Chapter 1.0
Introduction
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1.1 Background of the Study: This report has been prepared as a partial requirement, a six-week internship program, of Bachelor of Business Administration (BBA) degree. Education is a combination of both theoretical and practical knowledge. Without any of the two, the education is considered incomplete. In our BBA program we have gained knowledge about many subjects. But most of them were theoretical knowledge. Recognizing the importance of practical experience in completing our education internship requirement is mandated. My internship period in IFIC Bank started on January 01,2013 and ends on February 17,2013. During my internship period, I got the opportunity to work in HR department of IFIC Bank. Based on my practical work experience and in light of the guidelines of my supervisor Prof. Swapan Kumar Bala, this report is prepared.
1.2 Statement of the Problem: This study titles ‘Employee Performance Appraisal: A Study on IFIC Bank Ltd.’ It focuses on the critical issues of EPA with special emphasize on EPA process, EPA evaluation method, previously used method for EPA, strength and weaknesses of current EPA method and future initiatives taken to improve the condition of EPA system of IFIC Bank.
1.3 Objective of the Study: The main objective of the study ist he EPA system of IFIC Bank Ltd. To provide a critical study about the Other secondary objectives are-
To fulfill academic requirement Ba nk To focus on EPA practice in IFIC Bank policy guidelines for improving current EPA situation situation of IFIC Bank To provide some policy
To match the theoretical knowledge with pract ical knowledge. To gain practical knowledge about corporate world.
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1.4 Rationale of the Study: HR is one of the most important activities activities carried on by an organization. organizat ion. As the business world is becoming more and more competitive, the importance of human resource is constantly increasing. The organizations are gradually recognizing human resource as a valuable asset. That is why to keep pace with the dynamic bus iness world organizations are striving towards developing their human resource and explore new d imensions imensions for potential improvement of employees. IFIC Bank is one of the most renowned first generation banks in Bangladesh. To keep pace with the changing dimensions of business world wo rld the bank strives to achieve its goal with a dynamic workforce. EPA helps to develop a unique and dynamic workforce if implemented in an efficient manner. This study is conducted to provide an overview of o f EPA system of a first generation bank that intends to bring about a meaningful change in its workforce.
1.5 Limitations of the Study: In spite of giving my sincere effort, e ffort, the report might lack the level of perfection due to certain limitations, like The duration of completing internship program and preparing internship report was inadequate. It was very difficult for me to understand a n organization‘s environment and collect information in so short a time. confidentiality purpose. purpo se. Much of the information was inaccessible due to confidentiality know ledge for preparing such an extensive report was also a great Lack of adequate knowledge problem.
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Chapter 2.0
Methodology
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2.1 Type of Study: There can be a number of types for research and studies descriptive, analytical, quantitative etc. This report is a descriptive study. Most of the information used in it is descriptive in nature.
2.2 Data Collection Procedure: For conducting the report data is collected co llected from various sources. Primary Source: Data is collected through number of primary sources. Discussion with IFIC Bank personnel, information collected through work experience valuable sources for information. information.
are
Information was collected through discussion with important personnel of the Bank. No formal formal questionnaire was prepared rather information was collected through informal discussion. With an informal discussion with the VP of HR department, information about the following factors are collected
The EPA process of IFIC Bank
method used and its its disadvantages The former EPA method The current EPA method, its benefit and the reason for choosing this method over
the previous method The goal of Bank that it wants to reach through current EPA method The EPA evaluation process of the Bank Variations in EPA method in use Reasons for initiating automation in EPA method
Secondary Sources: Sources: Other than the primary sources many other secondary sources are also used for collecting information. The sources are Various journals, articles and publications IFIC Bank‘s website
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Other websites IFIC IFIC Bank‘s Annual Report, other publications p ublications
2.3 Data Analysis Techniques: For the analytical purpose, descriptive statistical method is used. Being a descriptive report it does not require critical statistical methods. For simple analysis, descriptive statistical method (for example-percentage) is used.
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Chapter 3.0:
Overview of IFIC Bank Ltd
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3.1 Background of IFIC Bank: International Finance Investment and Commerce Bank Limited (IFIC Bank) is one of the renowned first generation banks in Bangladesh. This banking company incorporated in the People's Republic of Bangladesh with limited liability. It was set up at the instance of the Government in 1976 as a joint venture between the Government of Bangladesh and sponsors in the private sector with the objective of working as a finance company within the country and setting up joint venture banks/financial institutions abroad. The Government held 49 per cent shares and the rest51 per cent were held by the sponsors and general public. In 1983 when the Government allowed banks in the private sector, IFIC was converted into a full-fledged full- fledged commercial bank. The Government of the People‘s Republic of Bangladesh now holds 35% of the share capital of the Bank. Leading industrialist as of the country having vast experience in the field of trade and commerce own 34% of the share capital and the rest is held by the general public. The Bank is being managed by a group of highly experienced professionals with diversified experience in finance and banking. The Management of the bank constantly looks after customers‘ satisfaction and believes that a satisfied customer is a great Ambassador. The bank has already ranked as one of the quality service providers & is known for its reputation. The offers the full range of banking services for personal and corporate customers, covering all segments of society within the framework of Banking Company Act and rules and regulations laid down by our central bank. All activities of the t he Bank B ank including its products and services are mainly for different d ifferent economic groups of Bangladesh at home & abroad. Bangladeshi expatriates living abroad in different countries form a strong economic group who contribute greatly towards the economic development of the country.
3.2 Visions of IFIC Bank Ltd. To be the best private Commercial Bank In Bangladesh and International in terms of efficiency, capital adequacy, asset quality, sound management and profitability having strong liquidity.
3.3 Mission of IFIC Bank Ltd.: IFIC IFIC Bank‘s Mission is to provide service to its clients with the help of a skilled and dedicated workforce whose creative talents, innovative actions and competitive edge make 8|Page
IFIC Bank‘s position unique in giving quality service to all institutions and individuals indi viduals that IFIC Bank care for. IFIC Bank are committed to the welfare and economic prosperity of the people and the community, for IFIC Bank drive from them its inspiration and drive for onward progress to prosperity. In an intensely competitive and complex financial and business environment, IFIC Bank particularly focuses on growth and profitability profitability of all concerned.
3.4 Goals & Objectives of IFIC Bank Ltd.: Maximization of profit through customer satisfaction is the main objective of IFIC Bank. Other relevant objectives are: 1. To be market leaders in high quality banking products and services. 2. Active excellence in customer service through providing the most modern and advance state of art technology in the diff d ifferent erent spheres of banking. 3. To participate in the industrial development of the country to encourage the new and educated young entrepreneurs to undertake productive venture and demonstrate their creativity and participate in the national development. 4. To provide credit facilities to the small and medium size entrepreneur located in urban and suburban areas easily accessible by the bank‘s branches. bank‘s branches. 5. To reduce dependence on moneylender. 6. To make the small and medium enterprise self-reliant. 7. To develop saving attitude and making acquaintance with banking facilities. 8. To ensure the high return on investment
3.5 Core values of IFIC Bank Ltd: Core values of IFIC Bank are:
I ntegrity:
Upholding integrity in all that they do always, always, everywhere.
F airness:
Striving to offer the best to the customers equitably with transparency
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I nnovations:
Encouraging & nurturing creativity
C ommitment: ommitment:
Commitment Commitment to excellence in customer service and maximization of stakeholders‘ value through teamwork.
3.6 Management Structure: The thirteen members of the Board of Directors are responsible for the strategic planning and overall policy guidelines of the Bank. Further, there is an Executive Committee of the Board to dispose of urgent business proposals. Besides, there is an Audit Committee in the Board to oversee compliance of major regulatory and o perational issues. The CEO and Managing Director, Deputy Managing Director and Head of Divisions are responsible for achieving business goals and overseeing the day to day operation. The CEO and Managing Director is assisted by a Senior Management Group consisting of Deputy Managing Director and Head of Divisions who supervise operation of various Divisions centrally and co-ordinates operation of branches. Key issues are managed by a Management Committee headed by the CEO and Ma naging Director. This facilitates rapid decisions. There is an Asset Liability Committee comprising member of the Senior Executives headed by CEO and Managing Director D irector to look into all a ll operational functions and Risk Management of the Bank.
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Organizational Organizational Hierarchy:
Board of Directors Managing director Senior executive vice president Executive vice president Senior vice president First vice president Vice resident Senior asstt. Vice president First asstt.vice resident Asstt. Vice president Senior Staff Officer Staff Officer Officer Grade-I Management Trainee Officer Grade-II Computer Officer Cash Officer Office Assistant (selection grade) Office Assistant Support Staff
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A Branch Organogram Organogram of IFIC Bank: Relationship Manager
Manager Operations
General Banking
Credit Administration
Credit
Foreign Exchange
BAMLCO
Fig: sample Branch Organogram
Head Office Organogram Organogram of IFIC Bank: Bank:
MD
DMD (Business)
DMD (Operations)
DMD (Risk Management)
Head of Division
Head of Division
Head of Division
Head of Department
Head of Department
Subordinates
Head of Department
Subordinates
Fig: sample Head Office Organogram
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Subordinates
3.7 Human Resource: Human Resources Development is focused on recruitment and in-house training for both on the job and off the job Bank staff members through the Bank‘s Academy. IFIC Bank Academy – the oldest institution in the private sector – was conceived of as an in-house training center to take care of the training needs of the Bank internally. Academy is fully equipped with a professional library, modern training aids and professional professional faculty. Library has about 4941 books on banking, economics, accounting, management, marketing and other related subjects. Main training activities consist of in-depth foundation programmes for entry level Management Trainees. Specialized training programmes in the areas like general banking, advance, foreign exchange, marketing and accounts etc. are also organized by the Academy depending on need. Frequently outreach programmes are organized to meet demand for new and specialized skills. During its 23 years of existence, Academy not only conducted courses, workshops and seminars as required by the Bank, but it also organized training programmes for the Bank of Maldives, Nepal Bangladesh Bank Limited and Oman International Exchange LLC. In addition, Academy has also the credit cred it of organizing system of Bank of Maldives. In addition to conducting courses internally, The Academy also selects candidates for nomination to various courses conducted by distinguished training organizations in the country including Bangladesh Bank Training Academy and Bangladesh Institute of Bank Management. The Academy also re-designs re-des igns its courses, programmes etc, regularly to meet the requirement of new skills arising out of various directives, guidelines of the Central Bank and significant changes in the banking sector from time to time.
3.8 Branches & Associates: IFIC Bank has 108 branches throughout the country. Motijheel Branch is the largest branch with 162 employees working in it. T his bank has two associates
IFIC Securities , &
Oman Int. Exchange
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3.9 Technology Since the beginning of its journey as a commercial bank in 1983, IFIC Bank has been giving great emphasis on the adoption of modern technology. It became the pioneer in the field of automation by introducing computerized branch banking right in the same year. Subsequently, all the branches were brought under similar automated platforms with upgraded software applications to offer all the critical banking features. At present all 65 domestic branches are fully computerized under networked environment. The Bank has taken up a new project with Misys International Banking System Inc. (UK) to further upgrade its banking operation to state-of-art world class on-line banking solutions to provide faster and even more convenient centralized services to the clients. Besides, the Bank is also operating fully on-line Automated Teller Machine (ATM) services under the banner Q-Cash at a number of locations in Dhaka and Chittagong. The ATM facilities are available to the customers at Q-Cash boot h. Since the importance of Web presence in the Internet is absolutely critical, IFIC Web Site www.ificbankbd.com has long been launched for the convenience of the customers, where all the activities and information are constantly being posted and updated. A Central Mailing System is operational at the Head Office to let the customers have direct electronic access to the selected staff.
3.10 Milestones in the Development of IFIC BANK Ltd. 1976
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Established as an Investment & Finance Company under arrangement of joint venture with the Govt. of Bangladesh.
1980
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Commenced operation in Foreign Exchange Business in a limited limited scale.
1982
Obtained permission from the Govt. to operate as a commercial co mmercial Bank, Set up its first overseas joint venture (Bank of Maldives Limited) in the Republic of Maldives (IFIC‘s share in Bank of Maldives limited was subsequently sold to Maldives Govt. in 1992)
1983
-
1985
Set up a joint venture Exchange Company in the Sultanate of Oman, titled Oman Bangladesh Exchange Company (Subsequently renamed as Oman International Exchange, LLC)
1987
-
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Commenced operation as a full-fledged commercial bank in Bangladesh.
Set up its first first overseas branch in Pakistan at Karachi
1994
Set up its first joint venture in Nepal for banking operation, titled Nepal Bangladesh Bank Ltd.
1999
Set up its second joint venture in Nepal for lease financing, titled Nepal Bangladesh Finance & Leasing Co. Ltd. (Which was merged with NBBL in 2007)
2003
Set up a new Bank in Pakistan, NDLC-IFIC Bank Ltd. (Subsequently renamed as NIB Bank Ltd.) and the Overseas Branches of IFIC and a local leasing company, NDLC were amalgamated with and into it.
2005
-
2006
-
2007
Launched VISA branded Credit Card (completed full range of Cards i.e. Debit, Credit & Prepaid by 2010)
2010
-
2011
Established a fully owned subsidiary exchange company named IFIC Money Transfer (UK) Ltd.
2012
-
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Acquired MISYS solution for real time online banking application Core Risk Risk Management implemented
Set up Offshore Banking Unit (OBU)
Inauguration of 100th Branch at Tejgaon-Gulshan Link Road in Dhaka
Chapter 4.0
EPA: A Conceptual Overview
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4.1 Definition: EPA is an evaluation process of an employee with regard to his job performance. It is a formal system of review and evaluation of individual or team task performance. The appraisal measures skills and accomplishments with reasonable accuracy and uniformity. It provides a way to help identify areas for performance enhancement and to help promote professional professional growth. EPAs actively involve employees in understanding what is expected of them. By setting agreed objectives — objectives — and and later reviewing the results — results — each each employee is responsible for his or her own performance. It is an important tool for performance management and also used as a medium of communication between supervisor & subord inate.
4.2 Objectives of EPA: The main objectives of an appraisal system are usually to review performance, potential and identify training and career planning needs. needs. In addition the appraisal system may be used to determine whether employees should receive an element of financial reward for their performance. - give managers and employees opportunities to discuss how Performance reviews employees (1 are progressing and to see what sort of improvements can be made or help given to build on the ir strengths and enable them to perform more effectively. - predicts the level and type of work that Review Review of potent potentii al an d deve devell opment n eeds employees will be capable of doing in the future and how they can be best developed for the sake of their own career and to maximize their contribution to the organization. Reward Reward r eviews - determine the 'rewards' that employees will get for their past work. The
reward review is usually a separate process from the appraisal system but the review is often assisted by information provided by the EPA.
4.3 Benefits of Appraisal: The benefits of EPA are as follows: follows:
Setting a practicable target for the employee
Enhanced control system by clearly specifying the targ et and reviewing the progress
Facilitating equitable reward system
Enhanced communication channel
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Determining the need for personnel training and development
Predicting the performance of a job applicant
4.4 Who conducts the appraisal and When: EPA is a part of performance management. HR dept. conducts performance management. Performance management systems consist of the activities and processes adopted by an organization in anticipation of improving employee performance as well as organizational performance. Consequently, performance management is conducted co nducted at the organizational level and the individual level. At the organizational level, performance management oversees organizational performance and compares present performance with organizational performance goals. The achievement of these organizational performance goals depends on the performance of the individual organizational members. Therefore, measuring individual employee performance can prove to be a valuable performance management process for the purposes of HR and for the organization. The performance management process begins with leadership within the organization creating a performance management policy. Primarily, management governs performance by influencing employee performance input (e.g. training programs) and by providing feedback via output (i.e. performance assessment and appraisal. The PA process should be able to inform employees about the organization's goals, priorities, and expectations and how well they are contributing to t hem. There are no steadfast rules about abo ut the frequency or timing of the appraisal appra isal process. It can be carried out half yearly, quarterly, yearly or in any frequency that the management thinks necessary. But generally, EPAs are conducted at least annually, and annual employee performance reviews appear to be the standard in most organizations.
4.5 Data Collection Methods: There are three main methods used to collect EPA data: objective production, personnel, and judgmental evaluation. Objective produ ction
The objective production method consists of direct, but limited, measures such as sales figures, production numbers, the electronic performance monitoring of data entry workers, etc. The measures used to appraise performance would depend on the job and its duties. 18 | P a g e
Although these measures deal with unambiguous criteria, they are usually incomplete because of criterion contamination and criterion criterion deficiency. Criterion contamination acknowledges that the variability of performance can happen due to factors beyond employee‘s control. Criterion control. Criterion deficiency refers to the fact that the quantity of production does not necessarily indicate the quality qua lity of the products. pro ducts. Due to these bias, data collected in objective method most often provide inco mplete result. Personnel
The personnel method is the recording of withdrawal behaviors (i.e. absenteeism, accidents). Most organizations consider unexcused absences to be indicators of poor job performance, even with all other factors being equal. But this is subject to criterion deficiency. The quantity of an employee‘s absences does not reflect how dedicated he/she may be to the job and its duties. duties. For this t his reason, the validity of this method is questionable. Judgmental evaluati evaluati on
Judgmental evaluation appears to be a collection of methods. A common approach to obtaining PAs is by means of raters. The T he main methods used in judgmental EPA EP A are: • Graphic Rating Scale: Scale: graphic rating scales are the most commonly used system in PA. On several different factors, subordinates are judged on 'how much' of that factor or trait they possess. Typically, the raters use a 5- or 7-point scale; however, there are as many as a s 20 point scales. • Employee-Comparison Methods: Methods: rather than subordinates being judged against preestablished criteria, they are compared with one another. This method is subject to halo effect the forced-distribution method is good for large groups of rates. The raters evaluate each subordinate on one or more dimensions and then place each subordinate in a 5 to 7 category normal distribution. The method of top-grading identifies the 10% lowest performing subordinates and dismisses them leaving the 90% higher performing subordinates. • Behavioral Checklists and Scales: Scales: In this method, Supervisors record behaviors of what they judge to be job performance relevant and keep a running tally of good and bad behaviors. A discussi d iscussion on on performance per formance may then follow. follow. The behaviorall y anchored rating scales (BARS) combine the critical incidents method with rating scale methods by rating performance on a scale but with the scale points being being anchored by behavioral incidents. incidents .
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4.6 EPA Process: The starting point for the EPA process is identifying specific performance goals. An appraisal system cannot effectively serve every desired purpose, so management should select the specific goals it believes to be most important and realistically achievable. The system the organization chooses must specifically meet its desired goal. Too many EPA systems fail because management expects too much from one method and does not determine specifically what it wants the system to acco mplish.
Fig: EPA process
The next step in this ongoing cycle continues with establishing performance criteria (standards) and communicating these performance expectations to those concerned. Then the work is performed and the supervisor appraises the performance. At the end of the appraisal period, the appraiser and the employee together review work performance and evaluate it against established performance standards. This review helps determine how well employees have met these standards, determines reasons for deficiencies, and develops a plan to correct the problems. At this meeting, goals are set for the next evaluation period, and the cycle repeats.
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4.7 EPA Methods: Managers may choose from among a number of appraisal methods. The type of EPA system used depends on its purpose. If the major emphasis is on selecting people for promotion, training, and merit pay increases, a traditional method, such as rating scales, may be appropriate. Collaborative methods, including input from the employees themselves, may prove to be more suitable for developing employees. employees. Ann ual Co Conf nf ide idential ntial Re Repo ports rts
During a certain period, a manager prepares annual confidential reports for each subordinate who reports to him. In these reports, he talks of the highs and lows of the employee performance in the past year. This report is tabulated and documented by the human resources department and forwarded to management for a decision on the employee‘ employee‘s future in the organization. The drawback here is that the employee does not get the chance to make improvements on his performance as this report is kept confidential. confidential. M BO M ethod
Management by objectives (MBO) is a process of defining objectives within an organization so that management and employees agree to the objectives and understand what they need to do in the organization in order to achieve them. Management by Objectives defines roles and responsibilities for the employees and help them chalk out their future course of action in the organization. It is an interactive method that encourages employees‘ participation in the goal setting process. Management by objectives guides the employees to deliver their level best and achieve the targets within the stipulated t ime frame 360-Degree 360-De gree Feedbac Feedback k Evalu ation M ethod
The 360-degree feedback evaluation method is a popular EPA method that involves evaluation input from multiple levels within the firm as well as external sources. The 360degree method is unlike traditional performance reviews, which provide employees with feedback only from supervisors. In this method, people all around the rated employee may provide ratings, including senior managers, the employee himself for herself, supervisors, subordinates, peers, team members, and internal or external customers. As many as 90 percent of Fortune 500 companies use some form of 360-degree feedback for either employee evaluation or development. Many companies use results from 360-degree programs not only for conventional applications but also for succession planning, training, and professional development. Unlike traditional approaches, 360-degree feedback focuses on skills needed across organizational boundaries. Also, by shifting the responsibility for evaluation to more than one person, many of the common appraisal errors can be reduced or eliminated. Software is 21 | P a g e
available to permit managers to give the ratings quickly and conveniently. The 360-degree feedback method may provide a more objective measure of a person‘s person‘s performance. Rating Rati ng Scales M eth thod od
Rating scales method is an EPA method that rates employees according to EPA defined factors. Using this approach, evaluators record their judgments about performance on a scale. The employees according to scale include several categories, normally 5 – 7 in number, defined by adjectives such as defined factors. Outstanding, meets expectations, or needs improvement. Although systems often provide an overall rating, the method generally allows for the use of more than one performance criterion. Rating scales method is very popular because of its simplicity, which permits quick evaluations of many employees. When the ratings are quantified, the method facilitates comparison of employees‘ performances. The factors chosen for evaluation are typically of two types: job-related and personal characteristics. Job-related factors include quality and quantity of work, whereas personal factors include such behaviors as interpersonal skills and traits, like adaptability. The appraiser completes the form by indicating the degree of each factor that is most suitable for the employee and his or her performance. These rates are then converted into grades or points. In case of extreme rating, appraiser can add comment supporting his or her rating. rating. Criti ca call I ncide ncident nt M ethod
The critical incident method is a EPA method that requires keeping written records of highly favorable and and unfavorable employee work actions. When such an action, a ―critical incident,‖ affects the department‘s effectiveness significantly, either positively or negatively, the manager writes it down. At the end of the appraisal period, the rater uses these records along with other data to evaluate empl e mployee oyee performance. per formance. With this method, the appraisal is more likely to cover the entire evaluation period and not focus on the past few weeks or months. Work Standards Method
The work standards method is a EPA method method that compares each employee‘s performance to a predetermined standard or expected level of output. Standards reflect the normal output of an average worker operating at a normal pace. Firms may apply work standards to virtually all types of jobs, but production jobs generally receive the most attention. An obvious advantage of using standards as appraisal criteria is objectivity.
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In order for employees to perceive that the standards are objective, they should understand clearly how the standards were set. Management must also explain the rationale for any changes to the standards. Ranki Ra nki ng M ethod
The ranking method is a EPA method in which the rater ranks all employees from a group in order of overall performance. For example, the best employee in the group is ranked highest, and the poorest is ranked lowest. This procedure is repeated until all employees are ranked. A difficulty difficulty occurs o ccurs when all individuals have performed per formed at comparable levels. Paired comparison is a variation of the ranking method in which the performance of each employee is compared with that of every other employee in the group. A single criterion, such as overall performance, is often the basis for this comparison. The employee who receives the greatest number of favorable comparisons r eceives the highest ranking.
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Chapter 5.0
Findings & Analysis
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Working as an intern in HR Department of IFIC Bank Ltd., I got the opportunity to work in an EPA project. This opportunity has led me to some important findings about their EPA process. IFIC Bank previously used Annual Confidential Report (ACR) as their EPA method. In 2011, HR Department initialized Annual EPA EP A (APA) as the current EPA method.
5.1 Authoritative Body for EPA in IFIC Bank Ltd.: EPA is done in almost every level of subordinate-supervisor relationship. Every supervisor constantly supervises his subordinates‘ job performance. This is an informal process of appraisal. But the authority of formal appraisal lies with the HR department. It is one of the major activities of HR department. The appraisal is carried on annually by the supervision of HR. Each supervisor at branch, department, or division level is authorized to appraise his or her subordinates. Again, the immediate supervisor of the appraiser has the discretion to re-appraise the appraisee. Finally, Employee Performance Appraisal Review Committee get to review the appraisal form for formal approval.
5.2 EPA Review Committee of IFIC Bank Ltd.: This Committee is the supreme authoritative body for EPA system. It consists of the top executives of the organization - MD, DMD (Business), DMD (Operation), DMD (Risk Management) as the member of the committee. MD is the head of the committee and enjoys the supreme authority in case of employee performance appraisal. This committee is provided with all employee appraisal forms once they are appraised by the appraise, his supervisor and appraiser‘s supervisor. Then these forms are reviewed and made necessary adjustments. The forms then are finally approved as appraised.
5.3 Previous EPA Method
Annual Confidential Report (ACR):
It is an old and traditional method of appraising employees. It is generally used in the government organizations. A confidential report is a report on the subordinate‘s performance subordinate‘s performance by his immediate superior. As the superior keep their t heir judgments and reports repo rts confidentially co nfidentially,, they are called confidential reports. Generally, a confidential report covers a limited range of aspects such as the employee‘s strengths employee‘s strengths and weakness, his major failures and achievements; 25 | P a g e
information about his personal traits and qualities, behavioral aspects, attitude of work etc. In real sense a confidential report is nothing but the impression of the superior about his subordinates. Most organizations in Bangladesh used this method for appraising their employees‘ performance for a long time. Especially many government organizations still practice this method to a great extent. IFIC Bank used this method earlier. In this method, an appraiser or supervisor used to appraise a subordinate with respect to certain criteria regarding his job performance. The criteria being used for appraisal included personal trait, task performance, job accomplishment and such. This appraisal report was only accessible by the supervisor or respective branch head, which the appraised employee reports to. Appraisee had no access to the report. report. This report served as the basis basis for further reward or development decision about the employee. Once widely used, this method is being replaced by more effective and interactive methods. Bangladesh Bank has already implemented MBO method as its appraisal tool. IFIC Bank has recently shifted from ACR to MBO method.
5.4 Limitations of ACR: Because of certain limitations of ACR method, IFIC Bank has dropped this method from using. What are the limitations? These are as follows
The concept of productivity in business world is undergoing a great change. While a straight line directive management system was considered to be the best method for productive use of human resource, it is now being replaced by a notion of interactive management system. Studies have suggested that interactive management system that encourages employee involvement toward goal setting largely contributes to the increased productivity. ACR method discourages employee involvement and hinders productivity of employees. employees. As the name suggests, it is a confidential report. So it is not very useful for an employee to give feedback for his appraisal. It encourages autocracy, favoritism & cor ruption ruption from the supervisor‘s part. It does not provide employees with opportunity to disagree with any unfavorable appraisal for him.
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5.5 Current Method
MBO Method:
Currently IFIC Bank is implementing another method that is more effective-Management by Operation (MBO) or 180 Degree method. It is a method that not only provides employees with feedback from supervisor but also the opportunity to actively participate in the process. Unlike the ACR method, this report ensures transparency by providing the employees with access to own appraisal. The essence of MBO is participative goal setting, choosing course of actions and decision making. An important part of the MBO is the measurement and the comparison of the employee‘s actual performance with the standards standards set. Ideally, when employees themselves have been involved with the goal setting and choosing the course of action to be followed by them, they are more likely to fulfill their responsibilities. Due to certain limitations in ACR method IFIC Bank in 2011 shifted to MBO method. Every branch, departments, divisions and affiliates a ffiliates now follow this method. It has facilitated the appraisal process with objectivity, transparency and bett er communication.
5.6 Advantages of MBO Method: Behind the principle of Management by Objectives (MBO) is for employees to have a clear understanding of the roles and responsibilities expected of them. Then they can understand how their activities relates to the achievement of the organization's goal. It also places importance on fulfilling the personal goals of each employee. The advantages of MBO are: Motivation – Involving employees in the whole process of goal setting and increasing employee empowerment can increase employee job satisfaction and commitment.
Better communication and coordination – Frequent reviews and interactions between superiors and subordinates helps to maintain harmonious relationships within the organization and also to solve many problems. Dedication to goals- Subordinates tend to have a higher commitment to objectives they set for themselves than those imposed on them by another person. Managers can ensure that objectives of the subordinates are linked to t he organization's objectives. Better control: Each employee directly involves with the setting of the goal assigned to him. So he clearly understands the goal. In case of any discrepancy, the responsibility can be clearly assigned. It ensures better control throughout the organization. It ensures transparency and effectiveness.
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5.7 EPA Process of IFIC Bank Ltd.: Although employee appraisal is done in every level by the organization, it is the HR department that authorizes the entire EPA process. At a specific time in a year, the process is carried out. Employees‘ recent task or project completion is given high priority in appraisal process. It is a long ranged and widespread process. HR department gives high priority in this activity. The process starts with setting up of goal and ends with recommendation based on appraisal rating.
Fig: EPA Process of IFIC Bank Ltd.
Setting Goal:
MBO method is based on the core concept of interactive management. This encourages involving employees in the goal setting process. The goal of the organization is set through a discussion between the supervisor and the subordinate. This goal is set for organization as a whole. Every branch, department and division is equally responsible for carrying out the goal. So this general goal is then allocated to each segment. During this allocation, a 28 | P a g e
discussion takes place between the employee and supervisor regarding whether the allocation is practicable by the Employee. Based on the discussion, the goal for that specific branch or division is allocated.
Setting Targets:
Once the goal is set, the targets for each specific sector are determined. The goal fulfillment is the responsibility of all the employees of a particular segment of the organization. This goal is distributed among individual employees through various sectors, like
Deposit target
Import target
Export target
Advances target
Guarantee target
Operating Profit target
These targets are also set through an interactive process. The goal and target setting process can be illustrated through an exampleLet, the operating profit goal for the Bank is set at 250 crore for the current financial year. This goal has to be carried on by every segments of the Bank. The allocation of this profit target for Gulshan Branch is tk. 2 million. This tk. 2 million is then divided among all the employees (except for the support staff, who are appraised on somewhat different basis) of that branch. For an employee the target is at tk. 20000. The employee then is appraised on the basis of this target, how much he he has been able to fulfill the target.
Actual Performance:
Once the individual target for employees is set, each employee works toward reaching the target. This target works as the guideline for their task schedule.
Comparing Actual Performance with Target Performance:
Employees‘ actual performance is compared with their set target. target. This comparison is done with respect to some sectors, like-
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Deposit Advances Export Import Guarantee
With regard to these sectors, it is evaluated how an employee performed with respect to each sector. Self Appraisal:
After evaluation of actual performance with regard to target performance, an employee self rates his performance. For every targeted objective he rates himself. This rating is done on the basis of the employee‘s evaluation of his own performance compared to the target performance. The point to be remembered here is that, in this stage it is not only the business target that is considered. Employee‘s personal characteristics that can significantly affect organizational goal are also given due consideration. Again employee‘s compliance with internal internal rules, regulation and any other authoritativ aut horitativee body bod y is also considered for appraisal. Appraisal by Appraiser:
The employee appraises himself on the basis of certain factors. After the self appraisal, Appraiser appraises the employee on the same factors. This appraised rating can be very different from the self appraisal. Appraiser appraises employee on the qualitative as well as quantitative factors. Based on the evaluation on how much of the targeted goal the employee has been able to fulfill, fulfill, his immediate supervisor or appraiser rates him. Appraisal by Appraiser's Supervisor:
The appraised form is submitted to the appraiser‘s supervisor for approval. The appraiser‘s supervisors review the appraised form and then make necessary adjustments. Then he approves it by signing in it. Approval by Employee EPA Review Committee:
The final approval authority lies with the Employee EPA Review Committee. From all the branches, departments depart ments and divisions Empl E mployee oyee Appraisal Forms are sent for approval of o f the committee. This committee thoroughly scrutinizes all the forms and makes adjustments accordingly. Throughout this adjustment process the recommendation can be accepted with or without any modification. Or it can be rejected and new recommendation can be suggested and considered for implementation. With this final approval the employee appraisal process comes to its end. 30 | P a g e
Performance Appraisal Report (Appraisal Period ……….to………)
PERSONAL DATA PART-I
(To be filled in by the Appraisee Appraisee )
1.Full Name of the Appraisee: 2. Designation: 3. Place Of Posting: 4. Joining Date:
5. Date of Birth:
6. Academic Qualification: Qualification :
7. Banking Diploma:
8. Name & Designation of the Appraiser:
____________________ ___________ ____________________ ___________
9. Name & Designation of the Appraiser‘s Supervisor
_______________________ ____________ ___________________ ________
Ratin Ratin Of Perform Performan ance ce outstanding
Greatly succeeded standard
80% or above
Very good
Exceeded standard
70% -below 80%
good
Satisfactory
50%-below 70%
average
Not satisfactory
40%-below 50%
Below average
Failed to meet standard
Below 40%
This form will be the basis for further promotion, bonus, increment and other performance based reward for the appraisee. Therefore evaluators are requested to evaluate fairly and sincerely. ……………………….
……………………………..
(signature (signatur e of appraisee)
(signature of appraiser)
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Part 1
Personal Information :
This part introduces an Appraisee by providing personal information of the Appraisee. Personal information includes name of the appraisee, joining date, birth date, promotion date, Appraiser‘s name, Appraiser‘s Supervisor‘s name. Important issues of this part are the Appraisee‘s Name, Appraiser‘s Name and Appraiser‘s Supervisor‘s Name.
Business Position of Branch/department/Division PART-II
(To be (To be filled in by the………… Manager Manager )
Deposit
Foreign Trade
Loan &Advances
Remittance
target actual target actual target actual target actual Business position at time of taking charges Business position at the end of previous year Business position at the end of current year
…………………………. (signature (signatur e of appraisee)
Part 2
………………………….. (signature of appraiser)
Business Position of Branch/department/Division Branch/department/Division::
This part deals with a general overview of business position of the segment of the organization before and after the Appraisee joined that segment. It facilitates the determination of the contribution of the Appraisee in the quantitative term.
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Achievement Achievement of Business Target in year…….. PART-III
Business Area
(Total Marks : 30 ) target
achievement
% of achievement
Self
Supervisor‘s
appraisal appraisal
Achievement of target in profit (marks-20)
Business Area
target
achievement
% of
Self
Su pervisor‘s
achievement appraisal appraisal Operating Profit
:
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Part III (continued)
Marks Allocation: 100%
50
80%-99%
40
70%-79%
35
60%-69%
30
50%-59%
25
40%-49%
29
40% or below
0
………………………………..
…………………………………
(signature of the appraisee)
(signature of the appraiser)
Part 3
Achievement of Business Target in current year:
This part analyses and evaluates the achievement of business targets by the Appraisee in current year. Actual performance of the Appraisee is compared with target performance. This part is again divided into two parts through various sections like,
first part considers achievement of business targets first
• • • • •
Deposit Advances Export Import Guarantee
Second part considers the achievement o f targeted profit profit by the appraiser. appra iser.
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COMPLIANCE (MARKS-10)
PART-IV Business Area
Audit Period
Audit Rating
Marks Earned
Branch Audit Rating
…………………………….
…………………
(signature of the appraisee)
(signature of the appraiser)
Part 4
Compliance Report :
This part analyzes the Appraisee‘s compliance with internal and external regulatory requirements. Information for this report is provided by Internal Control & Co mpliance Division. Division.
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Competency & Leadership Quality (Marks-40)
PART-V
Self appraisal Competency and Characteristi Character istics cs Parameter
5
4
3
2
Supervisor 1
5
4
3
2
1
1 2 3 4 5 6 7 8 Total
Points indicator 05
04
03
02
01
Outstanding
Very good
Good
Average
Below average
………………………………….. (signature of the appraisee)
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………………………… (signature (signature of the appraiser)
Part 5
Competency & Leadership Quality:
In this part the Appraisee‘s Competency and Leadership Quality is assessed through the following following parameters para meters
• • • • • • • •
Knowledge of Business Interpersonal Relationship Leadership Quality & Decision Making Ability Initiative & Drive Team Management Creativity & Innovation Customer Relationship Technological Knowledge
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Final Rating PART-VI
PARTS
Part III
Out of 50
Part IV
Out of 10
Part V
Out of 40
SELF APPRAISAL
SUPERVISOR
Total
APPRAISEE’S COMMENT ABOUT SELF APPRAISA L
Employee Performance Rating (put initial in appropriate box)
Outstanding
80% and above
Very good
70% and above, but less than 80%
Good
60% and above, but less than 70%
Average
50% and above ,but less than 60%
Below average
Less than 50%
………………………………… (signature of appraise)
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…………………………….. (signature (signature of appraiser)
Part 6
Final Rating:
Based on the evaluation on the previous parts, final rating is done in this part. Both the Appraisee and Appraiser rating here. After the self appraisal, Appraisee can put comment supporting his rating.
Recommendations Recommendations of Appraiser Appraiser PART-VII Recommendations (put initials in the appropriate box)
1. Recommendations for Annual Increment
2. Recommendations for Promotion 3. Recommendations for Accelerated Promotion 4. No Promotion, needs further development 5. Considered for another Assignment
……………………………. (signature of appraisee)
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…………………………………….. (signature (signature of appraiser)
Part VII (cont..)
Appraiser’s Appraiser’s Comment
……………………….. (signature of appraiser)
Agreement by Appraisee
I agree with the recommendation suggested
I do not agree with the recommendation suggested
……………………………….. (signature of the appraisee)
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Part 7
Recommendations of the Appraiser:
After rating the Appraisee, the Appraiser suggests some recommendations based on the final rating awarded by the Appraiser. The Appraiser then has to comment by supporting the logic of his recommendations. Then the Appraisee agrees or disagrees with the recommendations suggested. In case of disagreement, he has to put on a strong argument for his disagreement. After that the Appraiser‘s Supervisor approves or deny the recommendations suggested. Again he can modify the suggestions and accepts. He can add any further recommendations by a comment.
Business Objective for Next Year PART-VIII Business Area
Target
1. 2. 3. 4. 5. 6. 7.
………………. (signature of Appraisee)
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……………………….. (signature of Appraiser)
…………………….. (signature (signature of Appraiser‘s Supervisor)
Part 8
Business Objective for Next Year:
Based on the final rating, business objective for different business areas is determined in this part.
Training & Development Development Recommendation
PART-IX Title of the Training
Duration
1. 2. 3. 4. 5.
……………………………… (signature of Appraisee)
Part 9
………………………………….. (signature of Appraiser)
Training & Development Recommendation:
Based on the final rating and overall evaluation of the Appraisee, the Appraiser recommends certain necessary trainings to be taken by the Appraisee. Appraisee. The Appraiser Appraiser can fix up the duration of the recommended trainings as he deems fit.
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5.8 EPA Evaluation Process: Appraisal method to a great extent depends on how the employee performance is evaluated. Organizations choose from a number of evaluation systems. Again the process chosen by the organization largely depends on the purpose of the organization. IFIC Bank strives to ensure an objective, efficient and sound appraisal system to guide employees toward the organizational goal through an interactive and effective way. The management tries to achieve this goal goa l through the use of MBO process. Once the employees are rated on the basis of certain criteria (explained in the previous section), they are then been evaluated. The total evaluation is done on the scale of 100 marks. This total marks is distributed into different categories.
Stage 1: Evaluation of Achievement Achievement of Business Target (marks-50)
This part evaluates an employee‘s performance on the achievement of target business goal. goal. This analysis is done again on two segments.
Achievement of business target (for different sectors)-marks 30
Achievement of business target (for operating profit of the organization)-marks 20
Each employee has to fulfill a target on different sectors. Marks allocation for this segment is 30. The sectors include Deposits Loans & Advances Foreign Trade: Import Foreign Trade: Export Guarantee Business
The maximum allocated marks for each sector are 6. An employee self rates his position on the basis of percentage completed of the target assigned to him. Then the supervisor appraises on the same scale. An employee is then evaluated on the basis of his contribution in total operating profit. This segment is allocated 20 marks out of 50. The percentage of profit earned with regard to the targeted profit is then evaluated. This total 50 marks evaluates an employee‘s achievement o f business target assigned assigned to to him.
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If for example, an employee‘s targets are as follows: follows: Deposit
tk.25000
Advances
tk.20000
If he succeeded to fulfill 80% of Deposits and 60% of Advances, then his percentage of target completed isDeposits
tk. 20000 (80% of 25000)
Advances
tk. 12000 (60% of 20000)
If he has no no other targets in any other sectors, then the marking marking will be awarded out of 30 in following following waytarget
%
marks
Deposits
25000
100
6
20000
80
4.8
Advances
20000
100
6
12000
60
3.6
Export
0
0
6
0
0
0
Import
0
0
6
0
0
0
Guarantee
0
0
6
0
0
0
Total marks
% Actual performance
30
Conversion of marks (based on number of areas the targets are given): (8.4/12)*30=21
So, the mark awarded to the Appraisee is 21.
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marks
8.4
Stage 2: Evaluation of Compliance (marks-10)
This part considers an employee‘s compliance compliance with internal control system, rules, regulation, bylaws and any such compliance authority. Rating information in this category will be provided by Head office, Internal Control & Compliance Division. On the basis of the information the employee is rated. Stage 3: Evaluation of Competency & Leadership Quality (marks-40)
This is a judgmental evaluation part. Employee‘s leadership quality & competency is evaluated on the scale of 0 to 5 points. Where 0-5 scale indicates points
indicator indicator
05 04 03 02 01
Outstanding Very good Good Average Below Average
The evaluation is done on eight criteria which are of qualitative nature and which mainly indicates the characteristics of an employee that might have a significant effect on the workplace. After an employee has rated himself on the specified criteria, his supervisor appraises him on the same criteria. Stage 4: Final Rating
In this stage the results from stage 1,2 & 3 are aggregated and a final score is awarded. Based on the score, the appraiser app raiser rate the appraisee on a percentage bas is as followsOutstanding Very good Good Average Below Average
80% or above 70% ≤…..˂ 80% 60% ≤…..˂ 70% 50% ≤…..˂ 60% below 50%
In case of self appraisal, this rating can be followed by appraisee‘s comment on his rating regarding any factors that he considers as hindrances towards the achievement of his goa l.
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Stage 5: Recommendation of the Appraiser:
Based on the final rating, appraiser recommends some initiatives to be taken for the appraisee. Such initiatives may include Recommendation for annual increment Recommendation for promotion Recommendation for accelerated promotion Denied promotion, needs further development Considered for another assignment
The first three recommendations stated above are positive recommendations and last two are non-positive recommendations. The recommendations are based on the rating as following wayRating Outstanding, Very good, Good Average, Below average
Recommendations
Annual increment,
Promotion,
Accelerated Promotion
Need for development development Considered for another assignment
5.9 Variations in EPA Process in IFIC Bank Ltd.: The Appraisal Process is more or less same throughout the organization. But variations can be seen with regard to some cases. Such variations are discussed belowbelowHead office vs. Branch:
Brach deals with customers in a more direct way than that of the Head Office. Again more transactions are processed in the Branches. Head Office, on the other hand, deals with policy implementation, compliance, and other control related activities. Due to these differences in the operational characteristics, the appraisal process in Branch and Head Office also differs, though very slightly. Branch employees have greater target in terms of business sectors and operating profit. They are responsible for bring about more deposits, guarantees, advances a nd operating profit. This reflects in appraisal evaluation process where 50% marks is allocated to this part. Head Office employees have less target in terms of Business Act ivities. ivities. As a result, resu lt, the marks allocated for business activities are less than that of branch. 46 | P a g e
Differences in Employee level:
An organization has different level of employees for different categories of work. Not every employee does same nature of work. So appraising each employee in same criteria is not practicable. A Manager and a Cash Officer does very different type of job. As their job differs, differs, so should be their appraisal system. For this variation occurs.
: For regular-job regular-job employees employees like Cash Officer, Office Competency based Competency based Appraisal Appraisal
Assistant and such, competency based appraisal is used. It is not too different from the regular appraisal method. These employees too are assigned some limited targets, but these are not the basis for their appraisal. Rather employees with such job specification are appraised on the basis of their specific regular job competency.
Tr ait base based Appraisal Appr aisal : : This method is used for appraising Support Staffs like-Security
Staff, Office Attendant, Driver and such. No targets are assigned to them. They are simply appraised on the basis of their personal traits and etiquettes and on how well they are carrying on their jobs.
5.10 Automation in EPA system in IFIC Bank Ltd.: The whole process of employee appraisal has been being carried out in a manual system. But manual system possesses some deficiencies that ultimately threaten the effectiveness of the appraisal process. The processing of every approval form requires review by immediate supervisor supervisor and appraiser‘s supervisor. Then these needs to be signed and approved by every related party. Finally Review Committee needs to review all the files. Most of the time employee personal files are also considered for valuable information regarding employee. This whole process becomes a very lengthy one when done manually. Automation can solve this problem. IFIC Bank is recently undertaking an initiative to automate the appraisal system. A software naming ORBIT is being developed to conduct the appraisal process through automation. This initiative is expected to – to – Increase efficiency in terms of human resource and other sectors o f the organization Decrease cost due to reduced employee need Save time Increase employee productivity Ensure transparency Ensure equitable reward systems
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5.11 Weaknesses of the existing EPA : MBO method is adopted because of its manifold benefits. But there are certain limitations that can pose threat to its implication. implication. The limitations limitations are as follows: The proper implementation of any process needs qualified personnel to implement the
method. But all the employees are not properly qualified for this process. Many do not even understand all the pros and cons of the process. The automation process needs an increased number of employees, arranging of which in
a short time is a challenge for the Bank. Though this method is an interactive method and considers employee‘s opinion in setting
goal, it can still face the problem of line of authority. Most of the time the supervisors‘ appraisal prevails over the appraisal of the subordinate. This hinders the objectivity of the process to some instance. Implementation of this new method is still facing resistance from a large part of the
employee. This resistance might result from the lack of proper knowledge about MBO method.
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Chapter 6.0
Conclusions & Recommendations
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6.1 Summary of Major Findings: The major findings of this study are summarized as followsfollows Employee EPA is one of the most important activities carried on by the HR department
of IFIC Bank. This bank has used ACR for its EPA for a long time. ACR is a confidential report prepared by a supervisor to appraise his subordinate. It does not include an employee‘s opinion about his target or performance. Due to certain limitations (like(like - in transparency, communication gap and such) IFIC Bank has recently abandoned this method. Current used method for EPA by IFIC Bank is MBO method. It is an interactive method that encourages employee involvement in appraisal process. It is adopted for gaining some benefits, like- transparency, better communication, improved work environment, increased productivity and such. EPA process starts with setting goals. Through the steps of setting target, comparing actual performance with targeted performance, self appraisal, appraiser‘s appraisal, appraiser‘s supervisor‘s appraisal it comes to the end of the process at approval by EPA Review Committee. Committee. At every step employee‘s involvement is facilitated. The evaluation of actual performance in comparison with the targeted performance is done on the basis of some predetermined factors. After the comparison, rating is done on the basis of qualitative and quantitative factors. Due to the variation in activities of Head Office and Branch, variation in EPA method for these two segments of Bank is also seen. Again, differences in employee activity level results in differences in EPA method. For these differences, two more EPA methodscompetency based and trait based method is used for specific employee category likecash officer, support staff and such. Recognizing the benefits of automation process, IFIC Bank has recently taken initiatives for automating the EPA process. pro cess. Through automation certain benefits like-decreased cost, increased productivity, productivity, increased efficiency, efficiency, transparency are expected to gain. Implementation of MBO method faces certain weaknesses in IFIC Bank. Lack of adequate qualified personnel, resistance from a large number of employees, inadequate training of every related party poses a threat t hreat to the effectiveness of MBO method.
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6.2 Policy Recommendations for Improvement of EPA of the Bank: Considering recent situation of EPA system of IFIC Bank, some policy recommendations are suggested below: Every party related with EPA has to be made properly knowledgeable about MBO
method as well as the whole EPA process. This can be done through formal and informal communication among the employees of all level. This can reduce the resistance from the employees‘ part. Various in-house training, written guidelines, formal and informal training sessions might
be arranged to reduce the gap of knowledgeable, quq lified lified personnel. Top management must create an environment where employees will feel free to be
involved in overall EPA process. Automated EPA needed to be familiarized with all related parties. This training process
should be started as early as possible. EPA evaluation process can include certain other criteria as the basis of employee
appraisal. This may include- assessing an employee‘s recent project or task performance. Employee‘s gradual development in case of performance can also be considered in a more precise form.
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6.3 Concluding Remarks: The importance of human resource for an organization is tremendous. An organization with a dynamic and effective workforce certainly enjoys competitive advantages over its competitors. Recognizing the fact, IFIC Bank has taken a timely decision to modernize its HR Management System. Adopting MBO method for EPA system is the first step toward it. The VP of HR dept. stated that, ―We are striving toward reaching what it called a ‗change management‘. Adopting MBO method for EPA system is certa inly the first step towards it.‖ Automation in EPA is another forwarding step towards change management. Through an advance EPA system IFIC Bank is striving toward reaching its goal. But challenge lies in proper implementation of MBO method in EPA system. Automation process can also face difficulties if not handled properly. Adequate workforce with sound knowledge about MBO method as well as overall EPA system. By successfully and efficiently meeting the challenges, IFIC Bank can achieve competitive advantage.
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References:
Rahim, S. Abdur (2012). ― Performance Appraisal Systems In Private Bank of Bangladesh:A study on Mercantile Bank”, ITARC, Bank”, ITARC, Nov. 07,2012, London, UK. Hossain, Maksuda; Abdullah,Abu Muhammad & Farhana ,Shila (2012),‖ Performance A ppraisal & Promotion Practices in Private Commercial banks of Bangladesh”, Bangladesh”, Asian Business Review, vol.1, issue 1, Sept. 2012 “Performance Appraisal”,www.iod.com Appraisal”,www.iod.com IFIC Annual Report 2011-12
Bachmann, Sherry , “Performance Appraisal”, Bachmann Global Associates, LLC.
www.google.com
Wikipedia
Annual EPA Form, IFIC Bank Ltd.
― Employee Appraisal ‖, ‖, ACAS
www.ificbankbd.com
Ivancevich, Donelly & Gibson (1985 ), “An Analysis of Employee Performance” Business Publications Inc., Texsa, PP 25-35 Beach, Dale,S(1965), ― Personnel: The Management People At Work”, New Work”, New York, PP 1525 Ivancevich, Donelly & Gibson (1980 ), “Managing for Performance”, Performance”, Business Publications Inc., Texsa, PP-23-29
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