Enhancing Employee Performance with Advanced Appraisal Methods and rewards
Discover how our comprehensive guide on the methods and techniques of performance appraisal and rewards can help your organization enhance employee evaluation, boost productivity, and optimize HR strategies. From traditional methods to innovative approaches like 360-degree performance evaluation, we cover everything you need to know to implement effective appraisal systems and rewards using performance management software and HRMS software.
Key Features of Our HR Competency Model Framework
Balanced Scorecard and OKR performance appraisal
The appraisal is determined using multiple parameters to ensure a fair performance appraisal process aligned to company objectives.
Market correction and promotion visibility
Ability to provide increments, promotions and market corrections in the performance appraisal process through the system itself.
Performance based appraisal
The employee appraisal decided depends on the performance as well as their competency scores.
Dashboard & Analytics
The leadership is provided with dashboards which give a birds eye view of how the increment budget is distributed among different demographics.
Benefits of Using Our performance appraisal model
Fair appraisal process
The manager bias gets eliminated because the system calculates the increment percentage taking multiple factors into consideration such as individual-department-company performance and competency score.
Promotion and market correction
Unique to our performance appraisal module you can provide promotion and market correction through the system itself if required reducing manual effort.
Improved analytics
Leverage our performance management software’s strong analytics to understand the distribution of the increment budget across various demographics.
How Our HR Performance Appraisal and Rewards Model Works
Our HR performance appraisal and rewards model is designed to streamline and enhance HR processes including rewards through the following steps
- Set up: Set the increment period and the cut off date for increment eligibility.
- Weightage: Provide the weightages of performance,competency score, dept. and company performance in determining the final increment percentage.
- Budget: The leadership determines the budget that will be spent on increments.
- Increment inputs: The HR admin along with the HOD have visibility to the budget vs Actual file using which they evaluate the auto populated increment file and make the necessary changes.
- Monitoring and Verification: The increment file is only released post the approval by the CEO/MD which can be done internally using our performance management software.
We follow a Balanced score card, MBO or OKR method of performance appraisal which takes into multiple factors for deciding the appraisal. Also we eliminate manager bias in deciding the appraisal as the system calculates the amount based on performance, competency score, dept. and company performance
Yes, we provide the details of the non eligible employees across all dept. To the HR so they can do the needful changes if require
The access to increment file will only be available to the CEO and HR admin. The HODs will also have access to the increment file but only for his dept. This will be handled by our unique role based access system in our performance management software
FAQs
Get Started with the Best Performance Appraisal Process
Ready to transform your HR strategy with our advanced performance appraisal process? Contact us today to learn more about our solutions and schedule a demo.
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Experience the power of our balanced scorecard, OKR, MBO performance appraisal firsthand. Request a demo now and discover how our solutions, including our performance management software and HR tool for performance management, can help you enhance workforce skills and optimize your HR strategy.