A (ein# least preferred"
.etail &alary Administration and Benefits .etermination of promotion or transfer .ecision on layoff Assistance in #oal Guideline for trainin# Plan An insi#ht into your stren#ths and )ea*ness
0an*
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<
<
>
>
.o you thin* you should (e #iven an opportunity to rate your o)n performance@ a /es ( No
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a /es
( No
d Annual e Anytime
Is there a complaint channel for the employees )ho are dissatisfied )ith the performance appraisal system@ a /es ( No
Are the standards on the (asis of )hich the performance appraisal is carried out communicated to the employees (efore hand@ a /es ( No
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Page 65
a /es
( No
system
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;I;LIOGRAPHY
7 annual report :877 : annual report :878 PE01-0%AN2E APP0AI&AL 0E+IE? 0EP-0T&
?EB&ITE&
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