Performance Management System Mahindra N Mahindra LtdPresentation Transcript
MAHINDRA & MAHINDRA LTD. PERFORMANCE MANAGEMENT SYSTEM Presented By: Reena Alva Roll No: A – 4
Mahindra is the market leader in multi-utility vehicles in India.
Only Indian company among the top three tractor manufacturers in the world.
The Group has a leading presence in key sectors of the Indian economy, including the Automotive, financial services, trade & Logistics, Automotive components, Information Technology and Infrastructure Development.
Process of Goal Setting
Balanced Score Card approach By Robert S. Kalpan and David P. Norton’s, 1992 Measures performance on 4 perspectives Departmental Goal Setting
Individual Goal Setting
2 Day workshop in the month of May – June ‘KRA setting’ and ‘How to conduct performance appraisal’ Useful to both appraisers and appraisees Step 1: Communication Workshop
Individual goals linked to business 3 – 5 KRAs Total Weightage: 100% Set after discussion between appraiser and appraisee Forms a basis for the calculation of performance payout The KRA sheets are sent to Corporate HR Department. Step 2: KRA setting
Conducted in the month of October Measure and evaluate performance in terms of the goals set Discussion of correction measures Step 3: Mid – Term Review:
Done in the month of April Employees are reviewed on the basis of achievement of KRAs, assessment of significant tasks other than KRAs Leadership competencies - M&M Ltd has adopted 7 leadership competencies Employee’s feedback is recorded Step 4: Performance Appraisal
Discussion is held between appraiser & reviewer to jointly arrive at overall rating of the employee For the performance pay calculation, the overall performance is divided into two parts: Business Performance Individual Performance
Appraiser gives feedback to the subordinate immediately after the final performance appraisal Reviewing if all the employees have got the appraisal report Step 5: Feedback and Counseling
Why performance appraisal is needed
Helps in identifying Areas for Improvement.
Provides development opportunities for the growth of people.
Generate Data for actions relating to Increments, Promotions, etc.