Performance management operates throughout the year to encourage employee improved performance and professional development through the provision of the appropriate support from their supervisors in line with the company objectives.
A decisive factor in successful performance management is the meaningful involvement of the employee and his supervisor in a process of open dialogue.
The most important stage in performance management is the Quarterly Appraisal Process, which ensures that employees and their managers carry out an in-depth review of the past period and that they plan the training and developmental priorities. Another important stage is the monthly appraisal which although shorter and less formal ensures that employees and their managers communicate timely on all major aspects of performance and take corrective actions as soon as they are needed, or at least once per month. An important result of the monthly appraisal process is the fixing of the monthly variable part of salaries of employees.
Performance is evaluated on the basis of the utilization of specific and general knowledge and skills in relation to the requirements of the position held by the employee.
Within this framework the process has a number of specific objectives:
Establishment of an objective and integrated appraisal process to assess employee’s performance and the degree of utilization of competencies and performance
Definition of training and development needs
The design of succession job and career plans with the consequent positive impact not only on company results but also on employee motivation and morale.
Connecting performance to pay to ensure fair compensation and the appropriate rewards for effort and efficiency.
It is our belief that optimization of individual performance and professional development is of significant importance for the business and its workforce.