A RESEARCH REPORT ON “PERFORMANCE APPRAISAL” IN BANKING SECTOR Submitted for the fulfillment for the award of MASTER OF BUSINESS ADMINISTRATION (Sikkim Manipal University) (SESSION: 2009-2010) Submitted By: Ekta Bhatia MBA IV Semester Roll No. 510919106 Submitted To: Under the Guidance of: Mr. Pankaj Upadhyay Lecturer Sikkim Manipal University Mr. Pankaj Upadhyay Lecturer Sikkim Manipal University 1
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A
RESEARCH REPORT
ON
“PERFORMANCE APPRAISAL” IN BANKING SECTOR
Submitted for the fulfillment for the award of MASTER OF BUSINESS ADMINISTRATION (Sikkim Manipal University)
(SESSION: 2009-2010)
Submitted By:Ekta Bhatia
MBA IV SemesterRoll No. 510919106
Submitted To: Under the Guidance of:Mr. Pankaj UpadhyayLecturerSikkim Manipal University
Mr. Pankaj UpadhyayLecturerSikkim Manipal University
1
DECLARATION
I, Ekta Bhatia, hereby declare that the project titled
““PERFORMANCE APPRAISAL” IN BANKING SECTOR” is my
own work and efforts which is completed under the supervision of
Mr. Pankaj Upadhyay, senior lecturer of IIMT Management
College, Meerut
The Research report has been submitted to Sikkim Manipal
University, Centre 2017, New Delhi for the purpose of Research
Report under the compliance of fulfillment of Master of Business
Administration (M.B.A.).
Date: Ekta Bhatia
Place: MBA-4th Sem.
Roll No.: 510919106
2
List of contents
Preface
Acknowledgement
Objective Of The Study
About The Study
Scope Of The Study
Research Methodology
Introduction To Banking
Sector
HRM Approach
“Performance Appraisal”
– A Systematic Approach
ICICI Bank – Company Profile
Needs And Importance Of
“Performance Appraisal” In
Banking
3
“Performance Appraisal”
And Performance Management
In ICICI Bank
Banner Corporation Banks
On Halogen For Talent And
Learning And Performance
Management (For Practical
Understanding)
Conclusion
Suggestion And
Recommendation
Bibliography
4
Preface
This study is done for fulfillment of the requirement of Sikkim Manipal
University to obtain the degree of Master of business management. In
this study, we strive to find out the implication of “Performance
Appraisal” in banking sector.
Banking sector is one of the emerging sectors of India; we strive to
find out what is the importance of HR in banking industry in specific
with “Performance Appraisal”.
In this report we discuss the banking industry, HR overview, need of
“Performance Appraisal” in banks, Indian banking scenario, techniques
and approaches of “Performance Appraisal” pertaining to the banking
industry. As we know that in present scenario of cut throat competition
in banking industry only the service is the factor that can make sense
in banking industry, we try to explore the importance of the
“Performance Appraisal” in banking to uplift the standard of
organization, individual and both as a mutual entity
5
Acknowledgement
I would like to thank Mr.Pankaj Upadhyay for his guidance & support
with his valuable inputs & knowledge.
I would like to thank my colleagues, friends, and family members for
their support, guidance and active contribution that helped me a lot to
collect secondary data and preparing this report
Once again thanks to all for providing me your direct and indirect
support for my research work and help in writing the report
EKTA BHATIA
0bjective of the Study
6
To understand the concept of HR in special reference of
“Performance Appraisal”
To understand the application of “Performance Appraisal” in
banking sector
To understand the practical aspect of “Performance Appraisal” in
banking scenario
To understand the modern trends emerging in “Performance
Appraisal”
To understand the management approach towards “Performance
Appraisal”
To understand the banking scenario of India
To gain the knowledge of the practical process of the
“Performance Appraisal”
To view the aspect of “Performance Appraisal” from managerial
perspective
To highlight the effectiveness of “Performance Appraisal” in
banking sector
To understand the need of “Performance Appraisal” for banking
industry
7
About the study
8
The study, ““Performance Appraisal” in Banking Sector”, highlights the
importance of “Performance Appraisal” in special reference of banking
industry. As we know the banking sector is one of the fastest growing
sectors of our country, the study highlights the perspective of HR in
banking sector.
In this study we strive to find out the need of “Performance Appraisal”
for banks, and try to understand how the “Performance Appraisal” is
done in banking sector. In this study we take the case of one of the
leading bank, ICICI bank, as our sample and try to find out their
techniques used for “Performance Appraisal”.
This study refers to the need of “Performance Appraisal” for banking
industry, importance and emerging trends in the field of “Performance
Appraisal”. For easy understanding of the study we have divided the
entire study in to several chapters that gives the specific nature of the
subject in question.
We have highlighted several trends of banking industry, growth and
prospect of banking in India, history of Indian banking, Role of RBI as
regulatory bank and the industrial importance bank as an institute to
march the nation in economic growth.
Further we highlighted the role of HR, its need and importance and
“Performance Appraisal” as its one of the major tools. It signifies the
role of HR in organizational perspective and highlight the rationale of
active HR polices in an organization , this reports takes the HR as
9
managerial function rather than the staff activities . In this report we
try to make the role and concept of HRM understood for our readers.
The study is manly conducted on the basis of secondary data rather
than the primary data. We managed to collect the secondary data from
ICICI bank and got the information about the HR policy and process of
the bank. In our study we highlighted the process of ICICI bank
“Performance Appraisal” mechanism and the manner in which
“Performance Appraisal” takes place in ICICI bank
In special cases like the practical example of ICICI bank ,the study
highlights:
a) techniques ,
b) approach,
c) forms,
d) managerial approach,
e) employees feedback,
f) process and other real aspect of the “Performance Appraisal”
that provides the realistic view of the “Performance Appraisal” process
that is carried out by the bank in actual work environment .
The study is conducted is a simple manner and most of the data is
collected through various sources. This study refers the “Performance
Appraisal” technique as an effective managerial tool to enhance the
efficiency and effectiveness to achieve the organizational and
individual goals. This study provides the theoretical knowledge about
the “Performance Appraisal”s on the issue like a)need , b)importance ,
c)features , d)techniques , e)approaches , f)model , g)trends and
10
other issues related to the banking industry . This study refers to the
role of “Performance Appraisal” in a wide and in a systematic manner
that takes place in a sequential way and covers almost all the aspect
of the appraisal from employees to organization under the universal
approach called “Performance Management”
Scope of the study
11
Following aspects are covered under this study:
A brief overview of the nature of the subject
An introduction to the HR as a managerial function in special
reference with ““Performance Appraisal””
New dimensions, techniques, approaches and thoughts in
““Performance Appraisal””.
Practical aspect of ““Performance Appraisal”” in ICICI bank
Modern techniques emerging in ““Performance Appraisal””.
Need and importance of “Performance Appraisal” in banking
industry
brief introduction of Indian banking industry
Introduction to ICICI bank
Role of “Performance Appraisal” as managerial decision in
banking sector in policy making and organizational success
Practical challenges, opportunities in banking sector to
implement the effective performance management system
12
Research Methodology
13
The study seems to be the observation and a description of the
project where we try to find out the hidden aspect or bring out the
concept for further explanation, but some scientific method and
techniques classified it as the research, that’s why the following
research methods, techniques and components are used to facilitate
the study
Research Design- Descriptive research design
Descriptive research design is a scientific method that is used in this
study which helps in observing and describing the behavior of a
subject without influencing it in any way to obtain a general overview
of the subject.
This design allows observation without affecting normal behavior. It is
also useful because it is not possible to test and measure the large
number of samples needed for more quantitative types of
experimentation
These types of experiments are often used by anthropologists,
psychologists and social scientists to observe natural behaviors without
affecting them in any way. It is also used by market researchers to
judge the habits of customers, or by companies wishing to judge the
morale of staff.
Though the results from a descriptive research can in no way be used
as a definitive answer or to disapprove a hypothesis but, if the
14
limitations are understood, they can still be a useful tool in many areas
of scientific and normal study research such as this project.
Type of data – secondary data
Secondary data was used for this study as the research design is
descriptive in nature so we tried to collect the data available through
other sources on the subject. Some times, primary data is also
collected through observation method to facilitate the research work
Sources of data
The following sources are used for collecting the data for this study:
Books
internet
Journals
News papers
Personal sources
Sampling – judgmental sampling
15
Judgment sampling is a common no probability method. This
sampling is selected on the judgment. This is usually and extension of
convenience sampling. We have decided to draw the entire sample
from one "representative" bank even though the population includes
all banks. When using this method, we try to ensure that the chosen
sample is truly representative of the entire population.
Introduction to Banking Sector
16
Banking can be defined in various ways as the definition of the bank
varies from country to country and keeps on changing on the basis of
the activities carried out by the banks. In present dynamic business
scenario, banking can be defined as the activities carried out with the
bank on individual or corporate level. We can understand the concept
of the banking by looking into the activities of the bank.
A bank is a well regularized and licensed financial institute to assist the
individual and corporate customer in their financial needs. Normally
banks provide the following services to its retail (individual) and
corporate clients:
• Transactional services,
• Services related to monetary transaction through current and
saving account,
• Investment services,
• Fixed deposit ,
• Letter of credit ,
• Treasury services ,
• Bill of exchange ,
• Foreign exchange ,
• Assisting in trade through Letter of credit,
• Letter of guarantee,
• Performance bond ,
• Project financing ,
• Personal loan ,
• Credit card ,
17
• Home loan etc.
Banking sector In India
18
Banking in India originated in the last decades of the 18th century.
The oldest bank in existence in India is the ‘State Bank of India’, a
government-owned bank that traces its origins back to June 1806 and
that is the largest commercial bank in the country. Central banking is
the responsibility of the Reserve Bank of India, which in 1935 formally
took over these responsibilities from the then Imperial Bank of India,
relegating it to commercial banking functions. After India's
independence in 1947, the Reserve Bank was nationalized and given
broader powers. In 1969 the government nationalized the 14 largest
commercial banks; the government nationalized the six next largest in
1980.
Currently, India has 88 scheduled commercial banks (SCBs) - 27
public sector banks (that is with the Government of India holding a
stake), 31 private banks (these do not have government stake; they
may be publicly listed and traded on stock exchanges) and 38 foreign
banks. They have a combined network of over 53,000 branches and
17,000 ATMs. According to a report by ICRA Limited, a rating agency,
the public sector banks hold over 75 percent of total assets of the
banking industry, with the private and foreign banks holding 18.2%
and 6.5% respectively.
The banking industry in India seems to be unaffected from the global
financial crises which started from U.S in the last quarter of 2008.
Despite the fallout and nationalization of banks across developed
economies, banks in India seems to be on the strong fundamental
base and seems to be well insulated from the financial turbulence
emerging from the western economies. The Indian banking industry is
well placed as compare to their banking industries western
counterparts which are depending upon government bailout and
An effective “Performance Appraisal” system in ICICI bank emphasizes
individual objectives, Bank objectives and also mutual objectives.
From the viewpoint of individual objective the “Performance Appraisal”
talks about
a) What task the individual is expected to do?
b) How well the individual has done the task?
c) How can his performance be further improved?
d) His reward for doing well.
From the bank view point a “Performance Appraisal” should generate
manpower information, improve efficiency and effectiveness serve as a
mechanism of control and provide a rational compensation structure.
In short the appraisal system establishes and upholds the principle of
accountability in the absence of which bank failure is the only possible
outcome.
80
Finally, talking about mutual goals, the emphasis is on growth and
development, harmony, effectiveness and profitability of the bank
81
ICICI HR Philosophy on P.A
“Performance Appraisal” is one such method that allows for the
optimisation of employees. In a broad sense , it is a formal structure
that allows for the continued measuring and evaluation of individual
behavior and performance, whilst influencing an employees job related
attributes through such factors as increased job satisfaction and
recognition (with the use of promotional aids such as better
equipment, duties, and salaries). The purpose of any such system, is
not only to measure the performance of human resources but also to
find areas of skill deficit for further development (through employee
feedback), identify excess potential that could be better utilized, and
communicate objectives more accurately to workers . By doing so,
businesses move one step closer to the achievement of their set goals
and objectives. Included here is also one other factor that is not a
direct objective of appraisals, but becomes a valuable asset within
itself. This simply is the provision for maintaining records of workers
that are legally viable, that can protect the business when dealing in
cases of dismissals and demotions. This is especially important in
today’s society because of the "increasing legislation and regulation
dealing with victimization and discrimination" making bank liable for all
their actions.
The annual “Performance Appraisal” is usually done in two steps. First,
the employees and their manager complete the “Performance
Appraisal” form - doing a self assessment. Often the bank also uses a
60 degree feedback process, asking for input from peers. Secondly,
82
the bank employees and manager participate in a formal “Performance
Appraisal” interview. The appraisal form, used in the first step,
consists of performance standards and criteria that are used to judge
evaluate your performance. The items comprising your job description
are usually the performance standards that are used in employees
annual appraisal .The performance standards are derived from a job
analysis, which is a detailed list of all of the skills involved in
performing a task. For example, what are the skills necessary to
perform a complete blood count? The criteria are used to determine
the level of performance, which can be excellent, average, or poor (or
alternatively meets, exceeds or does not meet standards). Once
appraisal is complete, score is averaged and merit raise (if applicable)
83
Forms Used By The Bank For P.A
1. General “Performance Appraisal” Form I
Six-page form includes evaluation sections for three categories: a) objectives from last review period; b) current job duties (which are customizable), and c) organization core values (e.g., maturity, vision).
2. General “Performance Appraisal” Form II
Four-page form has three sections: a) overall performance, b) communication skills, and c) people/self development skills.
3. General “Performance Appraisal” Form III
Two-page "short form" has numerical rankings for two sections: a) general work attributes and b) managerial attributes. Includes a weighted average calculation.
4. 360-Degree “Performance Appraisal” Form I
Two-page form for peers, outside suppliers and customers to fill out. Also can be used for "upwards" feedback about managers.
5. 360-Degree “Performance Appraisal” Form II
Two-page form for peers and outsiders - all open-ended questions, without numerical rankings.
84
6. Manager “Performance Appraisal” Form
Six-page form with all sections related to managerial skills. Also includes a section for listing future objectives.
7. Administrative/Technical “Performance Appraisal” Form
Four-page form perfect for administrative, technical and customer service workers.
8. Sales “Performance Appraisal” Form
Five-page form focused on sales personnel. Includes four sections: a) actual vs. plan performance, b) lead generation, c) selling skills and d) account maintenance.
9. Project Evaluation Review Form
Four-page form geared towards specific projects, and an individuals' role on a given project.
10. Employee Self-Assessment Form
Two-page open-ended form for an employee to fill-out before his or her own review. Sections include: a) success in meeting goals from last review, b) accomplishments and c) areas for improvement.
85
Approaches And Techniques In “Performance Appraisal” Used
By The Bank
“Performance Appraisal” is a multistage process involving several
activities, which can be administered using a variety of approaches.
Some of these approaches are being used by the banks for
“Performance Appraisal”
Intuitive Approach: In this approach, a supervisor or manager
judges the employee based on their perception of the employee's
behavior.
Self-Appraisal Approach: Employees evaluate their own
performance using a common format.
Group Approach: The employee is evaluated by a group of
persons.
Trait Approach: This is the conventional approach. The manager
or supervisor evaluates the employee on the basis of observable
dimensions of personality, such as integrity, honesty, dependability,
punctuality, etc.
Appraisal Based On Achieved Results: In this type of approach,
appraisal is based on concrete, measurable, work achievements
judged against fixed targets or goals set mutually by the subject and
the assessor.
86
Behavioral Method: This method focuses on observed behavior
and observable critical incidents.
87
Appraisal techniques
There are several techniques of “Performance Appraisal”, each with
some strong points as well as limitations. Oberg (1972) has
summarized some of the commonly used “Performance Appraisal”
techniques.
(i) Essay Appraisal Method:
The assessor writes a brief essay providing an assessment of the
strengths, weaknesses and potential of the subject. In order to do so
objectively, it is necessary that the assessor knows the subject well
and should have interacted with them. Since the length and contents
of the essay vary between assessors, essay ratings are difficult to
compare.
(ii) Graphic Rating Scale
A graphic scale 'assesses a person on the quality of his or her work
(average; above average; outstanding; or unsatisfactory).'
Assessment could also be trait centered and cover observable traits,
such as reliability, adaptability, communication skills, etc. Although
graphic scales seem simplistic in construction, they have application in
a wide variety of job responsibilities and are more consistent and
reliable in comparison with essay appraisal. The utility of this
technique can be enhanced by using it in conjunction with the essay
appraisal technique.
(iii) Field Review Method
88
Since individual assessors differ in their standards, they inadvertently
introduce bias in their ratings. To overcome this assessor-related bias,
essay and graphic rating techniques can be combined in a systematic
review process. In the field review method, 'a member of the HRM
staff meets a small group of assessors from the supervisory units to
discuss each rating, systematically identifying areas of inter-assessor
disagreement.' It can then be a mechanism to help each assessor to
perceive the standards uniformly and thus match the other assessors.
Although field review assessment is considered valid and reliable, it is
very time consuming.
(iv) Forced-Choice Rating Method
Unlike the field review method, the forced-choice rating method does
not involve discussion with supervisors. Although this technique has
several variations, the most common method is to force the assessor
to choose the best and worst fit statements from a group of
statements. These statements are weighted or scored in advance to
assess the employee. The scores or weights assigned to the individual
statements are not revealed to the assessor so that she or he cannot
favor any individual. In this way, the assessor bias is largely
eliminated and comparable standards of performance evolved for an
objective. However, this technique is of little value wherever
“Performance Appraisal” interviews are conducted.
(v) Critical Incident Appraisal Method
In this method, a supervisor describes critical incidents, giving details
of both positive and negative behavior of the employee. These are
then discussed with the employee. The discussion focuses on actual
89
behavior rather than on traits. While this technique is well suited for
performance review interviews, it has the drawback that the
supervisor has to note down the critical incidents as and when they
occur. That may be impractical, and may delay feedback to
employees. It makes little sense to wait six months or a year to
discuss a misdeed, a mistake or good display of initiative.
(vi) Management By Objectives
The employees are asked to set or help set their own performance
goals. This avoids the feeling among employees that they are being
judged by unfairly high standards. This method is currently widely
used, but not always in its true spirit. Even though the employees are
consulted, in many cases management ends up by imposing its
standards and objectives. In some cases employees may not like 'self-
direction or authority.' To avoid such problems, the work standard
approach is used.
(vii) Work Standard Approach
In this technique, management establishes the goals openly and sets
targets against realistic output standards. These standards are
incorporated into the organizational “Performance Appraisal” system.
Thus each employee has a clear understanding of their duties and
knows well what is expected of them. “Performance Appraisal” and
interview comments are related to these duties. This makes the
appraisal process objective and more accurate. However, it is difficult
to compare individual ratings because standards for work may differ
from job to job and from employee to employee. This limitation can be
overcome by some form of ranking using pooled judgment.
90
(viii) Ranking Methods:
Some of the important forms of ranking for “Performance Appraisal”
are given below, based on Oberg, 1972; and Monga, 1983:
(a) Alteration Ranking Method
The Individual With The Best performance is chosen as the ideal
employee. Other employees are then ranked against this employee in
descending order of comparative performance on a scale of best to
worst performance. The alteration ranking method usually involves
rating by more than one assessor. The ranks assigned by each
assessor are then averaged and a relative ranking of each member in
the group is determined. While this is a simple method, it is
impractical for large groups. In addition, there may be wide variations
in ability between ranks for different positions.
(b) Paired Comparison: The paired comparison method
systematizes ranking and enables better comparison among
individuals to be rated. Every individual in the group is compared with
all others in the group. The evaluations received by each person in the
group are counted and turned into percentage scores. The scores
provide a fair idea as to how each individual in the group is judged by
the assessor.
91
(c) Person-to-Person Rating: In the person-to-person rating
scales, the names of the actual individuals known to all the assessors
are used as a series of standards. These standards may be defined as
lowest, low, middle, high and highest performers. Individual
employees in the group are then compared with the individuals used
as the standards, and rated for a standard where they match the best.
The advantage of this rating scale is that the standards are concrete
and are in terms of real individuals. The disadvantage is that the
standards set by different assessors may not be consistent. Each
assessor constructs their own person-to-person scale which makes
comparison of different ratings difficult.
(d) Checklist Method: The assessor is furnished with a checklist of
pre-scaled descriptions of behavior, which are then used to evaluate
the personnel being rated (Monga, 1983). The scale values of the
behavior items are unknown to the assessor, who has to check as
many items as she or he believes describe the worker being assessed.
A final rating is obtained by averaging the scale values of the items
that have been marked.
(e) Behaviorally Anchored Rating Scales (BARS): This is a
relatively new technique. It consists of sets of behavioral statements
describing good or bad performance with respect to important
qualities. These qualities may refer to inter-personal relationships,
planning and organizing abilities, adaptability and reliability. These
statements are developed from critical incidents collected both from
the assessor and the subject.
92
(f) Assessment centers: This technique is used to predict future
performance of employees were they to be promoted. The individual
whose potential is to be assessed has to work on individual as well as
group assignments similar to those they would be required to handle
were they promoted. The judgment of observers is pooled and paired
comparison or alteration ranking is sometimes used to arrive at a final
assessment. The final assessment helps in making an order-of-merit
ranking for each employee. It also involves subjective judgment by
observers.
A “Performance Appraisal” system could be designed based on
intuition, self-analysis, personality traits, behavioral methods and
result-based techniques. Different approaches and techniques could be
blended, depending on the goals of “Performance Appraisal” in the
organization and the type of review. For example, management by
objectives, goal-setting and work standard methods are effective for
objective coaching, counseling and motivational purposes. Critical
incident appraisal is best suited when supervisor's personal
assessment and criticism are essential. A carefully developed and
validated forced-choice rating can provide valuable analysis of the
individual when considering possible promotion to supervisory
positions. Combined graphic and essay form is simple, effective in
identifying training and development needs, and facilitates other
management decisions.
93
Banner Corporation Banks on Halogen for
Talent and Learning and performance
Management (For Practical
Understanding)
Northwest U.S. based Banner Corporation has selected Halogen
Software for a Web-based talent management system to streamline
the employee “Performance Appraisal” process and tightly integrate
learning into its talent management process. Banner Corporation,
which operates commercial banks in Washington, Oregon and Idaho, is
focused on creating a tightly integrated talent management program,
to ensure its 1,200 employees are executing on the bank's strategic
vision and delivering outstanding customer service. Halogen was
selected following a review of more than 20 talent and learning
management vendors.
"Our number one priority was to improve our learning management
processes, and we quickly realized that for this to work, it was critical
that we establish a tight link between employee performance, talent
management and learning functions," explained Mimi Ellis, SVP Talent
Management, Banner Corporation. "We really did our homework and
selected Halogen based on the fact that it would meet all of our
current and future talent management needs."
94
The new Web-based system will enable Banner Corporation to
automate the employee appraisal process driving consistency across
the organization. Learning functions, such as compliance training, will
be tied into the appraisal process, and information from appraisals will
be used for succession planning purposes, thereby creating a complete
talent management strategy across all its locations in the Northwest.
Banner Corporation is starting with a deployment of Halogen
eAppraisal Financial Services and Multi-Rater for employee
performance management and plans to build on the implementation
with fully integrated Halogen eSuccession and eLMS modules.
"The Halogen system is straightforward and easy to use, and everyone
we've worked with at the company has been wonderful," added Ellis.
"We are looking forward to continuing to work with Halogen and
reaping the benefits of our new approach to talent management."
Banner Corporation joins financial services institutions across North
America relying on Halogen, including AGF, International Finance
Corporation, People's Bank and United Bank and Trust.
About Halogen Software
A recognized industry leader with over 1000 customers worldwide,
Halogen Software makes powerful, simple-to-use and affordable
employee performance and talent management applications. The
company offers a complete suite of web-based products that
automate, simplify and integrate employee “Performance Appraisal”s,
360 degree feedback, compensation management (pay for
performance), succession planning and learning management.
95
Halogen's offering makes HR best-practices accessible to companies of
all sizes and its healthcare, financial services and professional services
specific suites meet the unique needs of these industries. Halogen is
consistently recognized by the industry and its customers for its
exceptional implementation and support services, and has won
multiple awards for its corporate leadership and product innovation,
including HR Technology Product of the Year. For more information,
visit www.halogensoftware.com .
About Banner Corporation
Banner Corporation is the parent company of Banner Bank, a
commercial bank that operates a total of 86 branch offices and 12 loan
offices in 29 counties in Washington, Oregon and Idaho. It is also the
parent of Islanders Bank which operates three branch offices in
Washington's San Juan Islands. Banner serves the Pacific Northwest
region with a full range of deposit services and business, commercial
real estate, construction, residential, agricultural and consumer loans.