What is PerformanceAppraisal?
‘Performance Appraisal’ are the appraisals based on the performance of the employees. The employees would be constantly monitored and evaluated based on their work and they will be compensated based on it.
Performance appraisal is a significant part of career development as it is based on the daily work of an employee and it affects one of the core factors of employment, viz. the employee’s salary.
Traditionally, performance appraisal was performed once a year based on their year long contribution towards their work. However, the modern trend is to provide appraisals at regular intervals such as quarterly performance appraisals.
The main advantage of performance appraisals is that the employees are incentivised to perform better. It also encourages healthy competition between employees to be more dedicated towards their work and the company.