Abstract:
The purpose of this study was to evaluate the performance appraisal system in the Lower Pra Rural Bank. Both quantitative and qualitative research methods were used to assess the performance appraisal system in the rural bank. The quantitative aspect adopted a cross-sectional approach using a self administered questionnaire while the qualitative aspect took the form of in-depth interviews to obtain qualitative data to supplement the quantitative data. A total of 50 respondents were involved in the study.
From the findings, the performance appraisal system has greatly increased the general satisfaction of employees, resulted in development of plans to improve performance, and has given employees opportunity to communicate upwards their views and feelings about the job and greater knowledge of strengths and weaknesses. Performance appraisal results are used to make promotion and identification of potentials decisions. The performance appraisal system in the bank makes the need for training of employees more pressing, makes the need for training to be linked to performance outcomes and provides a regular and efficient training needs audit for the entire bank.
Challenges to the effective implementation of the bank’s performance appraisal system are lack of regular training for appraisers and employees lack of understanding of the performance appraisal process.
There is the need for management to ensure that all employees are adequately educated on the system and to also ensure that performance appraisal procedures reflect the corporate goals of the bank.
