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Performance Management Essay

891 words - 4 pages

INDEX

Abstract 3
Introduction 4
Performance & Potential 5
Understanding TMS Grid 9
TMS & Appraisal Rating 11
Special Cases 14
The TMS Process 15
Use of TMS Rating 19
Advantages of the System 19
Gaps in the System 19

Abstract
This project us gave the opportunity to analyze and explore performance management system at Bajaj Allianz. We have explored the performance appraisal part of the same namely understanding the Talent Management System (TMS) and its use in Bajaj Allianz. How they differentiate between potential and performance and how they rate a team Member on Performance and Potential to finally arrive at the ...view middle of the document...

The Talent Management process assesses both Performance and Potential and hence comes out with a very balanced measurement of a persons abilities. However, there must be consistency in the rating provided to an individual through the two systems.

Performance and potential
Bajaj Allianz differentiates clearly differentiates between performance and potential. These two form the basis of PMS at Bajaj
Performance refers to the actual performance exhibited by a Team Member in their daily activities and is measured in terms of Target Achievement.
Performance = Past + Current
Potential refers to the inherent ability or capacity of a Team Member to take on higher roles in the near future.
It is measured on the basis of:
Ability to learn and contribute to own and other areas of work ,display of energy, enthusiasm, and positive attitude, ability to serve Customers better, ability to develop relationship and collaborate with people to work more effectively
Potential = Future (Potential to grow into a higher role in the next 2 year

Assessing Performance
Performance for the purpose of the TMS activity is classified into four performance categories, as under

Assessing Potential
Potential is assessed on the following 4 areas

Each of these areas need to be rated on the following scale:

Scale Rating
Best in Class: The person proactively grabbed every opportunity that presented itself and was found outstanding in this area. The person can be compared to the best in the industry and sets benchmarks. 4
High: Whenever given an opportunity, the person always met expectations. 3
Satisfactory: Given an opportunity, the person often met expectations but needs to develop this area further. 2
Needs Improvement: Even on receiving opportunities, the person displayed poor ability in this area. Needs significant...

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