Performance appraisal in First Allied savings and loans ltd.

Abstract

The study followed the procedures of a descriptive analysis. It described how a private company appraised the performance of its workers. Among the objectives were the description of a model performance appraisal system, the description of the appraisal system of First Allied Savings & Loans Ltd, the analysis of the weaknesses thereof and suggestions to improve upon the appraisal system of the company. To achieve the objectives aforementioned, questionnaires were designed to gather relevant information. Upon the administration of the questionnaire and interviews it came to light that the company appraises the performance of its workers using a formally designed performance appraisal system based on the graphic rating method. By comparison with the model appraisal system, it became obvious that though the appraisal system of the company had its strengths, it also had some weaknesses attached to it. For example it was revealed that appraisal interview was virtually non-existent. Also workers are not involved in setting performance targets at the beginning of the appraisal year. Furthermore, the company does not have any policy document on the appraisal of workers. It was concluded that, among other things the company could take steps to improve upon the way it appraises its workers by documenting the standard procedures that should be adopted by all whose responsibilities include the appraisal of workers, ensuring that feedback is made an essential aspect of the appraisal system, and organizing regular training for both the appraiser and the appraised.