Internship Report On Employee Performance Appraisal A Study on IFIC Bank Ltd.(part 2)

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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 is-

To provide a critical study about the EPA system of IFIC Bank Ltd.

Other secondary objectives are-

To fulfill academic requirement To focus on EPA practice in IFIC Bank To provide some policy guidelines for improving current EPA situation of IFIC Bank To match the theoretical knowledge with practical 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 carried on by an organization. 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 business world organizations are

striving towards developing their human resource and explore new dimensions 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 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 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, 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 an organizations environment and

collect information in so short a time.

Much of the information was inaccessible due to confidentiality purpose.

Lack of adequate knowledge for preparing such an extensive report was also a great

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 from various sources.

Primary Source: Data is collected through number of primary sources. Discussion

with IFIC Bank personnel, information collected through work experience are

valuable sources for information.

Information was collected through discussion with important personnel of the Bank.

No 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

The former EPA method used and its disadvantages

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: Other than the primary sources many other secondary sources are

also used for collecting information. The sources are

Various journals, articles and publications

IFIC Banks website

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Other websites

IFIC Banks Annual Report, other publications

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 commercial bank. The Government of the Peoples 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 Bank including its products and services are mainly for different

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 Banks 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

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IFIC Banks position unique in giving quality service to all institutions and individuals 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 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 different 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 banks 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:

Integrity: Upholding integrity in all that they do always, everywhere.

Fairness: Striving to offer the best to the customers equitably with transparency

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Innovations: Encouraging & nurturing creativity

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 operational 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 Managing Director. This facilitates rapid decisions.

There is an Asset Liability Committee comprising member of the Senior Executives headed

by CEO and Managing Director to look into all operational functions and Risk Management

of the Bank.

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Organizational Hierarchy:

Board of Directors

Managing director

Senior executive vice president

Executive vice president

Senior vice president

First vice president

Vice president

Senior asstt. Vice president

First asstt.vice president

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 of IFIC Bank:

Fig: sample Branch Organogram

Head Office Organogram of IFIC Bank:

Fig: sample Head Office Organogram

Relationship Manager

General Banking Credit Credit

Administration

Manager Operations

Foreign Exchange BAMLCO

MD

DMD (Business) DMD (Operations) DMD (Risk

Management)

Head of Division

Head of Department

Head of Division

Head of Department

Head of Division

Head of Department

Subordinates Subordinates

Subordinates

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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 Banks 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 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 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 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. This 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 booth.

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 - Established as an Investment & Finance Company under arrangement of joint

venture with the Govt. of Bangladesh.

1980 - Commenced operation in Foreign Exchange Business in a limited scale.

1982 - Obtained permission from the Govt. to operate as a commercial Bank, Set up

its first overseas joint venture (Bank of Maldives Limited) in the Republic of

Maldives (IFICs share in Bank of Maldives limited was subsequently sold to

Maldives Govt. in 1992)

1983 - Commenced operation as a full-fledged commercial bank in Bangladesh.

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 - Set up its first overseas branch in Pakistan at Karachi

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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 - Acquired MISYS solution for real time online banking application

2006 - Core Risk Management implemented

2007 - Launched VISA branded Credit Card (completed full range of Cards i.e.

Debit, Credit & Prepaid by 2010)

2010 - Set up Offshore Banking Unit (OBU)

2011 - Established a fully owned subsidiary exchange company named IFIC

Money Transfer (UK) Ltd.

2012 - Inauguration of 100th Branch at Tejgaon-Gulshan Link Road in Dhaka

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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 growth.

EPAs actively involve employees in understanding what is expected of them. By setting

agreed objectives and later reviewing the results 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 & subordinate.

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. In addition the appraisal system may be used to

determine whether employees should receive an element of financial reward for their

performance.

Performance reviews - give managers and employees opportunities to discuss how

employees (1 are progressing and to see what sort of improvements can be made or help

given to build on their strengths and enable them to perform more effectively.

Review of potential and development needs - predicts the level and type of work that

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 reviews - 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:

Setting a practicable target for the employee

Enhanced control system by clearly specifying the target 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 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 them.

There are no steadfast rules about the frequency or timing of the appraisal 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 production

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.

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Although these measures deal with unambiguous criteria, they are usually incomplete

because of criterion contamination and criterion deficiency.

Criterion contamination acknowledges that the variability of performance can happen due to

factors beyond employees control. Criterion deficiency refers to the fact that the quantity of

production does not necessarily indicate the quality of the products. Due to these bias, data

collected in objective method most often provide incomplete 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 employees absences does not reflect how dedicated he/she

may be to the job and its duties. For this reason, the validity of this method is questionable.

Judgmental evaluation

Judgmental evaluation appears to be a collection of methods. A common approach to

obtaining PAs is by means of raters. The main methods used in judgmental EPA are:

Graphic Rating 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 20-

point scales.

Employee-Comparison Methods: rather than subordinates being judged against pre-

established 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: 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 discussion on performance may then follow. The behaviorally 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 anchored by behavioral 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 accomplish.

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.

Annual Confidential Reports

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 employees 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.

MBO Method

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 time frame

360-Degree Feedback Evaluation Method

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 360-

degree 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

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available to permit managers to give the ratings quickly and conveniently. The 360-degree

feedback method may provide a more objective measure of a persons performance.

Rating Scales Method

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 57 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.

Critical Incident Method

The critical incident method is a EPA method that requires keeping written records of highly

favorable and unfavorable employee work actions. When such an action, a critical incident,

affects the departments 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 employee performance.

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 that compares each employees 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.

Ranking Method

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 occurs when all individuals have performed 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 receives 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 (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 appraisers supervisor. Then these forms are reviewed and made necessary

adjustments. The forms then are finally approved as appraised.

5.3 Previous EPA MethodAnnual 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 subordinates performance

by his immediate superior. As the superior keep their judgments and reports confidentially,

they are called confidential reports. Generally, a confidential report covers a limited range of

aspects such as the employees strengths and weakness, his major failures and achievements;

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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. This report served as the 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.

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 & corruption from the supervisors 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

employees actual performance with the 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 now follow this method. It has facilitated

the appraisal process with objectivity, transparency and better 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 the 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

29 | 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 example-

Let, 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 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. 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 employees 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. Employees personal characteristics that can significantly affect organizational

goal are also given due consideration. Again employees compliance with internal rules,

regulation and any other authoritative body 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, his immediate supervisor or appraiser rates him.

Appraisal by Appraiser's Supervisor:

The appraised form is submitted to the appraisers supervisor for approval. The appraisers

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 and divisions Employee Appraisal Forms are sent for approval of 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.

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Performance Appraisal Report

(Appraisal Period .to)

PERSONAL DATA

(To be filled in by the Appraisee )

1.Full Name of the Appraisee:

2. Designation:

3. Place Of Posting:

4. Joining Date: 5. Date of Birth:

6. Academic Qualification: 7. Banking Diploma:

8. Name & Designation of the Appraiser: _______________________________

9. Name & Designation of the Appraisers Supervisor _______________________________

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 of appraisee) (signature of appraiser)

PART-I

Rating Of Performance

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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,

Appraisers name, Appraisers Supervisors name. Important issues of this part are the-

Appraisees Name, Appraisers Name and Appraisers Supervisors Name.

Part 2 Business Position of 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.

Business Position of Branch/department/Division

(To be filled in by the 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

. ..


PART-II

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Achievement of Business Target in year.. (Total Marks : 30 )

Business Area target achievement % of

achievement

Self

appraisal

Supervisors

appraisal

Achievement of target in profit (marks-20)

:

Business Area target achievement % of

achievement

Self

appraisal

Supervisors

appraisal

Operating Profit

PART-III

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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 partsfirst part considers achievement of business targets

through various sections like,

Deposit

Advances

Export

Import

Guarantee

Second part considers the achievement of targeted profit by the appraiser.

Part III (continued)

..

(signature of the appraisee) (signature of the appraiser)

Marks Allocation:

100% 50

80%-99% 40

70%-79% 35

60%-69% 30

50%-59% 25

40%-49% 29

40% or below 0

..


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COMPLIANCE (MARKS-10)

PART-IV

Business Area Audit Period Audit Rating Marks Earned

Branch Audit Rating

.


Part 4 Compliance Report:

This part analyzes the Appraisees compliance with internal and external regulatory

requirements. Information for this report is provided by Internal Control & Compliance Division.

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Competency & Leadership Quality (Marks-40)

PART-V

Competency and Characteristics

Parameter

Self appraisal Supervisor

5 4 3 2 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

..


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Part 5 Competency & Leadership Quality:

In this part the Appraisees Competency and Leadership Quality is assessed through the

following parameters

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 SELF APPRAISAL SUPERVISOR

Part III Out of 50

Part IV Out of 10

Part V Out of 40

Total

APPRAISEES COMMENT ABOUT SELF APPRAISAL

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) (signature of appraiser)

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Part 6Final 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 of 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

. ..


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Part VII (cont..)

Appraisers 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 7Recommendations 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 Appraisers 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) (signature of Appraiser) (signature of Appraisers Supervisor)

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Part 8 Business Objective for Next Year:

Based on the final rating, business objective for different business areas is determined in this

part.

Part 9 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. The Appraiser can fix up the

duration of the recommended trainings as he deems fit.

Training & Development Recommendation

PART-IX

Title of the Training Duration

1.

2.

3.

4.

5.

..

(signature of Appraisee) (signature of Appraiser)

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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 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 of Business Target (marks-50)

This part evaluates an employees performance on the achievement of target business 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 employees achievement of business target assigned to him.

44 | P a g e

If for example, an employees targets are as 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 is-

Deposits tk. 20000 (80% of 25000)

Advances tk. 12000 (60% of 20000)

If he has no other targets in any other sectors, then the marking will be awarded out of 30 in

following way-

target % marks Actual

performance

% 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 30 8.4

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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Stage 2: Evaluation of Compliance (marks-10)

This part considers an employees 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. Employees leadership quality & competency is

evaluated on the scale of 0 to 5 points. Where 0-5 scale indicates-

points indicator

05 Outstanding

04 Very good

03 Good

02 Average

01 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 rate the appraisee on a percentage basis as follows-

Outstanding 80% or above

Very good 70% .. 80%

Good 60% .. 70%

Average 50% .. 60%

Below Average below 50%

In case of self appraisal, this rating can be followed by appraisees comment on his rating

regarding any factors that he considers as hindrances towards the achievement of his goal.

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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

way-

Rating Recommendations

Outstanding,

Very good,

Good

Annual increment,

Promotion,

Accelerated Promotion

Average,

Below average

Need for 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 below-

Head 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 and 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 Activities. As a result, the marks

allocated for business activities are less than that of branch.

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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, so should be their appraisal system. For this variation occurs.

Competency based Appraisal: For regular-job employees like Cash Officer, Office

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.

Trait based Appraisal: 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 and appraisers 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

Increase efficiency in terms of human resource and other sectors of 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. The 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 employees 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

50 | P a g e

6.1 Summary of Major Findings:

The major findings of this study are summarized as follows-

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

employees opinion about his target or performance. Due to certain limitations (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, appraisers appraisal,

appraisers supervisors appraisal it comes to the end of the process at approval by EPA

Review Committee. At every step employees 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 methods-

competency based and trait based method is used for specific employee category like-

cash officer, support staff and such.

Recognizing the benefits of automation process, IFIC Bank has recently taken initiatives

for automating the EPA process. Through automation certain benefits like-decreased cost,

increased productivity, increased 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 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, quqlified 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 employees recent project or task performance.

Employees 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 certainly 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, Nov. 07,2012, London, UK.

Hossain, Maksuda; Abdullah,Abu Muhammad & Farhana ,Shila (2012),Performance Appraisal & Promotion Practices in Private Commercial banks of Bangladesh, Asian Business Review, vol.1, issue 1, Sept. 2012

Performance 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 York, PP 15-25

Ivancevich, Donelly & Gibson (1980), Managing for Performance, Business Publications Inc., Texsa, PP-23-29

Documents

Internship Report On Employee Performance Appraisal A Study on IFIC Bank Ltd.(part 2)