Performance Management
Policy
The VINSUM
performance Management System comprises the following steps:
Setting of individual objectives in the
beginning of the year (April to March) or in the first month of joining for new
joiners.
Review of the MBOs on six monthly basis
and providing feedback to the employees about changes/improvements needed and
to plan steps for timely corrective action.
Consolidating
these reviews on an annual basis and documenting the results in standardized
form.
Performance
Planning and Objective Setting
The primary purpose of “Objective
setting” is to cascade organizational objectives down the line to every
employee, ensuring that each employee at every level of the organization
understand and accepts their role in the organization.
All employees should have objectives
set for the next year before the end of the current year in the Objective
Setting Form. Wherever applicable, common objectives could be prepared for
certain positions, for Grade like 1 & 1a.
Objectives must be determined in
consultation and agreement between individual and reviewer. The agreed
Objectives and basis of measurement should be clearly specified. The process
must ensure that employee is convinced and committed to his objectives.
Required resources must be allocated and timely assistance and guidance must be
provided to encourage and motivate the employee.
At VINSUM, we use the MBO format to set
our objectives and to facilitate organizational growth in the desired direction
without losing focus on set priorities.
MBO (Management By Objectives)
SMART (Specific, Measurable, Achievable,
Relevant, and Time-Bound)
Objectives are set for all employees to confirm that each individual has:
Clearly understood what is required of
them
A full appreciation of the expected
standards of performance
Been involved in the objective setting
process
All appraisers are provided appropriate
training in the MBO process.
Proper and timely conduct of periodic
reviews for all employees in VINSUM.
Timely submission of own MBO review
document to the HOD and copies to HR Dept.
Performance
Review and Coaching
The objective of our Performance and
coaching system is to establish strong appraiser-appraisee relationship at all
levels, to provide ongoing feedback and counselling for improved performance.
The
annual review provides
a basis for:
Performance based salary review
Identifying Development needs and other
measures that can better performance
Providing feedback on Managerial Skills
While the Objective setting follows a
top-down approach, the Review process follows a bottom-up approach. All
reviewers should have completed the reviews of their reports before their own
performance review process with their managers.
MBO
Review
The review should be conducted at least
2 times a year – for the period ending June and December of each year. (The
year-end MBO review would coincide with the performance appraisal).
The review should be conducted at all
levels whereby the reviewer or manager discusses the progress of each objective
with the individual employee. The reviewer’s role is counsellor who should, in
addition to monitoring and control, also look into the problems and provide
guidance and counselling, if required.
The result of each review must be
signed by both appraiser and the appraise.
Following the bottom-up approach, the
Unit Manager should have completed the review of all his reports before
their own review by the HOD.
The annual review provides a basis for identifying
development needs and other measures that can improve performance.
The performance rating should be
communicated to the staff only after an agreement with Human Resources Dept. on
the overall performance of the employee.
All employees are appraised under the
annual appraisal process. The first appraisal for new joiner is carried out
between 3 to 15 months of joining.
Employees who have joined on or before
September 30th every year to be appraised and awarded prorated increment as per
their performance rating being part of the current year’s appraisal cycle.
Example: An employee with joining date
of 25-Sept-2022, would be appraised along with the annual appraisal cycle in
January 2023 and awarded in effective 1st Apr 2023. This would be prorated
according to the number of months for which the performance is being appraised.
Employee’s who have joined on or after
October 1st 2022, would be appraised in the following year’s appraisal process
and awarded an increment prorated upwards.
Example: An employee with joining date
of 25 Oct 2022, would be appraised in January 2023 and awarded prorated
increase and bonus as per guideline on 1st April 2024.
MBOs
An
employee transferred / promoted to a new position must receive their new MBO’s
within 1 month of the transfer / promotion.
In case of transfer, MBO review must be
completed for the current job prior to the transfer. This is given
proportionate weight-age at the time of appraisal.