Employee Performance Appraisal & Mitivation and Incentives Essay - 3

Employee Performance Appraisal & Mitivation and Incentives - Essay Example This paper illustrates that Oman Insurance Company (OIC) is a huge company whose total assets are in excess of DH 3.2 Billion and paid-up capital of DH 243.75 Million. It provides its customer with a variety and type of insurances and the security they need. The process of performance appraisal system in OIC consists of the following steps. Predesigned performance appraisal forms are distributed to respective line managers before the end of the year. The performance appraisal form contains various key success factors that have been identified for the performance of a certain position. These key success factors include both capabilities and competencies personal and work-related. Managers fill these form by ranking the employees on a scale of 6-10 based upon performance throughout the year, where 6 being lowest and 10 highest. The line manager has the discussion with the employee about the ranking identifying his strengths and weakness areas. An employee can give his own opinion as we ll and ask to change his rankings. If line manager disagrees he can contact HR manager. Based on the performance appraisal the development plan of an employee is formulated by the employee and the line manager in the form of SMART objectives for the next year. After developing the career path for the employee the action plan to achieve those goals e.g. training etc. are decided. In the end, these filled forms are sent to the HR manager, who updates the file of each employee for appropriate action such as compensation and benefit etc.