期刊名称：International Journal on Arts, Management and Humanities
电子版ISSN：2319-5231
出版年度：2012
卷号：1
期号：1
页码：15
语种：English
出版社：RESEARCH TREND
摘要：ABSTRACT Liberalization, globalization and the disappearance of the License Raj have changed the corporate scenario. There is a remarkable change in the way the companies are looking at employee’s performance. Being loyal, punctual and not taking leave are no longer the attributes of a good employee. Value addition has become the sole criteria for performance appraisal. The compensation structure has also undergone a major transformation over a last decade. The shift to performance based pay or variable pay has become widely prevalent in Indian companies. Every salary hike has been literally linked to performance. The key challenge to many Indian companies is how to survive in the new economy. In this competitive scenario performance management system(PMS) acts as an important tool to leverage performance of the organization . Unfortunately many Indian organizations especially the public sector industries like power distribution companies, ONGC etc. had not moved on and are still operating the old performance management process even though other aspects of their structure and management process might have changed significantly after economic reforms. Survey of Fortune 500 or 1000 companies indicate a high degree of dissatisfaction with the performance appraisal systems. This is probably because in the absence of a carefully structured and implemented system of appraisal people tend to judge the work performance of others, including subordinates, naturally informally and arbitrarily which tends to create serious motivational, ethical and legal problems in the work place. In some cases though the appraisal systems are well designed but do not get implemented properly due to poor monitoring and follow-up. Thus the present study has made an attempt to understand the importance of PERFORMANCE MANAGEMENT and need to nurture performance culture in the organization. This report concentrates on the study of the Performance Appraisal System (PAS) being practiced in ONGC and to check its effectiveness, also to suggest more feasible ways of improving and strengthening the Performance Appraisal System.
