Performance Management System Ppt
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This document summarizes Mahindra & Mahindra Ltd.'s performance management system. It discusses how the company uses a balanced scorecard approach to set strategic goals and key result areas for departments, functions, and individuals aligned with business objectives. It outlines the annual performance appraisal cycle which includes workshops for setting KRAs, mid-year reviews, final appraisals involving feedback and ratings, and counseling. The goal is to evaluate employee performance, provide development opportunities, and generate data for compensation and promotion decisions.
Performance Management System Ppt
- 1. Presented by : RAVI Title: Performance Management System Affiliation: REVA UNIVERSITY
- 2. MAHINDRA & MAHINDRA LTD.
- 3. • Mahindra is the market leader in multi-utility vehicles in India. • Only Indian company among the top three tractor manufacturers in the world. • The Group has a leading presence in key sectors of the Indian economy, including the Automotive, financial services, trade & Logistics, Automotive components, Information Technology and Infrastructure Development.
- 4. STRATEGY,VISION, MISSION & BUDGET BUSINESS GOALS ORGANIZATION’S OBJECTIVES DEPARTMENTAL / FUNCTIONAL OBJECTIVES ROLE / INDIVIDUAL OBJECTIVES KEY RESULT AREA (KRAs)
- 5. Balanced Score Card approach By Robert S. Kalpan and David P. Norton’s, 1992 Measures performance on 4 perspectives
- 7. • CustomerHow do customer see us? • Internal ProcessWhat must we excel at? • Learning & Development Can we continue to improve and create value? • Financial How well do we look at our stakeholders?
- 9. 2 Day workshop in the month of May – June ‘KRA setting’ and ‘How to conduct performance appraisal’ Useful to both appraisers and appraises
- 10. Individual goals linked to business 3 – 5 KRAs Total Weightage: 100% Set after discussion between appraiser and appraisee Forms a basis for the calculation of performance payout The KRA sheets are sent to Corporate HR Department.
- 11. Conducted in the month of October Measure and evaluate performance in terms of the goals set Discussion of correction measures
- 12. Done in the month of April Employees are reviewed on the basis of achievement of KRAs, assessment of significant tasks other than KRAs Leadership competencies - M&M Ltd has adopted 7 leadership competencies Employee’s feedback is recorded
- 13. Discussion is held between appraiser & reviewer to jointly arrive at overall rating of the employee For the performance pay calculation, the overall performance is divided into two parts: Business Performance Individual Performance
- 14. Appraiser gives feedback to the subordinate immediately after the final performance appraisal Reviewing if all the employees have got the appraisal report
- 15. Why performance appraisal is needed Helps in identifying Areas for Improvement. Provides development opportunities for the growth of people. Generate Data for actions relating to Increments, Promotions, etc.
- 16. Thank you