A comparative study on Traditional performance management system and newly introduced performance management system in Bangladesh Bank

Md. Anisur RahamanAssistant Professor Department of anagement StudiesPatuakhali Science and Technology UniversityDumki-8602, Patuakhali, Bangladesh

Abstract:

Bangladesh Bank, the central bank of Bangladesh, has to manage the monetary and credit system of Bangladesh with a view to stabilizing domestic monetary value and maintaining a competitive external per value of the Bangladeshi Taka. It also aims at fostering growth and development of the productive resources of the country. But the desired objectives are not met/achieved through its present resources. Besides it remains far behind from global dynamic standard. To match and march with the global dynamic monetary and financial system and to achieve its objectives, as specified, Bangladesh Bank moves through a strengthening process under a foreign aided project. By this time, with a view of human resource development it has introduced a modern and target based performance management systems for evaluating its employees performance since 1st

April, 2006 replacing its traditional performance management system known as Annual Confidential Report (ACR).In the above context a comparative study has been made to find out the effectiveness of traditional performance management system and newly introduced performance management system in Bangladesh Bank.

Key words: Bangladesh Bank (BB), Annual confidential Report (ACR), Performance Management System (PMS), Management by Objective (MBO). Central Bank Strengthening Project (CBSP)

1

Introduction

With a view to develop human resources, a modern performance based promotion has been formulated for the officers/employees of the Bangladesh Bank. For evaluation of their performance a modern and target based Performance Management System (PMS) has been effective since 1 April 2006. Bangladesh Bank since establishment follows Establishment Manual-1965 of State Bank of Pakistan on Staff and establishment matters. According to this manual, Bangladesh Bank had been followed a confidential report system to judge the various qualities of its employees and their suitability or otherwise for retention, confirmation or promotion in service till 31st March 2006.This system for evaluating employees’ performance is old and most traditional one. It is a subjective measure. It may have a problem- providing the opportunity for bias. It may include rater biases-The halo effect, the error of central tendency, Personal prejudice, Leniency and strictness bias, and the recency effect.Besides it covers feedback but does not perform the purpose of employees performance legal documentation, even does not result any employees development. Bangladesh Bank realized the matter and introduced a new employee’s performance evaluation system named Performance Management System (PMS).The new system is supported by management by objectives (MBO). Since the system is just introduced, so we can not study the effect of new system though the new system has more advantages over the old system. The employees of the Bangladesh Bank are in a hesitation whether the new system will bring a good luck for them or not. This situation encourages us to take a study between Bangladesh Bank’s traditional. Employee’s performance management system and newly introduced Performance.

Objectives of the studyThe objectives of the study are:

To know the traditional employees performance evaluation system of Bangladesh Bank

To analysis the newly introduced employees performance management system of Bangladesh Bank.

To analyze the advantages and disadvantages of traditional employees performance management system and newly introduced employees performance management system of Bangladesh Bank.

To detect the problem area of employee’s performance management system and make recommendations to resolve the problem.

Methodology of the study

The study utilized both primary and secondary sources of information. Primary data were collected during January and February 2007 through personal interview with the responsible personnel of the Bangladesh Bank. BB has 5515 employees (as on 31st March 2006). In the study 100 respondents ( 01 General Manager, 03 deputy General Manager, 06 Joint Director, 10 Deputy Director,20 Assistant Director,40 Officers and 20 Staffs) were the primary sources of information and sample were selected in simple random basis for the interview. Hence the interaction with the interviewees is more informal, and involves two way communications. The secondary sources of data gathered from

2

different manuals and books, files & records, annual report, different publications and statements of Bangladesh Bank and data also collect from different HR books, Journal etc.

Literature Review

The first known appraisal system was developed in the U.S. by its federal government. The U.S. Congress enacted a legislation in 1842 requiring that heads of executive departments make an annual review to determine whether clerks were “usefully employed” (Mayer, 1974). However it was not until after World War II that formal, regular and written performance appraisal system were widely adopted by government and business organization. According to Flippo (1976), the term ‘performance appraisal’ is generally means a systematic, periodic and so far as humanly possible, an impartial rating of an employee’s excellence in matters pertaining to his present job and to his potentialities for a better job. Today, employment usually begins with an appraisal and it continues throughout the employee’s working life. Though much of the discussion is informal, every working day goes by with some discussion of the performance of personnel. However, Yoder and Standohar (1982) said performance appraisal refers to the formal procedures used in organizations to evaluate the contribution and potentials of organization members. Cummings (1972) reported the overall objective of performance appraisal is to improve the efficiency of an enterprise by attempting to mobilize the best possible efforts from individual employed in it. Such appraisals achieve four basic objectives including the salary reviews, the development and training of individuals, planning job rotation and assist in promotions. Siddique (1984) observed that performance appraisal within executive ranks has become quite a popular practice in many organizations during the last three decades or so and many more have been introducing the system as an important step toward management development program and compensation administration. Cambel et al. (1973) distinguish the concept of behavior, performance, and effectiveness because some performance appraisal schemes focus on behavior, and some focus on performance. Behavior refers to people do in their work. Performance refers to the outcomes of behavior or behavior that have been evaluated. Effectiveness, like performance, refers to organizational outcomes for which the individual is responsible. The difference between performance and effectiveness is that the later is a function of additional factors not under the control of the individual. The above statements make it clear that performance appraisal is important for both employees and organization. But many organizations do not define clearly the factors used for performance appraisal. In most of the cases, the results of performance appraisal are kept confidentially. For that reason, the employees cannot be diligent to improve themselves.

3

Discussions of the study

Before looking at the newly introduced performance management system of Bangladesh Bank a brief description of the traditional performance management system of Bangladesh bank seems in order.

Traditional performance management system of Bangladesh Bank

The traditional performance management system named ACR system including it’s forms has been found in the establishment manual, 1965 of State Bank of Pakistan. Bangladesh Bank followed this establishment manual, 1965 from the beginning of its operation. Later on in 1982 keeping the establishment manual, 1965 same the form was edited and made in Bangla. The later edition was in action till 31 st March, 2006.The revised form included thirteen behavioural competencies. These are- Personality, Integrity (Intellectual & Moral), Timeliness, Initiative/ Perspective/ Drive, Judgment &sense of Proportion, Diligence & Devotion to Duty, Intelligence & Mental Alertness, Sense of responsibility(General &Finance), Power of Expression(Speaking &Writing),.Cooperation & Behaviour, Quality of Leadership, Promptness& capacity to take various assignments, Ability & Aptitude to use Bangla. Besides the form includes:-

The living standard (living within the known income or not) of the employees.

Information about participation of unapproved activities of the employees.

This subjective ACR system is easy to use and easy to manipulate. The form is supplied by HRD in due time to the Supervisor to evaluate his subordinates. The Supervisor fill up this form and thinks to award specific rating to his subordinates. He then puts his initials in the specific columns of the form. If he decides to award excellent to any of his subordinates, he puts majority initials in the column of excellent. The subordinates have no role to play in this process. After filling up the form, the supervisor sends the form to his immediate boss and thus the form ultimately goes to the Head of the Department. This performance appraisal process is mostly affected by the similarity error. The process is mainly based on supervisor’s choice .If the Boss likes his subordinate for any reason the performance evaluation will result better or if the Boss dislikes his subordinates for any reason the performance evaluation result will worse.

Newly introduced performance management system of Bangladesh Bank

Bangladesh Bank aims at becoming a modern and dynamic Central Bank. Effective performance management is one of the means to this end. PMS is a useful tool for fulfilling Bangladesh Bank’s vision and goal. It is also an instrument to reinforce Bangladesh Bank’s performance especially in turning Bangladesh Bank’s strategy into plans into actions into results. Bangladesh Bank introduced an improved objective system PMS replacing the subjective ACR system of employees performance evaluation. Newly Performance Management System (PMS) is a process-based approach, which will

4

develop the Bangladesh Bank’s employees to perform their duties effectively and efficiently. Newly PMS is a process of aligning the goals of the individual to that of the goals of Bangladesh Bank. It provides congenial environment for the supervisor and employee to agree on the goals. It assists the employee in creating a competent level of performance through continuous monitoring, reviewing, providing feedback, coaching and counseling. This process includes twenty competencies. Competency means a combination of observable and applied skills, knowledge and behaviors that is important for the success of the organization, personal performance and enhanced contribution. Generally different sets of competencies are required to perform tasks within a particular function with competence. Most of the times, they differentiate the behavioral patterns from one function/position to another.Competencies are measurable and will have series of behavioral indicators for performance. It will be measured based on the individual ability to demonstrate the required level (gap) as specified in the competency matrix (Bangladesh Bank has adopted position based competency model) and competency dictionary.

Competency Matrix:

No. Competencies Levels of competenciesOfficer AD DD JD DGM GM ED

1 Organizational commitment

1 2 2 3 3 4 4

2 Professional Integrity 2 2 3 3 4 4 43 Dynamism 1 1 2 3 3 3 44 Innovation & cont.

improvement1 2 2 3 3 3 4

5 Achievement orientation

1 2 2 3 3 4 4

6 Communication & coordination.

1 2 3 3 - - -

7 Concern for detail 1 2 2 3 - - -8 Initiative. 1 2 3 - - - -9 Customer service

orientation2 3 3 - - - -

10 Problem solving 1 2 2 - - - -11 Team work 1 2 3 - - - -12 Planning & Organizing - - - 3 4 - -13 Conceptual thinking - - - 2 3 - -14 Managing execution - - - 3 3 4 -15 Judgment & decision

making.- - - 2 3 3 4

16 Team leadership - - - 3 4 4 417 Relationship building - - - - 2 3 318 Strategic orientation - - - - 2 3 419 Impact & influence - - - - - 3 420 Organization - - - - - 2 3

5

awarenessTotal no of competencies.

11 11 11 12 12 12 11

Bangladesh Bank has a competency dictionary which explains about 20 competencies. Among the 20 competencies “Team work competency” is detailed below as sample:

Team work:Team work reflects a genuine desire to work willingly as a team within the department or other departments as opposed to working separately or comparatively. Sincerity in one’s desire to work with people to achieve results towards common goals of the team, division, and organization.

Level Behavioral Indicator1 Co-operatives & Shows respect:

Participates willingly and support team decision and try to be a good team player by doing his assigned work. Keeps other team member informed and up-to-date about the group process and his individual actions. Openly shares all relevant or useful information, knowledge and expertise. Speaks positively of and listens & responds constructively to team members ideas and contributions. Seeks inputs/ suggestions from tea

2 Solicits input: Participates willingly in making decisions & accomplishing tasks as a group . Solicits ideas and input from other section/divisions/teams on issues and problems & works for solutions that members can support. Flexible enough to accommodate others views for the interest of organization. Promotes inter/ intra team cooperation.

3 Supports success of others. Looks for opportunities to contribute towards the effective and timely completion of on going work or projects led by others. Publicly recognizes and reinforces the contribution of other team members. Supports and acts in accordance with final group decisions even when such decisions may not entirely reflect one’s own position. Encourage and empowers others.

4 Builds team sprit: Makes people feel good about being part of the group & brings

6

out the best of people. Acts to promote a friendly climate, good morale and cooperation (high performance work environment) to maximized members contribution. Promotes / protects group reputation and outsiders. Does not hide or avoid issues. Strives for mutually agreeable “win-Win” solutions on sensitive and high-stake issues with relevant parties using negotiation skills.

This newly introduced performance appraisal process also helps to identify the employees’ opportunities for career progression and development. The basic features of this system are given below-

The newly introduced performance management system is a three-step process. It starts with performance planning and ends with performance reviewing. In between these two steps is continuous monitoring through feedback, coaching and reinforcement by the supervisors.

Appraisal is a supervisor’s responsibility that will conduct the key process of the newly introduced performance management system for the employee that report directly to them.

Cascading the annual organizational goals to the individual’s goal. Goals and competencies shall be clearly defined in consultation with the

employee being appraised and the goals must support the achievement of the Bank’s goals. The agreed goals will be specific, measurable, attainable, relevant to the job and time bound (SMART).

It provides necessary support to the employees to develop their competencies and improve their performance.

Feedback on individual’s strength and development needs will be managed in a fairly manner.

Coaching, training and performance monitoring will be an ongoing process throughout the appraisal period.

Appraisal will have input from appraise, line managers and customers. There will no discrimination in favor of selected groups/individuals when

assessing/rating their performance. PMS is a tri-partite responsibility involving-Organization, Supervisors and

Individuals.

Findings of the study

The Annual Confidential Report (ACR) of Bangladesh Bank which was in force till 31st March 2006, is a system based approach. It is a subjective measure based on absolute performance standards for the job. The system is based on Graphic Rating Scales to facilitate employees evaluation on different performance

7

dimensions, each of which is continuum made up of clearly defined scale points. In ACR system the rater describes an employee as falling at some point on a performance continuum- such as excellent, very good, good, satisfactory & below satisfactory.On the other hand the Performance Management System (PMS) of Bangladesh Bank which is introduced on 1st April 2006, is a process based approach. It is a combination of objective and subjective measure based on individual performance of the job. The system is based on Management by Objective to facilitate aligning the goals of individual to that of the goals of BB. The measurement of goals, the important part of the PMS is objective measure. But the other part of PMS, the measurement of competencies is subjective measure.

The goal setting part of newly introduced PMS is very new idea for BB; which makes difference between ACR& PMS. This goal setting part increases BB’s employee performance.

ACR is the superficial evaluation of competencies & personality. It includes thirteen elements: Personality, Integrity (Intellectual & Moral),Initiative/ Perspective/ Drive, Judgment & Sense of Proportion, Diligence &Devotion to Duty, Intelligence & Mental Alertness, Sense of Responsibility, Performance (Quality & Quantity), Power of Expression, Co-operation & Behavior, Quality of Leadership, Promptness & Capacity to take various assignments, Ability & Aptitude to use Bengali. But PMS is the specific evaluation of goals & competencies. It considers about 20 competencies. Out of these competencies 11 to 12 competencies are to be considered together for each category of employees. Besides these each competency is defined in 4 different levels. It is to be considered to prepare a performance planning that the required level of a competency is same for a specific category’s employees; and may be different for different categories of employees. The included competencies in PMS are Organizational Commitment, Professional Integrity, Dynamism, Innovation & Continuous Improvement, Achievement Orientation, Communication &Coordination, Concern for Details, Initiative, Customer Service Orientation, Problem Solving, Team Work, Planning & Organizing, Conceptual Thinking, Managing Execution, Judgment & Decision Making, Team Leadership, Relationship Building, Strategic Orientation, Impact & Influence, and Organizational Awareness.

It is observed that competencies to be evaluated in ACR system &PMS are more or less same. In the ACR system competencies are judged on Rating Scales to facilitate employees’ evaluation on different performance competencies, each of the competencies made up of clearly defined scale points. In ACR system the rater describes an employee as falling at some point on a performance continuum- such as excellent, very good, good, satisfactory and below satisfactory. In PMS the evaluation of competencies are subjective. In the process, first of all, the required minimum level of competencies of an employees are determined to

8

achieve individual’s goals and after a systematic completion of appraisal period, the appraisee’s actual level of competencies are judged by the appraiser.

The process is shown in the following table:

Reviewing & Assessing CompetenciesCompetencies Required

levelActual level

GAP Rating Description

Innovation 2 2 0 3 Good

Teamwork 3 4 +1 4 Very Good

Planning& Organizing

4 3 -1 2 Satisfactory

Achievement Orientation

2 4 +2 5 Excellent

Problem Solving

4 4 0 3 Good (is shown sometimes)

4 Very Good (is shown more often0

5 Excellent(is shown all the time)

Total 17

ACR is an annual event. The appraiser(supervisor) will observe the appraisee’s (employee) activities/ performance along the whole year and at the end of the year the appraiser will make the appraisal. However appraisal is made annually. The ACR form is used to record the appraisal.

But PMS is a continuous event. Before the beginning of the appraisal period (Appraisal Year, April-March) the performance planning is completed. This performance planning involves both appraisee & appraiser. Both the Party settle the appraisee’s goals to be achieved ; the competencies which level requires to improve to attain the goals and sign on the Performance Planning Form.

Then the appraisers manage the performance of the employee by:-

Track performance, provide continuous feedback and coaching. The Event Behavior Result (EBR) form records the total picture. Half yearly review is to be done on the last week of September. The

review also involves the appraisees and tells him what is to be done in the last half of the year to achieve the goals, what are the competency gaps,what resources and assistance are required to achieve the goals.The Half Yearly Review (HYR) form records all the events.

9

The Annual Performance appraisal is to be done at the end of the year to measure appraisee’ s actual performance against the agreed standards, targets and the required competencies as agreed during the performance planning phase.

Any Performance Management System has three purposes i.e. Feedback Development. Documentation.

ACR provides feedback only. The subsequent action is that focus on reward.On the other hand PMS provides feedback, development & documentation. The subsequent action is that focus on employees development. PMS of BB meets the purpose of Performance Management System.

Like all the Government Employees, BB’s employees are in the service of the State & Government. BB has specific objectives to achieve through the involvement of its employees. If the employees’ job is translated in the form of goals/objectives to align the same with BB’s goal the employees may find more interest in his job.ACR system loosely associated with BB’s objectives. But PMS allows for alignment with organizational objectives.

ACR system does not follow the Appraisal process ; PMS follows the Appraisal process. ACR system does not involve individual employee (appraisee). It runs through under the control of Supervisor without the involvement of the individual employee. But the PMS involves individual employee. It runs with the involvement of supervisors & employees.

ACR is a very confidential document of an employee. He is never allowed to see his own ACR form. He never knows about his rated performance. He, through the feedback can assumes about his performance rating only. This is on the contrary with the Performance Management principle.But it is a ACR principle that if any employees performance if not ‘good’ i.e.’ satisfactory’ he should be warned in writing. But last 10 years nobody is warned in BB. It helps to believe that the performance of BB’s employees in not below than ‘good ‘or they are not evaluated below ‘good’. But the real story is that the written warning tells that supervisor evaluated employee poorly. The evaluation may be right or wrong but the concern employee’s negative reaction created a unfavorable situation for all concern. PMS has four valuable forms but not confidential to the appraisee. Even he prepares the draft of the PP form& AP form and other documents are also signed by the appraisee. He is informed his final rating. As the PMS is just in

10

implementation, we can not say, what will be actual situation in advance but we hope for the best.

In ACR system, supervisor gather performance data of his subordinate through his direct observation.On the other hand, in PMS, supervisor gather performance data of his subordinate through:-

Self report( the employee himself is a source of performance data). Direct Observation. Written Material. Third-Party report.

In ACR system, supervisor does not record his observations about the performance of his subordinate. As a result the appraisal may be affected by recency effect, contrast error and biasness. Even positive or negative impression management effects on performance rating. On the other hand, in PMS, supervisor records his observations about the performance of his subordinate. As a result the appraisal trends to be free from all biasness. In ACR system there are three types of Annual Confidential/ Appraisal Form:-

Form ED 35 Employees in Category ‘A’ (Officers & above). Form ED 36 Employees in Category ‘B’& ‘C’ (Supervisory &

clerical Staff). Form ED 37 Employees in Category ‘D’ (Subordinate Staff).

On the other hand, in PMS There is only one annual appraisal form supported by following other three forms:-

Form-1 PPF (Performance Planning Form). Form-2 EBR ( Event Behavior Result Form). Form-3 HYR ( Half Yearly Review Form) & Form-4 APF (Annual Performance Appraisal Form).

Concluding Remarks and Policy Implications

The overall environment of BB is not much favorable for managing excellent and empowering employees. BB like other govt institutes can not yet avoid bureaucracy which harpers individual’s creativity and ‘Divide and rule’ strategy creates conflict and causes the failure of team working reducing team sprit. The success of PMS depends on top management commitment to the system and their confidence/ faith on their employees.Bangladesh is a developing country. The country is running through a medium process to meet abound in all respect. BB, the Central Bank of Bangladesh, the head of Monetary System & the advisor of Fiscal System is not isolated one. So BB has taken Central Bank Strengthening Project (CBSP) which is a high ambitious project of $43.46 million. PMS is a product of CBSP. Top management of BB will take all needful to implement the

11

project and we hope BB will drive to automation within 2008. By this time PMS will be habitual with a view of managing excellence in all respect.To observe the real impact of PMS in BB later, after two or three years a further study may be made. We wish over all success of PMS on Human Resource Development in Bangladesh Bank.

In BB, The General Managers are the Department/ Office heads. They are responsible for all activities of the department/ office. They use their power in different styles, e.g. autocratic, consultative and participative. The departmental head who uses autocratic style in major areas creates an autocratic office environment; majority employees of the department/office may be affected, while some of the employees may be gained. In such position, PMS may be hampered.

After the departure of that departmental head, the new departmental head may use consultative/ Participative styles in major areas; the environment will be changed respectively where the PMS may run as expected.

The top management must give more support to the PMS and with their support more effective training schedules should be prepared for the appraisers training. The appraiser must realize and identify of his appraisee’s goals, their measurement, their target &their weight age.

An employee is ones appraiser and again he is appraisee. It is seen, the copy of a PPF of certain officer of certain section is taken as a basis of PPF of another officer of another section. In many cases before setting department/ office goals, sections goals& higher officers’ goals; initiating officers’ goals are settled. Then their supervisors’ goals are to be settled. This is bottom- up approach and contrary with the philosophy of PMS. So goal setting should be based on Top-Down approach.

Some officers take PMS as a burden. It is observed that they perform their duties in the office just putting their signs in the file; all are made ready by his subordinates. They are accustomed to evaluate employees by putting only initials on the ACR form. They are also not capable of performing independently and they are leaded by their sub-ordinates. They are influenced by positive impression management. These types of employees should be sorted and takes a different motivation plan for them.

12

The PMS has goals and competencies. Appraiser/ Moderator should know: Competencies are input of an employee and goals are output of an employee. There should have a balance between the evaluation of performance (goals) and competencies. If an employee’s performance rating is excellent; his competencies rating should be excellent. Ultimately his overall performance will be excellent. If his performance rating is excellent but his competencies rating is not excellent (very good), this makes to think either his performance is over rated or competencies are under rated. The subjective evaluation of competencies may be affected by biasness or any other error. Again if his performance rating is not excellent but his competencies rating is excellent, this means that his performance is under rated or competencies are over rated or he is not well motivated to achieve his goals though he has excellent level of competencies. If this, the system should recheck again to find the procedural shortage.

There is a further confusion about competency evaluation. When an employee requires level –2 of certain competency to achieve his goals, and if he gains level-2; the gap is ‘0’ translated as “good”(evaluation). If he gains level-3; the gap is ‘+1’ translated as “very good”. If he gains level-4 (the highest level); the gap is ‘+2’ translated as “excellent”. Again another employee requires level-4 of certain competency to achieve his goals, and if he gains level-4; the gap is ‘0’. If this gap is sometimes, it is translated as good; If this gap is most of times, it is translated as very good; If this gap is all the times, it is translated as excellent. I think if the gap is ‘0’ (Required level-1 & achieved level-1) all the times it also should be translate as ‘excellent’. This will shape the evaluation of different of level of officers’ uniform; will reduce subjectivity of the process and make

It is debating that whether excellent performance rating and competencies rating are must or must not for overall excellent performance. But excellent performance is must. However competencies evaluation process is subjective and criteria sorted for competency evaluation may create confusions. It may be required second thought later.

Bangladesh is a developing country. The country is running through a medium process to meet abound in all respect. BB, the Central Bank of Bangladesh, the head of Monetary System & the advisor of Fiscal System is not isolated one. So BB has taken Central Bank Strengthening Project (CBSP) which is a high ambitious project of $43.46 million. PMS is a product of CBSP. Top management of BB will take all needful to implement the project and we hope BB will drive to automation within 2008. By this time PMS will be habitual with a view of managing excellence in all respect. Later on, further study may be made to evaluate the performance of PMS.

13

References:Ahmed M. F. (& Others) 1993. Foreign Banks in Bangladesh: Performance & Limitations, Dhaka University Journal of Business Studies, Vol. XIV, No. 1, June: 185-198.

Ahmed F. (& Bhuiyan) 2003. Performance Appraisal Practices in the Telecom Industry of Bangladesh: A Study of Cases, Dhaka University Journal of Business Studies, Vol. XXIV, No. 1, June: 153-157.

Akkas M. A. (& Khan) 1990. An Appraisal of the Promotion System in the Nationalized Commercial Banks in Bangladesh, The Dhaka University Studies, Part C, Vol. X1, No. 1, June: 139-154.

Alam K. S. (& Mohiuddin) 1997. Compensation System of the Private Commercial Banks in Bangladesh, Dhaka University Journal of Business Studies, Vol. XVIII, No.1, June: 219-232.

Abdul Aziz, Y. (1999), Performance Appraisal: Concepts and Applications, Sinaran Bross, Kula Lumpur.

Antonioni, David, (1994), Improve the management process before discontinuing performance appraisal, compensation and Benefits Review, May-June p.29

Armstrong, m.and Baron, A. (1998) Performance Management: The New Realistic, Institute of Personnel and Development, London. Bangladesh Bank order, 1972 (President’s Order No.127 of 1972)

Bangladesh Bank, Performance Management Manual, 2006.

Bangladesh Bank, Establishment Manual, 1965.

Bangladesh Bank, Competency Dictionary.

Bangladesh Bank, Annual Report, 2004-2005.

Battacharjee D. (& Karmaker) 1989. Performance Evaluation Measures of a Public Sector Enterprise: A Critical Review, Dhaka University Journal of Business Studies, Vol. X, No. 2, December: 191-203.

Cambel. L.P. and M.D. Dunnette, R.D. Arvey and L.V. Hellervik (1973) “The Development and Evaluation of Behaviorally based Rating Scales”. Journal of applied psychology. No.1 pp. 57

Cummings M.W. (1972) “Theory and Practices of Personnel Management” William Heineman Ltd. London. pp.111-112.

Flippo E.B. (1976) Principles of Personnel Management, McGraw-Hill, NewYork/

Khan M. A. A. (& Akkas) 1990. An Appraisal of the Promotion System in the Nationalized Commercial Banks in Bangladesh, The Dhaka University Studies, Part C, Vol. X1, No. 1, June: 139-154.

Mayer, H.E. (1974) “The Science of telling Executives how They are Doing”. Fortune

14

Siddique Hossain Abu , Performance Appraisal for Executives and its Relation to Compensation, ‘The Dhaka University Studies, Part C, Vol. V, No. 2, December, 1984: 39-54.

Yoder.D. and P.D. Standohar (1982) “Personnel Management and Industrial Relation” 7 th

edition,N.J.Prentice Hall Inc.

15