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CHAPTER – I
INTRODUCTION
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INTRODUCTION
Organizations are made up of people and function through people.
Without people organizations cannot exists. The resources of men, money,
machinery and materials are collected, coordinated and utilized through people.
These resources by themselves cannot fulfill the objectives of an organization.
They need to be united into a team. It is through the combine efforts of people
that material and monetary resources are effectively utilized for the attainment
of common objectives. Without united human efforts no organization can
achieve its goals. All the activities of an organization are initiated and
completed by the persons who make up the organization. Therefore, People are
the most significant resource of any organization. This resource is called human
resource and it is most important factor of the production. According to
L.F.Urwick, “business houses are made or broken in the long run not by
markets or capital, patents or equipment but by men.” Of all the resources
manpower is the only resource, which does not depreciate, with passage of time.
Human resource is considered to be the most valuable asset in any
organization. It is the sum-total of inherent abilities, acquired knowledge and
skills represented by the talents and attitudes of the employees. It may be noted
here that human resource should be utilized to the maximum possible extent, in
order to achieve individual and organizational goals. It is thus the employee’s
performance, which ultimately decides the attainment of goals.
A major concern of every organization should be to contribute positively
towards the achievement of its objectives. Organizational effectiveness is often
equated with Managerial efficiency. A Manager can ensure organizational
effectiveness only by guaranteeing the full utilization of the human resources
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available through individual employees under his guidance. Hence, it is always
required for a manager to monitor and measure the performance of employees.
Moreover, since the organization exists to achieve the goals, the degree of
success that individual employees have in reaching this individual goal is
important in determining organizational effectiveness. The assessment of how
successful employees have been at meeting their individual goal becomes a
critical part of Human Resource Management. This leads to concept of
Performance Appraisal.
A performance appraisal system functions as definition of performance.
Performance appraisal is a method of evaluating the behavior of employees in
the work spot, including both qualitative and quantitative aspects of job
performance indicates how an individual is fulfilling the job demands and it is
always in terms of results. Under performance appraisal not only the
performance of an employee but also his potential for development is evaluated.
“Performance appraisal is a systematic description of an employee’s job
relevant strengths and weaknesses”.
In performance appraisal or merit rating refers to all the formal
procedures used in working organizations to evaluate the personalities and
contributions and potential group members. In appraisal system the employee’s
merits like initiatives, dependability, personality etc., are compared with others
and ranked to rated. Appraisals might be based on the criteria of employee’s
skills, educational qualifications, knowledge, abilities to delegate plans,
supervise, assume responsibility, exercise leadership, personal qualities,
creativity, decision making and interpersonal skills.
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An appraisal motivates an employee into increased effort aimed at
enhancing the outcome of the assessment. It tells an employee what set of
activities or what qualities are considered desirable by the organization.
In performance planning and review, the Reporting Manager is
expected to set targets or tasks for the appraise in the beginning of the year. In
the middle of the year, the appraise fills the self-appraisal form, indicating the
extent to which the target or task has been completed, the difficulties faced and
the suggestions for improvement. At the end of the year, there is the annual
review and targets/tasks set for the next year. Both in the mid-year review and
annual review, the self-appraisal is supplemented by a performance review,
discussion, the problems are discussed and the appraiser is given feedback on
how he is doing.
Human Resource Management is the function with in an organization that
focuses on recruitment of management and providing direction for the people
who work in the organization. Human Resources Management can also be
performed by line managers. Human Resource Management is the
organizational function that deals with issues related to people such as
compensation, hiring, performance management, organization development,
safety, wellness, benefits, employee motivation, communication, administration
and training.
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Definition:
According to Flippo, human resource management is the planning,
organizing, directing and controlling of the procurement, development,
compensation, integration maintenance and reproduction of human resources to
the end those individual, organizational and societal objectives are
accomplished.
According to L.F.Urwick, “business houses are made or broken in the long
run not by markets or capital, patents or equipment but by men.” Of all the
resources manpower is the only resource, which does not depreciate, with
passage of time.
Objectives of Human Resource Management
Objective are pre-determined goals to which individual or group activity in an
organization is directed. Objectives of personal management are influenced by
social objectives, organizational objectives, functional objectives and individual
objectives.
1. To create and utilize an able and motivated work force to accomplish the
basis organizational goals.
2. To establish and maintain sound organizational structure and desirable
working relationships among with those all the members of the
organization..
3. To secure the integration of the individual and groups within the
organization by co-ordination of the individual and groups goals with those
of the organization.
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4. To create facilitate and opportunities for individual or group development so
as to much it with the growth of the organization.
5. To attain an effective utilization of human resources in the achievement of
organizational.
6. To identify and satisfy individual and group needs by providing adequate
and equitable wages, incentives, employee benefits and social security and
measures for challenging work, prestige recognition, security, status etc.
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OBJECTIVES OF THE STUDY
� It provides organized if mission for making hr decisions like placement,
pay, transfers, and promotions.
� It improves and evaluates Performance of employee
� It improves communication.
� It decides pay rises when regular payment system does not respond.
� It tests the Performance of hr activities like recruitment selection and
training.
� It provides coaching, counseling and motivation to sub-ordinates.
• Broadly, Performance appraisal has four objectives they are:
• Developmental uses
• Administrative decisions
• Organizational objectives
• Documentation purpose.
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NEED OF THE STUDY
� The study on performance appraisal is needed in order to
� To do a comprehensive study on performance appraisal system
� To provide the prevent grievance and indeciplinary action.
� To provide the information this helps to council the sub-ordinates.
� To provide the information about the performance ranks basing on
which decision regarding salary fixation, conformation, promotion,
transfer, and demotions are taken.
� To provide feedback information about the level of achievement and
behavior of sub- ordinate.
� To determine the Training and Development.
� To study the design of performance appraisal system existing on the
organization. To create and maintain satisfactory level of performance.
� To facilitate fair and equitable compensation.
• To ensure organizational effectiveness.
• It guarantees useful information about employees and the nature of
their duties.
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SCOPE OF THE STUDY
The study is confined to performance appraisal function of the activities
of organization and does not cover any other aspect of Human Resource
Management. Further the study is restricted to the respondents of kesoram
cement and not other organizations. The focus of the study was to understand
the existing performance appraisal system with an eye on the lacunae. which
might have crewed into the system also the drawbacks of the system. In the
present study an attempt has been made to know the actual implementation of
performance appraisal techniques in general and some other aspects such as
awareness of the workers, effectiveness of the performance appraisal system in
particular.
Human resource projections are valid on appraisals. By improving job
skills, the employees have lot of scope for development and prepare themselves
for higher responsibilities.
A through analysis of the performance appraisal system will help the
management to know the shortcomings, if any. It also help the company in
knowing whether the performance appraisal techniques are used to the full
extent or not, there by the researcher can understand the effective
implementation of the performance appraisal
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METHODOLOGY
The research methodology is a systematic way to solve the problem and it is an
important component of the study without which researcher may not be able to
obtain the facts and figures from the employees.
SOURCE OF DATA:
The study is based on primary as well as secondary data collected from different
sources:
a) Primary Data:
The primary data is collected with the help of questionnaires. The
questionnaires are chosen because of its simplicity and liability. Researcher can
expect straight answers to the questions. Administration a well-designed
questionnaire to the employees and their opinions collect primary and
suggestions were sorted with the help of the questionnaire.
b) Secondary Data:
Secondary data is collected through the documents provided by the personnel
department. The documents include personnel manuals, reports, books,
journals, various magazines and additional information from personal
Department of Kesoram Cement Industry.etc.
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LIMITATIONS
� The rater most of the employees on the higher side of their performance.
� The main limitation of this method is that it takes a lot of time and effort
to construct several evaluating statements.
� The population of the study is limited and hence the findings may not to
be representative of the entire system existing in India.
� Due to security reason, enter into many of the technical complexes was
difficult which provide as a hindrance for gathering qualitative data.
� The time duration for the study has been a limitation for the in depth
study of the existing system.
� The shift existing in certain departments created problems for the return
of filled questionnaire.
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CHAPTER – II
INDUSTRY PROFILE
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INDUSTRY PROFILE
Insurance Industry of India
Insurance is divided in two categories:
1) Life insurance
2) General insurance
Insurance may be described as a social device to reduce or eliminate risk
of life and property. Under the plan of insurance, a large number of people
associate themselves by sharing risk, attached to an individual.
The risk, which can be insured against include fire, the peril of sea, death,
incident and burglary. Any risk contingent upon these may be insured against at
a premium commensurate with the risk involved.
Insurance is actually a contract between two parties whereby one party called
insurer undertakes in exchange for a fixed sum called premium to pay the other
party at the happening of a certain Event.
Insurance is a contract whereby, in return for the payment of premium by
the insured, the insurers pay the financial losses suffered by the insured as a
result of the occurrence of unforeseen events like death or accidents.
With the help of insurance, large number of people exposed to a similar
risk makes contributions to a common fund out of which the losses suffered by
the unfortunate few, due to accidental events, are made good.
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Brief History of the Insurance Sector in India:
The insurance sector in India has come a full circle from being an open
competitive market to nationalization and back to a liberalized market again.
Tracing the developments in the Indian insurance sector reveals the 360-
degree turn witnessed over a period of almost 190 years.
The business of life insurance in India in its existing form started in India
in the year 1818 with the establishment of the Oriental Life Insurance Company
in Calcutta.
Some of the important milestones in the life insurance business in India are
1912 - The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.
1928 - The Indian Insurance Companies Act enacted to enable the government
to collect statistical information about both life and non-life insurance
businesses.
1938 - Earlier legislation consolidated and amended to by the Insurance Act
with the objective of protecting the interests of the insuring public.
1956 - 245 Indian and foreign insurers and provident societies taken over by the
central government and nationalized. LIC formed by an Act of Parliament, viz.
LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government
of India.
The General insurance business in India, on the other hand, can trace its
roots to the Triton Insurance Company Ltd., the first general insurance company
established in the year 1850 in Calcutta by the British.
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Some of the important milestones in the general insurance business in India
are:
1907 - The Indian Mercantile Insurance Ltd. set up the first company to
transact all classes of general insurance business.
1957 - General Insurance Council, a wing of the Insurance Association of India,
frames a code of conduct for ensuring fair conduct and sound business practices.
1968 - The Insurance Act amended to regulate investments and set minimum
solvency margins and the Tariff Advisory Committee set up.
1972 - The General Insurance Business (Nationalization) Act, 1972 nationalized
the general insurance business in India with effect from 1st January 1973. 107
insurers amalgamated and grouped into four companies’ viz. the National
Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental
Insurance Company Ltd. and the United India Insurance Company Ltd. GIC
incorporated as a company
Regulatory Body:
The insurance should be changed
1) an insurance regulatory body should be set up
2) Controller of insurance (currently a part from the finance ministry) should be
made independent.
3) IRDA is the insurance regulatory and development authority. Each and every
life insurance company has to comply with the rules and regulations of this
act.
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Customer Service
� LIC should pay interest on delays in payments beyond 30 days.
� Insurance companies must be encouraged to set up unit linked pension plans.
� Computerization of operations and updating of technology to be carried out
in the insurance industry.
The committee emphasized that in order to improve the customer services
and increase the coverage of the insurance industry should be opened up to
competition. But at the same time, the committee felt the need to exercise
caution as any failure on the part of new players could ruin the public
confidence in the industry. Hence, it was decided to allow competition in a
limited way by stipulating the minimum capital requirement of Rs.100 Crores.
The committee felt the need to provide greater autonomy to insurance
companies in order to improve their performance and enable them to act as
independent companies with economic motives. For this purpose, it had
proposed setting up an independent regulatory body.
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S.No. Registration
Number
Date of
Reg. Name of the Company
1 101 23.10.2000 HDFC Standard Life Insurance Co.
2 104 15.11.2000 Max New York Life Insurance Co.
3 105 24.11.2000 ICICI Prudential Life Insurance Co.
4 107 10.01.2001 Kotak Mahindra Life Insurance Co.
5 109 31.01.2001 Birla Sunlife Life Insurance Co.
6 110 12.02.2001 Tata AIG Life Insurance Co.
7 111 30.03.2005 SBI Life Insurance
8 114 02.08.2008 ING Vysya Life Insurance Co.
9 116 03.08.2010 Bajaj Allianz Life Insurance Co.
10 117 06.08.2011 MetLife Life Insurance Co.
11 125 08.11.2012 Mahendra life insurance co.
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Investments
� Mandatory investments of LIC life fund in government securities to be
reduced from 75% to 50%.
� Gic and its subsidiaries are not to hold more than 5% in any company (there
current holdings to be brought down to this level over a period of time)
Market Players in Vizag:
LIC
SBI LIFE
ICICI PRUDENTIAL
BIRALA SUNLIFE
BAJAZ ALLIANZ
AVIVAA
MET LIFE
TATA AIG
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Competitors with Market Share:
The competition is very tough in the insurance sector. There is neck-to-
neck competition among all the players. But the majority of share is covered by
LIC. All the companies give almost the same policy but there is a little
variation in the charges that the companies are charging.
S. No. Name of the competitor Market Share
(%)
01. Bajaj Allianz 4.18
02. ING Vysya 0.54
03. AMP Sanmar 0.46
04. SBI Life Insurance 1.47
05. Tata AIG 1.75
06. HDFC Standard Life Insurance
Co. 3.05
07. ICICI Prudential 7.12
08. Birla Sunlife 1.72
09. Aviva Life Insurance 1.11
10. Kotak Mahindra 0.71
11. Max Newyork Life Insurance 1.33
12. MetLife 0.37
13. Sahara Life Insurance 0.03
14. LIC 72.23
Others 3.93
Total 100.00
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CHAPTER – III
COMPANY PROFILE
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Company Profile
With over 140 years of experience, the MetLife companies serve millions
of customers in the America and Asia with one goal in mind – to build financial
freedom for everyone. The MetLife companies are a leader in group benefits
that serve 88 of the top one hundred FORTUNE 500®* companies, and provide
benefits to 37 million employees and family members through its plans sponsors
in the U.S. The MetLife companies are also ranked #1 in group life and #1 in
commercial dental in the U.S . The MetLife companies are the number one life
insurer in the U.S. With approximately US $2.8 trillion of life Insurance in
force.
In India, MetLife was in corporated in 2001, and aims to differentiate
itself through customized need based selling, simple and innovative products,
and technology-backed service experience, to tread its path to build financial
freedom for everyone.
Mission / Vision / Values:
Build financial freedom for all through leadership in providing financial
advice and building long-term relationships through innovative protection,
accumulation and retirement products, robust underwriting processes and
creating world-class customer service experience for our customers and to
provide customers in India with world-class solAXISons for financial security,
and in the process add significant value to our shareholders, associates and
society.
22
Core Values
� It lead through Innovation to offer world class and competitive products to
our customers
� It build Long Term Relationships with our customers by creating a world
class service experience through operational excellence and the innovative
use of technology
� It create a Customer Centered and Result Focused Vision that inspires each
one of our Associates and has their buy-in
� They are committed to creating a High Performance Organization by
creating an environment that allows each one of our Associates to perform at
their peak. As a result we will also be recognized as an Employer of Choice
� They are committed to Partnering with our internal and external Customers
for mutual success
� They work with Integrity, Fairness and Financial Prudence in all our
dealings keeping the interests of our Shareholders, Customers and Associates
paramount
MetLife, the Indian affiliate of the largest life insurer in the U.S.*, is
going through changes that are unprecedented in size and scope. And that means
an unprecedented array of career opportunities and growth potential. It provides
customers in India with world-class solAXISons for financial security, and in
the process add significant value to their shareholders, associates and society.
Corporate Partners
As the vital channel for MetLife’s products, it has chosen some
exemplary banks and financial institAXISons. These will serve as the interface
between our customers and us to aid us understand the unique needs and
aspirations of every Indian. And update its products with features that form the
cornerstones of financial freedom.
23
Jammu & Kashmir Bank
The Jammu & Kashmir Bank is today one of the fastest growing banks in
India with a network of more than 500 branches/offices spread across the
country offering world class banking products/services to its customers. Today,
the Bank has a status of value driven organization and is always working
towards building trust with Shareholders, Employees, Customers, Borrowers,
Regulators and other diverse Stakeholders, for which it has adopted a strategy
directed to developing a sound foundation of relationship and trust aimed at
achieving excellence, which of course, comes from the womb of good
Corporate Governance. trusteeship, transparency, fairness and control, leading
to stakeholders delight, enhanced shareholder value and ethical corporate
citizenship. It also ensures that bank is managed by an independent and highly
qualified
Karnataka Bank
The Karnataka Bank Ltd., a premier private sector bank of the country, was
incorporated on February 18th, 1924 at Mangalore, a coastal town in South
Kanara, a district of Karnataka state, which has attained renown as the Cradle of
Indian Banking.
Today it is one of the leading private sector banks in the country, known for its
steady and disciplined growth and cordial customer service. The Bank has a
strong national presence through a widespread network of 358 branches. The
bank has 230 branches wholly/partially computerized, as of now.
Plans are underway to put in place additional products to enhance customer
satisfaction and to increase income stream with the help of upgraded
technology. The bank has already put in place an elaborate risk monitoring and
asset liability management system.
24
Dhanalakshmi Ban k
Dhanalakshmi Bank charts a 79-year course commencing from its incorporation
in the year 1927 by a group of enterprising entrepreneurs of Thrissur, the
cultural capital of Kerala. The Bank has foreseen transition and made the right
moves towards sustained development.
Dhanalakshmi Bank has today attained national stature with 181 branches
and 26 Extension Counters spread over the States of Kerala, Tamil Nadu,
Karnataka, Andhra Pradesh, Maharashtra, Gujarat, Delhi and West Bengal.
The high growth trajectory is powered by strong fundamentals. As at the end
of March 2011, the Capital Adequacy Ratio of the Bank was above the
mandatory requirement of 9%. The highlights of our performance during the
year 2005-11are as follows:
� Operating profits increased by 53%
� Non-interest income increased by 83.8%
� Cost of deposits declined to 5.19% and yield on advances improved to
9.44%
� Micro credit recorded a growth of 92.2%
� Net NPA brought down to 2.44%
� Bank posted a net profit of Rs. 20.51 crores.
� 85% of Bank’s business brought under centralized banking solAXISon
(CBS)
The Bank has ventured into both life and non-life insurance. It is selling
life insurance products of M/s. MetLife India, a renowned global player in this
segment and non-life insurance products of M/s. IFFCO-TOKIO as their
corporate agent. The Bank is also a depository participant of NSDL (National
Security Depository Limited) offering Demat services through selected
branches.
25
In essence, the Bank is paying focused attention on its core competence
like ever expanding client-base, constantly upgraded customer service,
professional management, skilled manpower, wide network of branches and
excellent customer support.
The Bank is managed by a professional and forward looking Board of
Directors drawn from various walks of life with Mr. A.D. Navaneethan as the
Chairman, Mr. P.S Prasad as the MD & CEO and Mr. V S R Murthy as
ExecAXISve Director.
AXIS Bank
AXIS Bank was the first of the new private banks to have begun
operations in 1994, after the Government of India allowed new private banks to
be established. AXIS Bank is one of the fastest growing private sector banks in
the country. The Bank has strengths in both retail and corporate banking and is
committed to adopting the best industry practices internationally in order to
achieve excellence
AXIS Bank is one of the few banks in India that have built up a fully
integrated centralized banking architecture to offer banking services anywhere,
anytime. Currently the Bank has a network of 509 Branches & Extension
counters and 2224 ATMs spread across 299 cities, towns and villages, offering
a complete range of retail and corporate services, including retail loans,
corporate credit, forex services, investment banking, depository services, and
investment advisory services to our customer base of over 5.2 million.
AXIS Bank is uniquely positioned to harness the high growth opportunity
in India. At AXIS Bank, it has been our constant endeavour to bring a sharper
focus to the requirements of our customers and we strive to leverage cutting-
edge technology to provide the highest levels of service to them. The Bank has
customised offerings for various segments:
26
� Priority Banking: For High Net Worth Customers
� Senior Privilege: For Senior Citizens
� Smart Privilege: For Women
� Salary Power: For Payroll accounts
� Power Salute: For Defence personnel
� Trusts and NGO
� NRI Accounts
Other Partners
Karvy
In 1982, a group of Hyderabad-based practising Chartered Accountants
started Karvy Consultants Limited with a capital of Rs.1,50,000 offering
auditing and taxation services initially. Later, it forayed into the Registrar and
Share Transfer activities and subsequently into financial services. All along,
Karvy's strong work ethic and professional background leveraged with
Information Technology enabled it to deliver quality to the individual.
Geojit Securities
Geojit Securities was founded by Mr.C.J George in 1987 as a
Proprietorship for doing Broking business in Cochin Stock Exchange. In 1994,
the business was taken over by Geojit Securities Ltd, a Joint Venture between
Mr.C.J George and the Kerala State Industrial Development Corporation Ltd. In
the following year, the company came up with an IPO and the shares were listed
in various Stock Exchanges in India in 1995.
27
Way2wealth
Way2Wealth is a premier Investment Consultancy Firm that has been
launched with the aim of making investing simpler, more understandable and
profitable for the investors. Way2Wealth brings a wide range of product
offerings from Fixed Income Securities, Life Insurance and Mutual Funds to
Equity and Derivatives (on the National Stock Exchange) for the convenience
and benefit of it customers. Way2Wealth has over 40 easily accessible
Investment Outlets spread across 20 major towns and cities in the country.
Mini Muthoothu
Established in 1921, Mini Muthoothu with an illustrious history of
banking behind them today operates from 75 branches in Kerala and 5 in
Bangalore. All business concerns of Mini Muthoothu function under the strict
guidelines set by the Department of Company Law Affairs and Reserve Bank of
India. They also have a certificate of compliance with the requirements
regarding prudential norms from the Reserve Bank of India. Mini Muthoothu,
under the able leadership of its Chairman, Mr. Roy M Mathew, offers both the
resources and capabilities like any national player coupled with individualized
attention to its customers.
Metlife to Double Consultants
MetLife Insurance will be doubling the number of financial planning
consultants it has from 11,480 people to around 20,000 during the next calendar
year between January and December, 2007.
"The idea is to grow into a bigger player in the market by expanding the
distribAXISon system. We want to increase our market share and the way we
have decided to do this is by strengthening our multi distribAXISon system
28
which consists of agency sales, third party sales and institAXISonal sales,"
Rajesh Relan, MD, MetLife India Insurance Company said.
Apart from hiring more financial planning consultants, the company had
recently entered into a banc assurance tie-up with the AXIS Bank. This is
MetLife’s fourth bancassurance tie-up after J&K Bank, Karnataka Bank and
Dhanalaxmi Bank
The tie-up will give MetLife a national footprint as AXIS Bank is
currently the third largest private bank in India. Also, the tie up is a referral
model under which MetLife would be deploying its own staff in the bank’s
branches and the staff would work on the leads generated by AXIS Bank.
MetLife is also looking at raising capital from its existing investors. The
capital base of the company is currently Rs 355 crore. J&K bank holds 25 per
cent of the equity, M Pallonji holds 20 per cent, 26 per cent is held by MetLife
while the rest is with other investors.
"We are building our plans. We will raise capital but we have not
finalized details," Mr. Relan said.
29
Management Team
Gaurav Suri Rajesh Relan
Managing Director Director(Marketing)
Rajesh Relan – Managing Director
Chander Chellani - Officer, Agency Sales
Miro Farrugia – Chief Financial Officer
B Ashwin - Chief Administrative Officer
K P Sarma – Appointed Actuary
Phanesh M S V S - Chief Actuary
KR Anil Kumar - Chief Planning, Legal and Compliance Officer and Financial
Controller
Smitashree Menon – Director, Human Resources
Sanyog Jain – Director, Training and Development Center of Excellence
Gaurav Suri – Director, Marketing
Neerav Kaushik – Director, Individual Service Delivery
30
Organizational Structure
Organization Chart:
Organization structure is a basic framework which the manager’s
decision making behavior takes place. Structure basically deals with
relationships. Organization structure is the pattern of relationships among
various components or parts of the organizations. This prescribes the
relationship of various activities and positions.
Organization chart is the vital tool for providing information about
organization relations.
The organization structure plays a vital role in the smooth functioning of
the MetLife Insurance India Pvt. Ltd. Visakhapatnam. The organization chart
for the firm depends on the customer coverage.
The personnel department is under the main company i.e., MetLife
Insurance India Private Limited, Visakhapatnam. It is a insurance Branch
Office, there are only three departments i.e., accounts, and marketing and
human resource.
1
OO RR GG AA NN II ZZ AA TT II OO NN CC HH AA RR TT OO FF MM EE TT LL II FF EE II NN DD II AA
II NN SS UU RR AA NN CC EE CC OO .. PP VV TT .. LL TT DD -- VV II SS HH AA KK AA PP AA TT NN AA MM
BRANCH
MANAGER Mr.V.ANIL
KUMAR
HR Department Mr.Shastri
MsVaralakshmi
Agency Manager Mr.Aamir Khan
Agency Manager Mr.Leeladar
Banc assurance
Front End Office Ms.Srilakshmi
Backend Operator
10 Sales Managers
Mr.M.Srinivas
Financial Advisors
5 INC interns
4 Executives
Agency
Manager
Mr.Rajasekhar
10 Sales Managers
Ms.Krishna Koppaka
Financial Advisors
5 INC interns
PRODUCTS
• Accumulation
� Whole Life Policy
� Endowment Policy
• MET Suvidha
� Money Back Policy
� Met Sukh Money Back Non Participating
� Met Bhavishya
• Multi Purpose
� Met Ultimate
� Met Smart Plus
� Met Smart Premier
� Met Smart Plus - Single Pay
� Met Smart Premier - Single Pay
• Protection
� Met Suraksha - TROP
� Met Suraksha - TA
� Met-Mortgage Protector SP/Limited pay(MRTA)
• Retirement
� MET pension
� MET Advantage Plus
• Add Ons
� Accidental Death Benefit (ADB)
� Term Rider
• Waiver Of Premium
• Critical Illness
• Additional Benefits
• Rider benefits
• Tax benefit
Insurance Is For Saving Tax
The primary function of life insurance is to cover you against sudden
losses arising out of sudden death or liability. Unlike other investment
options like the Public Provident Fund that offers 20% tax rebate under
Section 88 of the Income Tax Act, 1961or other small savings schemes like
post office deposits and national savings certificates, Insurance isn’t a tax
saving investment vehicle.
Insurance, primarily offers you complete security arising out of risk
coverage against the uncertainties of life. And secondarily serves you as a
good investment option and tax saving tool. Hence, as an instrument, life
insurance offers you the ideal blend of risk cover, returns and tax benefits.
CHAPTER – IV
THEORITICAL
FRAME WORK
PERFORMANCE APPRAISAL
Performance appraisal is one of the methods of evaluating the
behavior of employees in both quantitative and qualitative job performance.
It is a time based survey which gives a technological based edge. It
integrates a full sit of tools & techniques for bringing out employees
Performance.
It helps to achieve the organizational objectives by evaluating the
Performance of employees over a specified period of time for better
utilization of employee’s skills. The Performance of employees helps for
the growth of organization.
Performance appraisal is a scientific approach .it is a systematic
examination of employee strengths and weakens. It consists of sequentially
organized steps. Performance appraisal range from confidential reporting to
360-degree appraisal.
In industry the performance appraisal is a systematic evaluation of
personnel by supervisors or others familiar with their performance because
employers are interested in knowing about employee performance.
Employees also wish to know their position in the organization. Performance
appraisal can be defined as the process of evaluating an employee’s
performance of a job in terms of its requirement.
Definition of Performance Appraisal:
Performance appraisal is the process of obtaining, analyzing and
recording information about the relative worth of an employee. The focus of
the performance appraisal is measuring and improving the actual
performance of the employee and also the future potential of the employee.
Its aim is to measure what an employee does.
Communicating the Standards
Once set, it is the responsibility of the management to communicate
the standards to all the employees of the organization. The employees should
be informed and the standards should be clearly explained to the. This will
help them to understand their roles and to know what exactly is expected
from them. The standards should also be communicated to the appraisers or
the evaluators and if required, the standards can also be modified at this
stage itself according to the relevant feedback from the employees or the
evaluators.
Features
The main characteristics of performance appraisal may be listed thus. The
appraised is a systematic process involving three steps Setting work
standards:
� Assessing employees’ actual performance relative to the se standards.
� Offering feedback to the employee so that he can eliminate
deficiencies and improve performance in course of time.
What Is To Be Appraised
� behaviors which measure o observable physical actins , movements
� objectives which measure job related results like amounts of deposits
mobilized, and ‘
� Traits which are measured in terms of personal characteristics
observable in employee’s job activities.
Who Will Appraise
Supervisors, Peers, Sub ordinates self -appraisal, users of services,
consultant
The Performance Appraisal Process
Performance appraisal is planned, developed and implemented
through a series of steps
• Establish performance standards
• Communicate the standards.
• Measure the actual performance
• `compare actual performance with standards and discuss the appraisal
• Taking corrective action, if necessary
Who Appraises:
The appraiser may be person who has through knowledge of job
content attributes and understand for appraisal. The appraiser should be able
to determine which attributes are important in performing a particular job.
He should prepare reports without any bias and leniency.
Typical praises are supervisors, peers and sub-ordinates, employees
themselves (self-appraisal).Appraisal by all ie.360=degree appraisal.
The Attributes That Are Appraised:
� Technical
� Intelligence
� Integrity
� Initiative
� Honesty
� Sincerity
� Judgment skills
� Creativity
� Ability to accustom to new things area of interest
� Quality of work
� Quantity of work
� Knowledge of the job
� knowledge of the work
� punctuality
� good housekeeping
� Attendance
PROCESS OF EVALUATION
Methods:
A number of Performance appraisal methods are available to measure
and appraise Performance. Each organization follows its own method of
appraisal but each method with its strengths and weakness may be suitable
for one organization and non- suitable for another. As such there is no single
method which is accepted and used by all the organizations. All the appraisal
methods are classified differentially by different authors. But the most used
classification is divided into two categories.
1. Traditional method
2. Modern method
Traditional methods lay emphasis on rating the individual’s
personality traits, whereas Modern methods are more objectives and lays
emphasis on evaluating the work result. A common approach to assessing
performance is to use a numerical or scalar rating system whereby managers
are asked to score an individual against a number of objectives/attributes. In
some companies, employees receive assessments from their manager, peers,
subordinates, and customers, while also performing a self assessment. This
is known as a 360-degree appraisal and forms good communication patterns.
The most popular methods used in the performance appraisal process
include the following:
• Management by objectives
• 360-degree appraisal
• Behavioral observation scale
• Behaviorally anchored rating scales
Trait-based systems, which rely on factors such as integrity and
conscientiousness, are also commonly used by businesses. The scientific
literature on the subject provides evidence that assessing employees on
factors such as these should be avoided. The reasons for this are two-fold:
Because trait-based systems are by definition based on personality traits,
they make it difficult for a manager to provide feedback that can cause
positive change in employee performance. This is caused by the fact that
personality dimensions are for the most part static, and while an employee
can change a specific behavior they cannot change their personality. For
example, a person who lacks integrity may stop lying to a manager because
they have been caught, but they still have low integrity and are likely to lie
again when the threat of being caught is gone.
Trait-based systems, because they are vague, are more easily influenced by
office politics, causing them to be less reliable as a source of information on
an employee's true performance. The vagueness of these instruments allows
managers to fill them out based on who they want to/feel should get a raise,
rather than basing scores on specific behaviors employees should/should not
be engaging in. These systems are also more likely to leave a company open
to discrimination claims because a manager can make biased decisions
without having to back them up with specific behavioral information.
Traditional Methods:
� Ranking Method
� Grading Method
� Paired Comparison Method
� Force Choice Method
� Forced Distribution Method
� Checklist Method
� Critical Incidents Method
� Graphic Rating Scale method
Ranking Method:
In this method of Performance Appraisal>it is systematic in nature. In
this method each Individual employee is compared with all others and is
placed in simple rank order of worth. The employees are ranked from the
highest to the lowest or from the best to worst. The main limitations of this
method are:
1. It does not specify how much one individual is better than the other.
2. This method is difficult when there are large number of employees.
Grading Method:
In this method certain Well-defined grades are established in advance.
Certain Categories of worth are first established and carefully defined as
grades like A-Outstanding. B - Satisfactory. C- Unsatisfactory. Employee
Performance is compared with defined grades and each employee is allotted
a grade that best describes his /her performance.
Forced-choice Method:
J.P. Guilford developed this method. This method contains a series of
statements and rates how effectively a statement describes each individual
being evaluated. The main limitation of this method is that it takes a lot of
time and effort to construct several evaluating statements.
Paired comparison method:
In this method each individual employee is compared with other
employee on one-on-one basis. i.e. usually based on one trait only. The rater
is given a bunch of slips each containing a pair of names, the rater ticks
against the employee whom he considers the better of the two. The number
of times this employee is compared as better, determines his/her final
ranking.
Forced Distribution Method:
The appraiser is forced to rate the performance of the employees
through their factors categorized into different types of either a five point
scale or a three- point scale. For example the appraisal may distribute his
employee's performance as outstanding, above average below average.
Critical Incident Method:
In this Method, the rater lays emphasis on those key behaviors that
make the difference between performing a job in net worth manner. In this
method the employee's performance is appraised in three basic steps:
1. Preparing a list of one worthy on-the job behavior of specific incidents.
2. Group of experts assign weight age to these incidents, depending on their
degree of desirability to perform a job.
3. Finally constructing a Checklist indicating incidents describing workers
as ‘Good' or 'Bad'. The, he checklist is given to the rater to evaluate the
workers.
Check list Method:
The rater does not evaluate employee performance. The appraiser supplies
reports about the performance of appraisers and the personnel department
does the final rating. A series of questions are presented concerning an
employee to his behavior. The rater then checks to indicate if the answer to a
question about an employee is positive or negative. The value of each
question may be weighed equally or certain question may be weighed more
heavily than others.
Free Essay Method:
The supervisor makes a free from, open-ended appraisal of an employee in
his words and puts down his impressions about the employee. The
description is all ways as factual and concrete as possible. No attempt is
made to evaluate in a quantitative manner.
Field review method:
A trainer employee from the personnel department interview line supervisors
to evaluate their respective subordinates. The appraiser takes detailed notes
of the collected information and proceeds to evaluation process.
The above listed traditional method are easy and simple to adopt but their
effectiveness is listed because a majority of the methods are based on rating
the personality traits of the appraises rather than the task related traits.
Group Appraisal Method:
Appraises are rated by an appraisal group consisting of their supervisor and
there or four other supervisors who have some knowledge of their
performance.
Modern Methods of Performance Appraisal:
Some of the modern methods of performance appraisal are described below.
� Management by Objective
� psychological appraisal
� Human asset accounting method
� 360-degree appraisal
� Behaviorally anchored rating scales(BARS)method
� Assessment center method
Management by Objective (MBO) OR appraisal by result method:
Management by objective methods was developed by Peter F.
Drucker in 1954.According to him MBO is " A process whereby the
superior and sub-ordinates of an organization jointly identify its common
goals, define each individuals major areas of responsibility in terms of
results expected of him and use these measures as guides for operating the
unite and assuming the contribution of its members".
This method provides responsibility and accountability and recognizes
that employee has need for achievement and self full fiment. The philosophy
of by MBO stresses on goals rather than methods and is results -oriented.
360-degree Appraisal Method:
The 360-degree appraisal method was first developed and used by Fenral
Electronic Company of USA in 1992.an employee is appraised by his
supervisors, sub -ordinates, peers and customers with whom he interacts in
the course of his job performance. All these appraisers provide feedback on
the employee by completing a survey questionnaire designed for this
purpose. All the information so gathered is then compiled through the
computerized system to prepare individualized reports. These reports are
then to the employees who were rated.
Assessment Centers:
It Is simulation method developed initially for military situations. The
important feature of this method is 'job-related stimulation's which involves
characteristics that managers that managers feel are important to the job
success. The evaluators observe and evaluate participants as they perform
activities commonly found in these higher-level jobs.
Psychological appraisal:
Large organizations employee fulltime industrial psychologists. When
psychologists are used for evaluations. they assess an individual's future and
past performance . The appraisal normally consists of in-depth interviews,
psychologists and discussion with the superior.
Behaviorally anchored rating scale (BARS) Method:
In this method developed during 1960's, the procedure for Behaviorally
Anchored Rating scale is usually five stepped. The first step is generation of
critical incidents by appraisers. The next step is to developed performance
dimensions, which are clusters of the critical incidents. He third step is to
reallocate incidents. Scaling of the incident usually in a 7-point or in a 9-
point scale to represent effective and ineffective performance is the fourth
step. The last step in this procedure is to develop a final instrument in which
a subset of incidents is used as "Behavior anchors" for the performance
dimensions. This system is time consuming and expensive.
Human Asset Accounting Method:
It refers to activity devoted to attaching money estimates to the value of a
form's internal human organization and its external customer goodwill. the
human asset is considered to be enhance if a worthy employee joins in the
organization. If distrust and conflict prevails in organization then human
asset are considered to be devalued. the current value of an organization' s
human assets can be appraised by developed procedures by undertaking
periodic measures of key casual and intervening enterprise variables.
Need For Performance Appraisal:
Performance appraisal is needed in order to:
The study on performances appraisal is needed in order to
1. Provide information about the performances ranks basing on which
decision regarding salary fixations; confirmation, promotion, transfer and
demotion are taken.
2. Provide feedback information about the level of achievement and
behavior of subordinate. The information helps to review the
performance of the subordinate, rectifying performance deficiencies and
to set new standards of work, if necessary.
3. Provide information to diagnose deficiency in employee regarding skill,
knowledge, determine training and developmental needs and to prescribe
the means of employee growth, provides information for correcting
placement.
4. Provide information which helps to counsel the subordinate.
5. To prevent grievances and in disciplinary action.
Purpose:
Performance appraisal aims at attaining the different purpose
They are:
1. To create and maintain a satisfactory level of performance.
2. To contribute to the employee growth and development through training,
self and management development programmes.
3. To help the superiors to have a proper understanding about their
subordinates
4. To guide job changes with the help to continuous ranking.
5. To facilitate fair and equitable compensation based on performances.
6. To facilitate for testing and validating selection tests, interview
techniques through comparing their sources with performance appraisal
ranks.
7. To provide information for making decisions regarding layoff,
retrenchment extra.
CHAPTER - 5 DATA ANALYSIS & INTERPRETATION
Data Analysis and Interpretation
A reach has been conducted among 60 employees of Performance
appraisal in MetLife by providing them with questionnaires. The feed back
obtained was useful in analyzing the level of satisfaction among the
employees and management in the organization. The data has been
collected, selecting criteria such as age , sex ,designation, nature of job,
family back ground ,educational qualification etc.,
For the purpose of survey, a sample of 60 employees has been taken
into consideration with a view to assess the “Performance Appraisal
System” in MetLife India insurance Ltd.
1. Age group
Age No of employees Percentage No of
employees
25-35 29 54
35-45 15 28
45-55 8 15
55 above 2 4
Total 54 100
54%
28%
15%
4%
0
10
20
30
40
50
60
25-35 35-45 45-55 55 above
Age
No of employees
PE
RC
EN
TA
GE
Interpretation:
From the survey It was found that 53% .of the respondent belong to
the age group of 25-35, 28% of the respondents belongs to the group of 35-
45, 15 % of the respondents belongs to the group of 45-55, and 4% of
respondents belongs to the group 55 an above.
2. Sex:
Sex No. of employees Percentage
Male 50 50
Female 10 10
Total 60 60
80%
20%
0
10
20
30
40
50
60
70
80
Male Female
Sex
No. of employees
PE
RC
EN
TA
GE
The male respondents were 80% and female employees occupied 20%
3. Educational Qualification
Qualification No. of employees Percentage
Post Graduate 27 50
Graduate 19 35
Under graduate 5 9
Technical 3 6
total 54 100
Interpretation:
The educational attainments of the respondents showed that 50% people
were Post graduate 35% were graduate, 8% were undergraduate reaming
6% have completed technical or other course etc.
50%
35%
9%6%
0
5
10
15
20
25
30
35
40
45
50
Post Graduate Graduate Under graduate Technical
No of employees
Percentage
PE
RC
EN
TA
GE
4. I am aware of the present Performance Appraisal System in my
Organization.
Response
Number of
Respondents Percentage of Response
Yes 36 66.67
To some extent 17 31.48
No 1 1.85
Total 54 100.00
0
10
20
30
40
50
60
70
perc
en
tag
e
Yes To some extent No
response
Percentage of Response
Percentage of Response
Interpretation:
The above diagram clearly represents that a large percentage of
employees are aware of the Performance Appraisal System existing in the
organization. At the same time, significant percentage of employees said
that they know about Performance Appraisal up to some extent only. Only
2% of the employees said that they were not aware of Performance
Appraisal. So, there’s a need to educate these 33% employees about the
importance of the Performance Appraisal. So, it can be said that the purpose
of conducting Performance Appraisal is fulfilled as 67% employees
answered ‘Yes’ while asked about their awareness.
5. Period of Performance Appraisal system.
Response
Number of
Respondents
Percentage of
Response
3 Months 0 0.00
6 Months 21 38.89
1 Year 33 61.11
No Specified Time 0 0.00
Total 54 100.00
0
10
20
30
40
50
60
70
perc
en
tag
e
3 Months 6 Months 1 Year No Specified Time
Time period
Percentage of Response
Interpretation:
Maximum Number of Employees i.e. 61% said that
Performance Appraisal is done to them once in a year. 39% of the
employees said that Performance Appraisal is done for every 6 months.
Employees strongly believe that Performance Appraisal is done for their
benefit only.
6. Performance Appraisal is done by
Response Number of
Respondents
Percentage of
Response
Immediate Superior 29 53.70
HR Personnel 2 3.70
Outer Consultant 23 42.59
Others 0 0.00
Total 54 100.00
0
10
20
30
40
50
60
perc
en
tages
Immediate Superior HR Personnel Outer Consultant Others
Respondents
Percentage of Response
Interpretation:
A large number of employees said that their immediate superior
appraises them. Up to 96% of employees say that their superior appraises
them. At the same time, 4% of employees said that HR Personnel appraises
them.No question of outer consultant and other source of appraisal, the role
and responsibility of both superior and subordinate are very significant in
making the Performance Appraisal more efficient for their future
development.
7. Performance Appraisal is used as a basis for
Response Number of
Respondents
Percentage of
Response
Training &
Development 6 11.11
Job Rotation 5 9.26
Promotion 3 5.56
Incentives 0 0.00
Salary Hike 30 55.56
Wage Fixation 0 0.00
All the above 10 18.52
Total 54 100.00
0
10
20
30
40
50
60
Pe
rcen
tag
e
Training &
Development
Job Rotation Promotion Incentives Salary Hike Wage
Fixation
All the above
Response
Percentage of Response
Interpretation:
56% of the employees agreed that the Performance Appraisal is used
as a basis for salary hike. Next to that, majority employees (18%) opined
that Performance Appraisal is used as a basis for Training & Development,
Job Rotation, Promotion, Salary Hike, Incentives and Wage fixation. No
incentives are given on the basis of Performance Appraisal.
8. Satisfaction of Performance Appraisal System.
Response Number of
Respondents
Percentage of
Response
Highly Satisfied 4 7.41
Satisfied 42 77.78
Can't Say 7 12.96
Dissatisfied 1 1.85
Highly Dissatisfied 0 0.00
Total 54 100.00
0
10
20
30
40
50
60
70
80
Pe
rcen
tag
es
Highly Satisfied Satisfied Can't Say Dissatisfied Highly Dissatisfied
respondents
Percentage of Response
Interpretation:
Maximum numbers of employees i.e. 78% are satisfied with the
Performance Appraisal system in the organization. 7% of employees were
highly satisfied with it. A minor proportion of employees are not satisfied
and 13% employees said that they can’t say exactly their decision.
Employees are satisfied with the existing one. Employees will be
highly satisfied, if the management appraises employees regularly and guide
them, lead them in all aspects.
9. The timely completion of performance appraisal system in Metlife
insurance company
Table -9
Time rate No. of employees Percentage
With in time 37 57
Beyond the Schedule 18 33
Cant say 5 9
Total 54 100
57%
33%
9%
0
10
20
30
40
50
60
With in time Beyond the Schedule Cant say
Percentage
PE
RC
EN
TA
GE
Interpretation:
From the survey 57% Of Employees with in the time rate of the
completion of performance appraisal system, 33 % Of Employees beyond
the schedule of the completion of performance appraisal system, 9 Of
Employees can’t say the completion of performance appraisal system
was held in metlife company.
10. Development of the performance appraisal system
Result No. of employees Percentage
Yes 39 72
No 15 28
Total 54 100
72%
28%
0
10
20
30
40
50
60
70
80
Yes No
No. of employees
Perc
en
tag
es
Interpretation:
For the survey 72% of employees are satisfied with work performance
appraisal system helps you for the development of career, 28% of
employees are satisfied with work performance appraisal system helps you
for the development of career in metlife company.
11. Opinion Regarding the awards or rewards for better performance
Rewards taken No. of employees Percentage
Yes 49 90
No 5 10
Total 54 100
90
10
0
10
20
30
40
50
60
70
80
90
Yes No
Percentage
Pe
rce
nta
ge
s
Result
For the survey 90% of employees are satisfied to get the awards or
rewards for better performance, 10 % of employees are satisfied to get the
awards or rewards for better performance, in MetLife Company.
12. Types of benefits that you will get after Performance appraisal
Benefits No. of employees Percentage
Monetary 42 78
Non Monitory 12 22
Total 54 100
78 %
22 %
0
10
20
30
40
50
60
70
80
Monetary Non Monetory
Percentage
Pe
rce
nta
ge
s
For the survey78% of employees are satisfied to get the monetary
benefits for the better performance, 22 % of employees are satisfied to get
the non monetary benefits for the better performance, in MetLife Company.
13. Do you get any supporting work environment in achieving highest
performance
Result No. of employees Percentage
Yes 33 61
No 21 39
Total 54 100
61 %
39 %
0
10
20
30
40
50
60
70
Yes No
Result
Percentage
Pe
rce
nta
ge
s
For the survey 61% of employees are to get the supporting work
environment in achieving highest performance, 39% of employees are to get
the supporting work environment in achieving highest performance, in
metlife company.
14. The correct feed back of your strengths or weaknesses in
performance appraisal system
Feed back Reslt No. of employees Percentage
Yes 36 67
No 18 33
Total 54 100
67
33
0
10
20
30
40
50
60
70
Yes No
Percentage
Pe
rce
nta
ge
s
For the survey 67% of employees are to the correct feed back of our
strengths or weaknesses in performance appraisal system, 33% of employees
are to the correct feed back of our strengths or weaknesses in performance
appraisal system, in metlife company.
15. Is there any scope to meet the higher authority, if performance
appraisal is not done in fair.
Scope No. of employees Percentage
Yes 33 61
No 16 30
No idea 5 9
Total 54 100
61.11%
30 %
9 %
0
10
20
30
40
50
60
70
Yes No No idea
Scope
Percentage
Pe
rce
nta
ge
s
Result
From the survey 61% Of Employees share their feelings to meet the
higher authority. 30% Of Employees not share their feelings to meet higher
authority .9 % Of Employees are no idea about the performance appraisal
system.
41 % 41%
18 %
0
5
10
15
20
25
30
35
40
45
Yes No No idea
Percentage
Pe
rce
nta
ge
s
Result
16. Performance appraisal system helps you in achieving organization
goals
Table- 16
Feed back Result No. of employees Percentage
Yes 22 41
No 22 41
No idea 10 18
Total 54 100
From the survey 41% Of Employees are respond to help in achieving
organization goals. 41% Of Employees not respond to help in achieving
organization goals.9 % Of Employees are dilemma to achieving the
organization goal.
17. The suggestion and modifications in the present performance
appraisal system for effective implementation.
Feed back Reslt No. of employees Percentage
Yes 34 62.962963
No 11 20.3703704
No idea 9 16.6666667
Total 54 100
63 %
21 %17 %
0
10
20
30
40
50
60
70
Yes No No idea
Percentage
Pe
rce
nta
ge
s
Result
From the survey 63% Of Employees are respond to suggest any
modifications in the present performance appraisal system for effective
implementation and 24 % Of Employees are not respond to suggest any
modifications in the present performance appraisal system for effective
implementation.9 % Of Employees are no idea about the present
performance appraisal system
CHAPTER CHAPTER CHAPTER CHAPTER ---- 6666
FINDINGSFINDINGSFINDINGSFINDINGS AND AND AND AND
SUGGESTIONSSUGGESTIONSSUGGESTIONSSUGGESTIONS
FINDINGS
� The employees in the organization are aware of Performance Appraisal
System of the organization.
� Performance Appraisal to employees is once in a year
� The employees say that they were highly satisfied with the Performance
Appraisal done by Superior.
� So the employees say that the role of performance appraisal in achieving
the organizational effectiveness is high.
� The respondents say that the performance management is effectively
formulated and implemented in the organization.
� Respondents says that in performance management key performance
areas are taken into consideration while evaluation of measuring
performance.
� Respondents say that performance management will improve directly or
indirectly productivity.
� Respondents say that needs minor changes in power grid performance
management system.
� Respondents say that the performance is improved by the behavioral
training.
SUGGESTIONS
� The organization can give special training on soft skills to the
employees. Whoever lacked in the Communication skills in the
organization
� Open system of Performance appraisal can also be followed.
� Senior management should continually review the appraisal
conducted, which shall be seen as positive support to the system by
the appraiser as well as appraises, and their interest will be
maintained.
� The management should identify the significant improvements in the
employee's performance appraisal.
� The management can also encourage the efforts and suggestions from
employees.
� The management should also give importance to senior employees for
promotions, increments.
� Taking proper care of dissatisfied employees is essential as one bad
fish spoils the whole sea.
� The management should allow the employees to set their own targets
so that they can improve their performance.
� An effective performance appraisal system must be implemented so it
will have an impact on the employee's performance.
CONCLUSION
After my thorough observation and analysis, I would like to
conclude that the organization is good in the overall implementation of the
performance appraisal process.
One of the conclusions based on appraiser’s views is that the major
purpose of performance appraisal is to promoting the employee and helping
for their career development.
The major factors considered by them in evaluating the performance
are their job knowledge and performance and dedication to the organization.
The employees were very friendly and helped in doing my project
and answered to my questions very spontaneously and accurately.
My project guide is also very co-operative and has guided me in
every step in completing my project.
BIBIOLOGRAPHY
Text Books:
1. Aswathappa K. Human Resources and Personnel Management. Tata
McGraw-Hill Publishing Company limited, New Delhi.
2. Edwin B.Flippo, Principles of Personal Management, McGraw-Hill, New
York.
3. L.M.Prasad, Principles and Practices of Management Sultan Chand
&Sons Educational Publishers, New Delhi.
4. Personnel and Human Resource Management Himalya Publishing house,
New Delhi. Dr. P.SUBBA RAO
W e b s i t e s :
� www.insuranceindia.com
� www.metlife.com
� www.irda.com
� www.wikipedia.com
� www.hrsolutions.inc
QUESTIONNAIRE ON PERFORMANCE APPRAISAL
1. Are you aware of the performance appraisal system exists in your
company?
(a) Yes [ ] (b) No [ ]
2. By whom you are appraised?
(a) Superiors (b) Peers
(c) Self (d) Group appraisers
3. In your opinion what is the objective3 or purpose of performance
appraisal
(a) Promotion (b) Increments
(c) Transfers (d) all the above
4. What is the periodicity of the performance appraisal system?
(a) 2 months (b) 3 months
(c) 6 months (d) 1 year
5. How does you rate the timely completion of performance appraisal
system in MetLife insurance company
(a) With in time (b) beyond the schedule
(c) can’t say
6. Will the performance appraisal system helps you for the development
of your career?
(a) Yes (b) No
7. Do you get any awards or rewards for better performance?
(a) Yes (b) No
(c) can’t say
8. If yes, what types of benefits will you get?
(a) Monetary (b) Non Monetary
9. Is there any bias in assessing the performance?
(a) Yes (b) No
10. Do you get any supporting work environment in achieving highest
performance?
(a) Yes (b) No
11. Do you get the correct feed back of your strengths or weaknesses in
performance appraisal system?
(a) Yes (b) No
12. Is there any scope to meet the higher authority, if performance
appraisal is not done in fair?
(a) Yes (b) No
(c) No idea
13. Will the performance appraisal system help in achieving organization
goals?
(a) Yes (b) No
(c) No idea
14. Do you suggest any modifications in the present performance
appraisal system for effective implementation?
(a) Yes (b) No
(c) No idea
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