12-06-2012, 05:42 PM
Employee Contributions: Determining Individual pay
Determining Individual pay.ppt (Size: 2.28 MB / Downloads: 40)
RPG
Salary increments
Performance bonus
KRAs set for management teams and individuals. Based on the performance on KRAs, rating is given on a four point rating scale
Performance Appraisals
Allocation of merit pay
Outcome of :
Employees Behavior
Organization values
Competition among departments
Economic conditions
Various kinds of errors (halo, recency etc)
Strategies to Improve Performance Appraisal
Improve Appraisal Formats
Select the Right Raters
Understand how raters process information
The Performance Evaluation Process
Performance dimensions relevant to Strategy
Involve employees
Raters trained in use of appraisal system
Raters motivated to rate accurately
Raters maintain a diary of employee performance
Raters should attempt a performance diagnosis
Designing Merit Guidelines
What should the poorest performers be paid as an increase?
Average performers be paid as an increase?
Top performers be paid?
Size of the differential
Performance – Key driver to your Appraisal
Performance Appraisal is based on Performance Evaluation which is part of Annual Compensation Planning (ACP) program.
Solid Line Manager is responsible for & owner of the evaluation.
Payout and rewards are not directly linked with the individual competencies, but yes Performance Evaluation basically reflects experienced performance during the whole past year (achievement of targets, CoDe and PDP). These three things are to be done in parallel:
PDP (Personal Development Plan): Discuss it with the manager, final discussion will be held annually. It is individual’s responsibility to ask and complete those trainings and requirements. You can also have one to one session in between.
CoDe (Competence Development): To check your competency on the assigned tasks according to the Job Description. It is basically mapping of your KSAs with the required KSA and will do the individual training need analysis on the basis of it.
Objective tracking sheet for STP (Short Term Plans): Assigned targets for 6 months.
Individual performance objective 20%-30%
Team objective 30%
Company’s performance has highest weight 40% - 60%, depending upon the organization’s current strategy.