Performance Management System in Bank Assignment Sample

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Dissertation
Performance Management System in
Standard Chartered Bank, UK
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Performance Management System in Standar
Chartered Bank, UK

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ACKNOWLEDGEMENT
I have taken efforts in this project; however it could not have been possible without the
valuable support and assistance of many individuals and the organization. I would like to present
my sincere thanks to all of them and I am extremely grateful to the Bank where in I conducted my
project report and for their precious guidance and constant supervision as well as for offering all
the required information concerned to the project.
I would also like to express my appreciation towards my mentor and mu family members
who gave me the chance to accomplish this project report and helped at each point of this research
project. My thankfulness and admiration also goes to my colleague in developing the project and
all the people who have eagerly assisted me with their capabilities.
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ABSTRACT
Performance management is the process of evaluating an employee’s performance during
the preceding years and deciding where does an individual stands as far as their peers in the same
band are concerned. It is a process that associates the firm’s strategies and aims to individual and
group performance so as to enhance the efficiency of organization. The technique for performance
management is a way through which an employer can maintain and promote efficient employee
performance. It can range from selecting employee management philosophies to acquiring
technical performance trailing tools to enact the formal policies.
Nearly, every organization looks in to monitor performance of its employees through an
assessment system. Performance management program has acquired much more significance over
the past decade; the idea behind this program is to simply manage work of employees. In order to
accomplish performance management program effectively the target and vision should be vividly
defined in much advance. Performance management also carries importance in the area of setting
up effective communication channels between an individual employee and superiors i.e. based on
trust and understanding.
This system has become essential in banking industry, because in banks strive in to manage
risk, enhance its operations, design and execute more suitable promotional activities and attract
and retain more people to join with them. A performance management process designs the platform
to reward excellence by associating individual accomplishment of employees with organizational
vision and missions. This system enables people of a firm to appreciate the importance of specific
job in identifying results. The present research report has been undertaken with an in depth wisdom
about organizational performance management system and its impact on the banking industry. In
this regard an assessment is being undertaken in the leading bank of UK Standard Chartered where
in attention is mainly given to evaluate performance management system of this bank and how
does its impact on enhancement of workforce efficiency. Here, in a secondary research is
undertaken as well in which different scholarly articles and journals have been reviewed to acquire
an insight about the company and its significance in the current competitive business environment.

CONTENTS
CHAPTER 1 – INTRODUCTION ........................................................................................................................ 1
1.1. Overview ....................................................................................................................................... 1
1.2. Structure of the research............................................................................................................... 3
1.3. Focus and Purpose of research...................................................................................................... 5
1.4. Research Question........................................................................................................................ 6
1.5. Framework and Analysis .............................................................................................................. 6
1.6. Potential significance of research................................................................................................. 7
CHAPTER 2: LITERATURE REVIEW ............................................................................................................ 9
2.1 Introduction......................................................................................................................................... 9
2.2 Meaning of Human Resource Management...................................................................................... 10
2.3 Significance of HRM........................................................................................................................ 10
2.4 Meaning of Performance Management............................................................................................. 12
2.5 Significance of performance management........................................................................................ 14
2.9 Impact of performance management on organisational performance............................................... 24
2.10 Identification of gap in literature.................................................................................................... 25
CHAPTER 3: RESEARCH METHODOLOGY ................................................................................................ 27
3.1 Introduction....................................................................................................................................... 27
3.2 Research Aims and Objectives......................................................................................................... 28
3.3 Research Approach and Philosophy................................................................................................. 28
3.4 Research Type ................................................................................................................................... 29
3.5 Research Method.............................................................................................................................. 30
3.6 Sampling........................................................................................................................................... 30
3.7 Data Collection Method.................................................................................................................... 31
3.8 Data Analysis Method....................................................................................................................... 32
3.10 Limitations of Research.................................................................................................................. 33
3.11 Ethical Considerations.................................................................................................................... 34
CHAPTER 4: DATA ANALYSIS AND FINDINGS ............................................................................................. 35
4.1 Introduction....................................................................................................................................... 35
4.2 Thematic Analysis ............................................................................................................................ 36
4.3 Regression Analysis.......................................................................................................................... 47

CHAPTER 5: CONCLUSION AND RECOMMENDATIONS ............................................................................ 54
CHAPTER 6: REFLECTIVE STATEMENT .................................................................................................... 58

TABLE OF FIGURES
Figure 1: Management by Objective (MBO) Model................................................................................... 18
Figure 2: Balanced Scorecard..................................................................................................................... 21

CHAPTER 1 – INTRODUCTION
“The process of motivation for employees is designed by setting goals, analyzing progress,
coaching for enhancement of performance, providing feedback and offering rewards for
achievement. Performance management is both an integrated and strategic approach to deliver
successful outcomes in corporate by enhancing the performance of the workforce and developing
capabilities in team and individuals” (Davidson, 2011).
the roles and setting an achievable target (Locke and Latham, 2001). According to Armstrong and
Baron (2005) – Performance management is an ongoing consistent process i.e. carried between the
senior level personnel’s and employees throughout the year. This terminology has acquired
popularity in the late 80s when several different quality management programs received utmost
significance for the achievement of superior level standards and manage quality in performance
(Dent and et. al., 2010).

The chief purpose of performance management in organizations is that it aids in assessing
the effectiveness of performance in the company and also evaluates the need for training and
majorly encourages motivation towards work (Principles of Management, 2012). Every firm has
a set of functions and the main goal is to achieve the desired functions and objectives. It can only
be attained if the workforces are well acquainted with their roles and responsibilities and acts as
an asset for the organization. In the past few years, firms were very much concerned about the
growth and development of their employees and also considering the benefits of performance
management (Bakker and et. al., 2006). Now, companies are following the novel pattern of
working and in order to achieve the best in technological revolution many of the firms are
enforcing the importance on the implementation of new methods for performance management.
Corporations have identified the significance of performance appraisal and it has been
observed that many of the global companies have implemented the performance appraisal system
to enhance the productivity of its workforce (Frey and Jegen, 2002). There is range of situations
available of distinguished perspectives that give confirmation on the usefulness of performance
management and its measurement. Every organization should present an accurate and fair view of
performance management to acquire trust of the workforce, their job satisfaction and loyalty,
which is the main core in organizational success. However, even today many firms and their
seniors do not get the conception of performance management appropriately (Guest, 2007).
Several authors like Douglas McGregor, Abraham Maslow and Philip Kotler have analyzed its
significance and developed many theories and models to spread the benefits of this term in the
current workplaces.
Nevertheless, the enormous amount of changes had taken place in both employees and the
work associated policies and practices of companies. All these changed factors manipulate the
perceptions and anticipations of the employee of 21st
Century. These include the growing focus on
employee commitment, empowerment, job satisfaction, professional development prospects and
work life balance (Work motivation overview, 2002). The current research paper aims to explore
the performance management system adopted in the banking sector of London with respect to the
expected fairness system. This research paper will also analyze the effects of performance
appraisal on the workforce considering job satisfaction, motivation and loyalty of employees in
the human resource functions. Managing the performance of employees effectively has become a
critical factor in the present dynamic business conditions (Garg and Rastogi, 2006).

In order to achieve increased productivity, firms must consistently monitor the team
performance and offer their subordinates meaningful suggestions. This research focuses on
acquiring the significance and method adopted by the UK banking sector for performance
management of its employees (Kirstein, 2010). The present research study will play a major role
in determining the aligned elements with perceived justification for performance management
system, which will aid in better accomplishment of this practice. Many of the articles and reports
define that several banks in UK have implemented the performance management system, which is
specifically designed with well accepted practices and procedures and structure that have been
formulated (Griffin and Moorhead, 2009). The primary research will be mainly done in one of the
leading banks of UK i.e. Standard Chartered bank.
1.2. Structure of the research
The present research moves ahead in a sequential manner as every chapter is associated to
each other and the succeeding chapter can only be accomplished after its preceding chapter. The
structure of the present report is as follows:

Chapter 1: Introduction – This part of the research offers an overview of the topic of area of study
and covers an outline of focus and purpose, the framework and analysis and the importance of
research in other areas.
Chapter 2: Literature Review – This section of the report gives the significance on the previous
work done by other authors and researchers on the related topic. It majorly informs about
performance management, related methods and its importance in today’s organizations. Several
different academic and scholarly books, journals, articles and online materials have been reviewed
to compile this part of the report. Literature review carries huge importance as it aids the researcher
to understand the different perspectives of various authors and assessing the gap in their path.
Chapter 3: Research Methodology – It represents about the diverse methodologies that have been
applied to accumulate information and analyze the data. It includes aims and objectives, research
question, data collection and analysis methods, approach survey, limitation and ethical
considerations of the study.
Chapter 4: Data Analysis & Findings – This part of study has been designed to analyze the
accumulated primary data and mainly involves the evaluation of outcomes so that conclusion can
be formed from it.
Chapter 5: Conclusions & Recommendations – It is the final concluding section of report and
includes the different conclusions drawn out from findings of research and accordingly suggestions
or recommendations are provided through which the firm can enforce practices to enhance its
overall performance.

1.3. Focus and Purpose of research
Focus
The main focus area of research is to assess the performance management system in UK
banking sector. Here, the aim is to aid the UK retail banks in determining the perceived fairness in
performance management system and researcher specifically aims in, to help banks in making their
performance management more effective. This is done with the help of enhanced fairness by
assessing the elements that makes a system to be perceived as more clear.
It has been observed that since the credit crunch has occurred in the banking industry, many
banks faced huge loss and found challenges in retaining the employees within the organization.
Presently many of the bank’s human resource departments are actually working to enhance the
morale and motivation of its workforce. Performance management has its integrated significance

within any company and it is essential to use the diverse systems of performance measurement in
a proper way to acquire the actual sense and wisdom in an organization (Amir and Timothy, 2001).
The main purpose of this report is to analyze the effects of performance management tool
in the banking sector of the UK. This sector is evolving with time and is using different kinds of
tools to make its operations more refined. Banking industry focuses on to please their employees
as they are the main asset for a firm that helps in building a successful road map (Hays and Hill,
2001). Moreover, the banks should understand that if a performance management system is
essential, it is very much vital for banks to achieve success in the long run and also inform the
employees about the organizational systems.
1.4. Research Question
In order to conduct an inclusive research and evaluate solutions to the main issues
associated with employee performance management in Standard Chartered Bank, below depicted
research questions could be formulated;
 What factors influence the performance management system in both the banks?
 How the performance of employees could be managed in the bank?
 What is the importance of performance management system in the workplace
environment?
 Do the employees of the independent British retail banks operating in London perceive the
performance management system of banks as fair?
1.5. Framework and Analysis
This section of the research report mainly provides in details about the sequence in which
research will be undertaken. The framework division of the report presents information about the
several strategies and methodologies enforced for undertaking the research. It fundamentally
represents the actual framework of diverse research approaches i.e. used in the study and
descriptions related to tools and methods of research, method for data collection, sampling and
data analysis method (Chilisa, 2011). The significance of this part is substantial as the reliability
and validity of the survey will be assessed with the help of it. Below mentioned are the techniques
for research that would be employed in the present research:
 Research Design – This part covers all the process and method that has been adopted for
undertaking a research. It is mainly of two types i.e. descriptive and exploratory. In the

current research report, exploratory design will be used as the main focus will be given to
analyze the actual factors affecting the performance level of employees in the UK banking
sector.
 Research Philosophy – It helps the researcher in identifying a particular pattern for
investigation. Here, both the methods i.e. positivism and interpretivism would be included
to derive a meaningful insight from the research.
 Research Approach – In this section the researcher will employ an inductive research
approach because the researcher will firstly analyze the pattern, activities and concepts and
then assess the derived the data.
1.6. Potential significance of research
The present research report carries huge significance in the area of both academic and
practical research area. The existing theories in performance management system are enforced and
analyzed of Standard Chartered Bank. The performance management system differs across various

companies and it is vital to undertake research in different companies in order to compare and
contrast the results that has been acquired from the research survey (Heeks and Bailur, 2007).
However, the performance management system and factors influencing it have been studied from
both theoretical and practical point of view, the actual conceptual framework is still not clear. It
has been observed that not much is known reasonably regarding performance management which
can be associated with development and employee involvement (Haimes, 2002). Therefore, this
research report will augment greatly to the existing literature and will help in to analyze the
similarities and differences that exist between actual process and authors review.
The current research also have importance in practical framework because firms are paying
due amount of attention towards employee’s performance and motivation. Many of the
corporations are spending much of time and money to enhance the productivity of its workforce
and increase their engagement (Gitman and McDaniel, 2008). But, the knowledge base needed for
such kind of interferences is not enough and without an appropriate knowledge and conceptual
framework, organizations will not be able to achieve success in enforcing performance
management practices in their management and this will ultimately limit their success (Powell,
2011). Hence, this study is aimed towards highlighting the knowledge base for helping in
development of human resource department and developing suitable comprehension between
employees and their performance level.

CHAPTER 2: LITERATURE REVIEW
2.1 Introduction
Literature review section aids in to focus on the several research questions by examining
the knowledge gap and it gives value on analyzing the previously published literature and articles
on the specified topic. This chapter helps in seeking information from various sources and
undertakes a critical assessment in the area of research. In the current research report aim has been
give on assessing the significance of performance management program in banking sector and the
area of research selected is UK. In this context different scholarly articles and author’s definition
on human resource management and the impact of performance appraisal in organizations will be
reviewed.
would be stated. Other than this in the later section assessment would be made on performance
management where it’s meaning, importance and distinguished models in similar area would be
examined. In the last section conversation would be made significance of performance
management in UK banking industry.

2.2 Meaning of Human Resource Management
Human resource management explains the set of interconnected activities i.e. associated
with employees of an organization and ultimately if reflects to the management of human capital
with the people who contribute in the achievement of organizational goals (Mathis and Jackson,
2011).
According to Peter F. Drucker (2007) – “The success of any organization depends on the
level of performance of its employees; hence the human resource should be utilized for the benefit
of organization” (Drucker, 2007). The vision and mission of a firm may include survival,
enlargement and development in acumination to innovation, prosperity, productivity and
differentiation (Werner, Schuler and Jackson, 2011).
HRM is mainly concentrated in four major activities i.e. acquirement, development,
motivation and maintenance of people. According to Gray Dessler (2010) – “The practices and
policies included in undertaking the people or human resource aspects of a management includes
recruitment, screening, training and appraising”. Banking has been and will always be a people
business and hence it must try in to differ themselves by creating their own niche especially in
apparent situations with high level of competency. In coming time period it would be very much
essential to manage customer satisfaction and who do not meet expectations will find it difficult
to survive and this would be possible with effective human resource strategies.
From the above discussion it could be stated that HRM is basically an organizational
function that deals with several issues related to people in respect of selection, training and
development, compensation and performance management and managing suitable
communication. It is a strategic and broad approach to manage workforce. HRM is now believed
to add more value to strategic utilization of people who contributes in the business in a measurable
way (Kulik, 2004).
2.3 Significance of HRM
The practice of HRM must be seen through the prism of overall strategic goals for a
company instead of a separate shade that takes a micro or unit based approach. The main idea here
is to enforce a holistic approach towards HRM that ensures that there are no piecemeal strategies
and the policies of human resource lays emphasis itself on organizational goals.
The significance of HRM is lot more than managing people and some of them are as discussed
below;

 Objective – HRM helps in an organization to accomplish its aims and objectives in the
definite period of time by creating a positive atmosphere and attitude among the workforce.
 Facilitates professional growth – The employees can be exaggerated not only in companies
in which they are working but for also in other companies in which they may work in future
(Marchington and Wilkinson, 2005).
 Employee welfare – Effective and vigorous practices of HRM aids a firm to manage the
communal relationship with members of union. Employee welfare is about explaining the
employee’s actual needs and accomplishes them with active participation of both
employees and management (Roberts, 2010).
The evolution of banking industry in UK is influenced with HR practices of recruitment, selection
and training system. It is very vital that details of human resource are discussed along with
employees to construct their own career planning, perception and development (Varkkey and
Dessler, n.d).

2.4 Meaning of Performance Management
Performance management is the process of evaluating an employee’s performance during
the preceding years and deciding where does an individual stands as far as their peers in the same
band are concerned. The process of assessing outcomes, arriving at a rating and then deciding upon
the level of hike to be done in salary is all about performance management. Managing employee’s
performance is one of the chief drivers for success of a firm. The roles and responsibilities of HRM
in the present business environment has noticed a severe change and its aim is on development of
different functional strategies that enables enforcement of major corporate policies and plans
efficiently (Price, 2011).
This term of management acquired much of popularity in early 1980s when total quality
management program received maximum of significance for achievement of superior standards
and excellent performance from employees. In this respect various other tools such as leadership
development, job design, training and reward system received an equal motion along with
traditional performance appraisal process in the new comprehensive in a wider framework. It is an
ongoing process that is mainly undertaken between employees and superiors throughout the
service tenure, it is cyclical and consistent in nature (Redman and Wilkinson, 2006).
In this era human resource department works towards assisting and improving the
performance of workforce by designing a positive and motivating work culture that could offer
maximum amount of opportunity to people to participate in organizational strategic decision
making area. This is the initial step that measures the aims and objectives for individual employees
at distinct level and is commonly discussions with workforce are made through face to face
meetings and are directly reported to managers. These are ultimately put into a formal written
agreement of performance for every staff members; it could also be designed for entire work teams
in a company where joint teamwork is supreme (Ibrahim and et.al., 2006). All the major activities
HRM are determined towards enhancement and development of highly effective performance
leaders and promote enthusiasm among workforce. So, it could be stated that the role of HRM has
developed from an appraiser to an enabler. In current business conditions where there is intense
amount of competition available in the external market and employees easily look towards other
option if they do not achieve job satisfaction. In such situation performance management is the
need of present time in intense market competition and the organization’s battle for leadership
(Martin, 2008).

According to Poole and Cook (2011) – “Performance management is a varied and broader
approach of HR as it involves numerous activities such as common goal setting and consistent
progress and suitable feedbacks, monitoring for increased performance implementation of
programs for development of employees and rewarding on the success” (Poole and Cook, 2011).
The process of performance management initiates with beginning of a new service in the entire
system and gets finished when an individual leaves the company. This system evaluates the useful
variables and successful performance appraisal turns on the basis of suitable usage of every kind
of data (Komoche, 2006).
Performance management program has acquired much more significance over the past
decade; the idea behind this program is to simply manage work of employees. In order to
accomplish performance management program effectively the target and vision should be vividly
defined in much advance. The employees of an organization could be encouraged through this
program and consistency is the main core definition for managing the work efficiently in this
approach. According to Armstrong and Baron (2005) – “Performance management is both a
strategic and an incorporated approach to deliver flourishing results in an organization by

enhancing the performance and developing efficient capabilities among teams and individuals”
(Armstrong and Baron, 2005).
2.5 Significance of performance management
Performance management is considered as a systematic process through which the entire
performance of a company could be enhanced by the presentation of an individual within a team.
It is an approach through which superior performance could be endorsed by conversing
anticipations, defining roles within a definite competitive framework and setting up achievable
benchmarks (Vance, Vance and Paik, 2010). Managing the performance of employees is one of
the strongest challenges which the firms are facing today, because performance level entirely
depends on employees commitment, competence and understanding. If managed in a proper way
through a well planned reward practice and mechanism for feedback this system can serve as a
significant tool for development and motivation of employee. The need for introduction of a strong
system of performance management was felt during the time when traditional performance
appraisal mechanism started failing. It is a strategic tool and is holistic in nature as it persuades in
every activity of the firm i.e. concerned with the management of individual, team and the entire
organizational productivity (Pinnington, Macklin and Campbell, 2007). The process is
indispensable and very significant for a firm as it is associated with establishment of culture in
which a team or an individual can excel by consistently improving them in terms of designed skills
and process of business.
It facilitates enhancement in quality of relationship among the members of a firm by
encouraging sharing of anticipations and creating a climate of empathy and honesty with strong
interpersonal skills. Todays corporate focuses on to retain the best talent within it hence they are
giving importance to these factors for betterment of business. A performance management process
designs the platform to reward excellence by associating individual accomplishment of employees
with organizational vision and missions. This system enables people of a firm to appreciate the
importance of specific job in identifying results. By setting up particular expectations form
employees that mainly includes results, behaviors and actions, it aids the people in understanding
what exactly is needed from their job and design efficient standards help them to avoid those tasks
which are of not use in long term success (Thomas, 2009).
The efforts of a knowledgeable and trained workforce are the chief factors in recognizing
and satisfying the needs of customer. Along with changing business environment, banks demand

more of specialized personnel with high caliber. This trend towards a more highly skilled staff is
anticipated to continue in the future, whereas the low level clerical component is due to decline.
Banking industry is a customer based oriented business and while new technology is available to
all competitors’ highly efficient and encouraged personnel becomes the trademark endowing banks
with a leading edge over their competitors. With the pace of technological changes a reverse trend
has been noticed in banking industry where machines and building are considered as costs and
people as assets (Talent Management at Standard Chartered Bank, 2012).
Banking industry comprehend that in order to increase their revenue and profitability they
first have to move towards enhancing the performance of its employees to acquire the desired level
of productivity. This system has become essential in banking industry, because in banks strive in
to manage risk, enhance its operations, design and execute more suitable promotional activities
and attract and retain more people to join with them. Performance appraisal in banking industry in
earlier duration were mostly undertaken annually for evaluating the degree of accomplishment of

an individual and were enforced on a top down basis in which the superiors used to play a major
role in judging the performance of an employee without soliciting active involvement of the
workforce (Stanek, 2000). Previously, performance management were mostly discredited as it
involved looking backward and mainly required to concentrate on employees inability and faults
over a period of time instead of having a forward visualization by assessing the developmental
needs of employees and enhancing them. Conventionally, this system was organized in banks in a
bureaucratic way and suffered from avoidable delays in corruption and delays.
In banking industry performance management were mostly narrowly focused and used to
function only in isolation without bearing any association with the overall organizational goals.
The side effect of this system was that it generated uncertainty among the employees and managers
on any novel imitative of HRM. But later on it was also realized by the banking industry as well
that performance appraisal system of an individual employees helps in to monitor performance in
an organized manner with factors such as job knowledge, co-operation, judgment and includes
factor that analysis should not be limited to past performance alone and potential of the workforce
for future performance must also be analyzed (Smith, 2003).
Performance management tools allows for individual metrics which then facilitates
management to provide achievable goals for enhanced productivity. Providing companywide
reporting and performance assessment initiates fact based identification of an issue and work flow
problems. Management coaching is enhanced when this system presents data on individual
performance of employees have clearer performance expectations. In banking industry it is
considered as a systematic assessment of an individual employee with respect to its performance
on the job and his potential for further development (Power, 2004). In present business
organizations the management expects from all the employees to perform the defined task for
payment it makes. Once the work is delegated to the employees it is essential to measure the work
done to view whether the employee has done the work assigned to them in the manner it was
anticipated (Lertxundi, 2008).
Nearly, every organization looks in to monitor performance of its employees through an
assessment system. Employees who undertake their work are generally rewarded. There is perhaps
no single issue in personnel administration i.e. more significant to an employee that an accurate or
impartial appraisal of their contribution to the firm. UK banking industry has been a driving force
behind the nation’s economic development. The emerging environment includes both threats and

opportunities, mainly in the public sector banks as well as the human resource in changing business
conditions. The primary emphasis needs to on incorporating human resource strategies with
business strategy (Lengnick-Hall and Moritz, 2003). Above the attributes of recruitment, selection,
performance management and employee relations with radical amount of transformation of
existing personnel structure in public sector banks like the seniority over performance is not the
best environment to attract best talent from the young competitive environment.
2.6 Techniques for performance assessment

Figure 1: Management by Objective (MBO) Model
(Source: Power, 2004).
It is a popular way through which employees performance could be appraised that sets up
a goal on the basis of performance according to the attainment of defined goals. In an organization
it is undertaken periodically either every quarterly or monthly, this model explains the roles and
responsibilities for the employees and aids them to chalk out their potential course of action in the
firm. This model guides the workforce to deliver their best performance and achieve the set target
within the stipulated time period (Flamholtz and et. al., 2004). A performance management process
includes an analysis of factors what has been acquired and develops a basis for potential
development, planning for career and developmental plans. According to author Douglas Mc.
Gregor (2000) – “An organization should give emphasis on evaluation and not on appraisal. This
process involves forward looking approach and depends on the capability to judge a performance
that further depends upon specification of vivid standards and eradicate unnecessary projections”
(Gregor, 2000). Perfect analysis can never completely be a reality and is susceptible to numerous
issues like halo effect that means the managers attains a propensity of generalizing some of the
experiences with other aspects of issues of poor perception and interpretation.
In order to overcome these issues a management can implement some of the measures like
ensuring that all the employees and superiors comprehend the concept of performance and learn
to distinguish between effective performance with no so good ones. Measures should be framed to
ensure managers to define and agree upon the standards and establishing distinguish measures for

effectiveness (Khandekar and Sharma, 2005). It should also include training of managers to base
their evaluation so that judgments could be made after carefully scrutinizing the relevant data.
The different techniques that could be adopted for assessing the performance of employees in
an organization are as follows;
 A holistic analysis of performance – The supporters of this approach believes that
performance management is all about evaluating the work done instead of assessing it. This
system focuses to reach up to an agreement for further action or development after
cautiously assessing the strengths or probable weaknesses. In this respect some of the
organizations like BP Amoco enforce this method for appraisal of its employees for
providing a feedback to the workforce where they are good at.
 Force ranking – In this approach the workforce is assigned ranking on the basis of category
as the concept of performance appraisal is a bit vague so the rankings level should be
associated with meaningful data to support.

 Quota system – This approach specifies the distribution of different ratings and also helps
in to accordingly adjust the ratings off managers after an event in order to ensure that the
quota in every level is met (Power, 2004).
Hence, in here in could be quoted that organizations are showing a high level of commitment
towards reinforcement of practices for reward which are associated with other human resource
practices and the aims of the firm to attract, retain and motivate employees. Effective rewards
system aids in to attract a result driven professional who can thrive and succeed towards
performance based environment. In organizations this approach has become a crucial motivator
towards enhancement of productivity of employees if enforced properly (Flamholtz and et.al.,
2004). Standard Chartered has its secondary listings in Hong Kong Stock Exchange and National
Stock Exchange of India. The company’s largest shareholder is the government of Singapore
owned Temasek Holdings. In spite of its British base, the bank is having few customers in UK
and 90% of its profit comes from Africa, Asia and Middle East. But Standard Chartered bank
remained rigid in their projection to extend and promote their goods and services with the help of
marketing and management approaches with focused on long and short term goals working closely
with shareholders and employing suitable talent in organization.
2.7 Performance management model
It is a process that associates the firm’s strategies and aims to individual and group performance
so as to enhance the efficiency of organization. It is a common process that involves both their
subordinates and leaders that commonly assesses objectives that are correlated to higher vision of
the organizations (Scullion and Starkey, 2011). This process ultimately results into setting up of
written anticipations of performance and is utilized in future to measure the dimension of
performance and appraisal.
This system is a way to achieve overall grip on what should be done in diverse levels in a
company and then evaluates whether it is indeed acting in the way required. In this respect a model
for this assessment as for proper comprehension has been described below;

Figure 2: Balanced Scorecard
(Source: Choonget. al., 2010).
Balanced scorecard helps in to execute the organizational strategies among the workforce and
also helps in to identify the vagueness and weaknesses in the previous management approach. It
offers a clear description as to what an organization need to measure in order to balance the
different perspectives and employees performance could be enhanced. It provides feedback around
both the external outcomes and internal business processes in order to regularly enhance strategic
performance and results (Martin, 2008).

2.8 Performance management system in UK banking sector
It has been observed that after the financial crisis that occurred in year 2008, many of the banks
are taking initiative to enhance their capabilities especially in the area of performance
measurement in light of changed economic and market situations and need for new management
structure. For instance the new regulatory structures are influencing the underlying economics of
this industry in payment card issuing and processing. Capital requirements are rising for many of
the banks and new channels like online communication are becoming more important. There has
been continuous difficult in revenue growth to achieve and due to weak economic conditions, low
rate of interest and restrictions in regulations (Beherey and Eldomiaty, 2010).
The banks of UK are trying to manage their cost better, enhance product mix and pricing
decisions and deepen the relationship with customers. These and other factors are causing banks
to re-analyse and improve the ways in which they evaluate and report performance of business. In
UK banks are reviewing and developing major organizational management profitability reporting
methodologies to reflect changes in business models and their underlying economics. One focus
is coordination with risk management definitions and methods. Many of the banks in UK are now
focusing towards performance appraisal of its workforce to help them to achieve monetary and
non-monetary rewards from the management, here it also provides the most significant benefit for
its employees that provides chance to acquire reasonable time for face to face discussion on the
performance over the period of time (Storey and et.al., 2007).
This type of discussion helps in employees and superiors to shed light on the main issues that
acts as a hurdle in the work concern matter and performance addressed. It could be observed from
the banking industry that the feedback of performance appraisal depicts that it creates a strong
bond between leader and subordinates only if the appraisal is undertaken properly and fairly. It
also aids in employees to attain opportunities to review their performances and discuss the
challenges and issues which they are facing in work and also gives direction to acquire aims and
objectives for the future time (Choong and et. al., 2010). Interaction during performance
measurement aids in subordinates and superiors to assist each other in future goals. Hence, it
ultimately enhances the productivity level and provides the best time to employees to chat with
supervisors without any instruction or obstacle.
The banking sector of United Kingdom occupies an important position in the global
economy and it provides basic financial services to larger segment of people by financing the

commercial enterprises and makes credit and liquidity available in the market. Since the economic
downturn faced by this nation many of the authors have tried to analyse the cause and the
underlying reason behind the financial crisis (Laforet and Li, 2005). The actual rating of
performance sets the appraisal system; in this respect rewarding employees for their effective
performance and work done are offered. The rewards offered could be in terms of financial or non-
financial advantages, but the power of non-monetary rewards could not be under estimated such
as appreciation, promotion and recognition that are enjoyed more purposefully with the workforce.
Analysts found that careless lending, excessive risk taking and the short term pressure placed by
development.
In banking industry performance management focuses to develop high performance culture
among individuals and team so that they can communally undertake the responsibility of
enhancing the business processes on a consistent basis and similarly raise the competency by
upgrading their own set of skills within a leadership framework (Harvey, Speier and Novicevic,
2000). It lays stress on enabling clarity of goal to make people do the right things at the right time

and main objective in it is to achieve the capacity of employees to the full potential for both
organization and employee, by explaining the anticipations in terms of roles, responsibilities and
accountability that is required (Soliman and Spooner, 2000). Performance management in banking
industry requires the capability to model multiple key drivers that directly influences the balance
sheet of bank and the overall profitability such as variable and fixed rate of interest along with
time based investment and deposit remaining balances.
The UK banking industry and its employment management practices had in numerous
ways been out of step with much wider UK economy. After the war this industry enjoyed steady
growth and high amount of profitability. It was an industry which was regulated and cartelized by
the government. The banks offered lifetime employment opportunity, structured career and welfare
oriented human resource policies (Richard and Johnson, 2001). During the past few years there
have been enough amounts of signs of fundamental change with introduction of novel technology
in companies. Banks have been changing their human resource policies and approaches with the
array of management led initiatives which is found in many other sectors can be seen reflected
here. It includes several benefits for employees like flexible working hours, cultural change
programs, performance related pay, new appraisal system and increased forms of direct employee
and other components of novel management that are having huge evidence in banks today
(Garavan, 2001).
The major UK banking industry has experimented with flexible job pattern in order to
minimize cost and enhance productivity. This system provides the choice to employees of how,
when and where they pertain to work. Through this employees can vary in their job hours to
manage ease between work and family life. All these helped in to acquire improve employee
commitment and reduced employee turnover.
2.9 Impact of performance management on organisational performance
In recent years many organizations have been actively implementing new or enhanced
performance management systems. Some of the recent researches depict that regular usage of these
system leads to acquisition of better organizational outcomes. However, there is little wisdom
about the actual mechanism that causes positive impact on performance management, it might be
because a lot of survey has been undertaken in order to design and implement a performance
management system to achieve an organizational results (Storey and et.al., 2007).

An organization that uses the techniques performance appraisal to assess areas of strength
and opportunity can achieve several benefits. It can provide a firm an indication of areas for
training need as well as direction for leadership development, succession planning and
performance improvement. Some of the key areas where in performance management helps
organizations to grow are;
 Identifying areas of strength – The outcomes of performance appraisal system can be
evaluated to recognize areas of strong performance across the entire workforce, by
demography, department and standardized performance assessment facilitates firms to
calculate, collect and analyse results to depict where performance is strong (Standard
Chartered Bank, 2011). These strong areas can serve as benchmarks and opportunities to
share of its best practices in other areas of company.
2.10 Identification of gap in literature
The present literature review has been undertaken in the area of human resource
management in banking industry. It has been found from the analysis that human resource is a
crucial factor for the success of an organization and is also concerned with development and
growth of individuals and achieving the integration of goals of firm as well as individuals. From
the literature review it could be stated that HRM is important in banking sector because it is a

service based industry and management of risk and people are two chief challenges that are faced
by banks, these determines the success in banking industry (Storey and et.al., 2007).
Some of the authors have stated that there are major gap that has been found from literature
review and actual implication is that although several techniques and tools are available in the area
of performance management of employees but very minimal banks or other organizations enforce
these principles in their management practices. According to author Gregor, (2000) –
“Performance management is a system that offers an organization not only a mean to identify but
also gives attention on workforce performance and focuses to enforce those methods through
which performance could be enhanced and utilize the human resources in the best possible
manner” (Gregor, 2000). In this manner many of the organizations avoid implementations of
performance management models either due to risk associated with enforcement of new technique
or due to employee’s state of rejection or avoidance towards change. Hence, it could be stated that
efficient risk management could not be possible sometimes without skilled manpower and by
enforcing new models for performance management that employee’s productivity could be
enhanced with achievement of organizational goals (Scullion and Starkey, 2011).

CHAPTER 3: RESEARCH METHODOLOGY
3.1 Introduction
Research methodology section deals with various methods through the researcher designs
and undertakes the study to acquire the data in project and meet the specific aims and objectives
of research. In order to accomplish a successful study within the constrictions and limitation of
resources and time, it becomes significant for the researcher to develop an appropriate plan and
schedule of activities to be undertaken and to consistently evaluate the progress against the defined
Here, in the present research report, this part will provide a detailed analysis and sufficient
amount of responsiveness about the undertaken research and the impact of performance
management on UK banking sector. The researcher will explain and rationalize the selection of
several different approaches of research that would be important in the research to acquire the final
results. The area of study will be human resource management system in banking sector of United
Kingdom. The researcher will also assess the positive effect of human resource management in
banking industry along with its substantial influences on the changing scenario of employee
management. In the present research report regression analysis has been used to represent the data
in an analytical form. In banking industry of performance management focuses to develop high
performance culture among team and individuals so that they can jointly undertake the liability of

enhancing the business process on a continuous basis and likewise raise the competency by
enhancing their own set of skills within the leadership framework.
3.2 Research Aims and Objectives
The main aim of the research is to analyze the performance management system in the
banking sector of UK. Here, in focus has been given on the UK retail banks in determining the
apparent fairness system in performance management system and the researcher mainly aims in to
help the banks in making its human resource management system more efficient. It is undertaken
with the help of increased fairness by evaluating the elements that makes a process more effective
and to be determined in a more vivid manner. In context to the aim of the study here in some of
the objectives have been designed that is mentioned as below;
 To analyze the effectiveness of enforced performance management practice in the banking
sector of UK.
 To assess the role of organizational procedure and adopted performance management
practice in the UK banking sector.
 To evaluate the role of consistency and ethicality in perceived fairness of adopted
performance management practices at the independent British retail banks operating in
London.
3.3 Research Approach and Philosophy
The research philosophy section offers knowledge in respect to several methods in which
information for a research should be arranged, utilized and analyzed. In any of the study, the
philosophy of research is undertaken in interpretive practice. For the reason to maintain this
methodology process, it is mandatory to evaluate the pattern of survey with the help of adequate
research philosophy. It provides an idea as well as an overview of different methods and
information related to a specific topic. The numerous information needs to be analyzed, collected
and scrutinized. Research philosophy is being classified in two major parts i.e. Interpretivism and
Positivism (Rubin and Babbie, 2012). These two methods aids in selecting an appropriate approach
for research study. Positivism philosophy is being utilized when there are large numbers of samples
and it gives emphasis on facts, designs a hypothesis and finally assesses them. Whereas,
interpretivism philosophy on the other hand assess small number of samples for a particular time

period. Research philosophy gives an idea as well as presents an overview of methods and
information related to a specific area of research.
The research approach helps in increasing the effectiveness of research report and
usefulness in any of the study; it is mainly of two types i.e. inductive and deductive. In a research
report inductive approach originates with the accumulation of data which is being followed by
observation of different information by using a sharp view to analyze the existing pattern.
3.4 Research Type
During the time of designing phase of a research, the most essential decision which is being
taken by the kind of selection. This part has huge significance as it is the methodology with the
help of which useful information will be attained is evaluated through adequate support system of
approach. The suitable method to assess the data is depicted by the type of data in hand and the
different variables as well as distribution of variables. Research type is classified into three main
forms such as exploratory, descriptive and analytical. A descriptive research is a statistical
approach as it explains the features of population or phenomenon that is being assessed (Walliman,
2010). This kind of research simply provides a systematic explanation but it does not depict the
actual issue of a case.
On the other hand exploratory research is mainly undertaken at the time of any issue in
hand which has not been explained or when its actual scope is unknown. Exploratory research
mainly aids in recognizing the most appropriate technique for data collection along with design of

research. It is a bit informal in nature and generally depends on qualitative discussion with
customers, management, employees and various methods like accessing the various available data
and literature. In present situation the area of research is human resource management system, in
which actual facts and figures through survey will be acquired. Hence, in this manner descriptive
research type will be used in order to measure the impact of performance management system and
suitable recommendation to improve the process in banking industry (Sekaran, 2006).
3.5 Research Method
Research method is categorized into three major types i.e. qualitative, quantitative and case
study method. Qualitative research is a technique which is intended towards strengthening and
sharpening the level of understanding of researcher with respect to behavioral attribute of study.
There are certain methods which are being implemented in qualitative research i.e. discussion,
interview and focus group interview to undertake the research.
In a research quantitative method represents the actual data plus various information in
numerical format. Most of the descriptive research uses this approach as it basically includes
technique of survey in which questionnaire is designed by researcher (Amaratunga and et. al.,
2002). The significance of survey is in its well planned manner and organized for every participant,
after collecting data through survey it is mostly integrated in both the terms i.e. qualitative and
quantitative methods to obtain a magnified vision in the particular issue. In the case study method,
important details are accumulated in respect to actual time and contingency situations that supports
the area of research. Here, in the present report all the information would be acquired through
interview method, in order to accomplish the desired results.
3.6 Sampling
Sampling is one of the most crucial processes in the plan of assessment; this process is
inclined towards choosing the most appropriate sample for the study, in order to collect
information from a primary research. It is undertaken with wide selection of sampling techniques
with cautiousness in the discipline of research methodology. It is mainly divided into two forms
Probabilistic and Non-Probabilistic sampling methods. In probabilistic sampling different methods
are there like simple random sampling, cluster, stratified, systematic and multi-stage sampling
(Mulder and et. al., 2000). Non-probabilistic sampling includes snowball, judgment, convenience
and quota sampling.

In the present study simple random sampling method will be utilized to attain result for the
study. A simple random sampling is a subset of individuals who has been selected from a large
number of populations. Every individual is selected on random basis from the population and in it
chances of selection is such that each case has the equal probability of being selected at any point
of time through the process of sampling. The basic principle of simple random sampling is that
every object has an equal chance to be selected. In the current report the available population is
very big and thus researcher will select 100 respondents to acquire suggestions and response on
several issues that are directly associated to the area of research.
In order to undertake the survey efficiently a well structured questionnaire is prepared by
researcher that will include both close and open ended questions. In it the questions are designed
by giving consideration to research area and focused towards collection of data in regard to
changing human resource management approach in organizations. Moreover, questions are
designed in a way that information in relation to prevailing performance management system in
the bank. Here, in secondary sources will also be analyzed by the researcher for the reason to
acquire suitable secondary information and data. In a research report secondary report includes

different facts and figures that are already been acquired from previous researchers and is depicted
in the form of varied sources that can be conveniently accessed by anyone (Howe, 2009).
In this report the researcher will use different secondary material that has been previously
published on a particular topic by evaluating different articles and journals. The researcher has
focused to undertake a survey in the current report because it will facilitate to acquire a large
amount of data within a relatively short duration. Survey method will assist in acquiring the
research question here in because it is less expensive than other data collection method and can be
administered and created in swift manner. Other than this survey method would be beneficial as
the area of research i.e. performance management is vast and includes various factors like personal
facts, attitude of employees, previous behaviors and a range of thing, all these information could
be attained through this method conveniently.
3.8 Data Analysis Method
After the collection of data in the defined area the next step includes analysis of data by
using qualitative or quantitative approach. Data analysis is explained as an organized or sequential
manner to review any data and represent the actual findings of study. Different tools and techniques
are adopted to assess the accumulated data that entirely depends on the kind of research being
undertaken. There are mainly two types of techniques to analyze the data i.e. quantitative and
qualitative (Cao and et. al., 2006).
In a quantitative process statistical tools are used such as MS Excel and SPPS software,
these tools support in making specific accurate and perfect analysis of data. Whereas, SPPS is used
in much of elaborated and composite calculations. MS Excel is used when unsophisticated
statistical assessment is done and that can be further used in testing of hypothesis. Other than this,
different qualitative methods are also adopted to assess the information and derive out correct
inferences. In the present report data is acquired from employees of Standard Chartered bank, UK.
Furthermore, data will be represented in both qualitative and quantitative form by preparing
themes for every question and interpreting the outcomes of respondents in a detailed form. In this
method researcher will use the approach of MS Excel in which different pie charts and bar diagram
would be used to represent the data in a quantitative manner and themes would be prepared for
every question to signify the data in a qualitative manner in the present study.
3.9 Research Validity and Reliability

Research validity facilitates exactness of the measurement from the derived aims and
outcomes. In this different validation methods are being acquired from a sequence of research
report. It aids in assessing the accuracy from survey and conclusion that depicts the objective of
study (Suri and Clarke, 2009). Through validity accuracy of acquired results can be evaluated, in
order to assess the outcomes it is often focus on collection of a valid data. Reliability focuses on
preserving the standardization and uniformity of the results that has been attained from the survey.
In every research report attention is always given on every aspect of study that has been
3.10 Limitations of Research
In the way of undertaking research, some of the constraints are faced by researcher, as in
none of the research can be free from any kind of limitation in spite of several meticulous care is
being taken. While presenting the study some of the limitations that have been faced by researcher
are as mentioned below;
 The area selected for the analysis of research in present case is quiet familiar and several
theories are available in this area. In this case there could some chances arise that relevant
information can be acquired but views of several authors could differ and some of them
could be influenced by personal biasness.
 The process of data accumulation through survey method is quite time consuming and
could be very much wide ranging. In this case questionnaire has been designed to assess

the acquired data that will take much of time of researcher. Even the collection and analysis
of secondary information could be quite lengthy and selecting the best theory will also take
much of time (Silverman, 2004).
 To accomplish the report a specified time period has been assigned to accomplish the task
and hence maintaining reliability in this report needs much of extensive research.
 The findings of research could not be generalized as it is undertaken in a specific area and
is related to a particular topic.
3.11 Ethical Considerations
For accomplishing any research, participation of human and many other issues are being
included. In addition to this, composite factors such as social, political, legal and ethical aspects
are also being raised. Ethical consideration is explained as the process that defines what is wrong
and right in context to individual, society or a group. In research ethics, there are mainly three
kinds of objectives that are being included. Initially it focuses on safety of human rights that are
participating in the study (Peffers and et. al., 2008). The second aim focuses that the research
accomplished is in the interest of group and society and their interest has been given consideration.
Finally, the focus is being given on maintenance of individual confidentiality and ethical
soundness of activities to plan the research and the process of acquiring consent from all the
sources where the information is achieved.

CHAPTER 4: DATA ANALYSIS AND FINDINGS
4.1 Introduction
Data analysis is a process that is mainly used to transform, remodel and improve certain
information with a perception to reach to a certain level of conclusion for a given issue. Data
analysis can be done by various methods according to the requirements of various verticals. In a
research report this section supports the conclusion section and simply reflects the data analysis
section that is significant for research which will be understatement where in no survey can exist
without data analysis.
performance level form time to time and build a strong relationship with workforce and
organization. This organization mainly uses different organizational tools to monitor the
performance of its employees and encourage them to enhance their existing work level.

4.2 Thematic Analysis
Thematic analysis is the standard practice that is mainly undertaken in qualitative research
report that involves exploration of data with the help of numerous persistent set patterns. Thematic
analysis is a group of associated category that allots related meaning and usually appears through
inductive assessment process that explains the research outcomes in a qualitative form. The
assessment of this research report is undertaken with the help of below mentioned series.
1. Arrange the data for analysis.
2. Assess the text and organize memorandum of points of interest.
3. Separating items of interest into different proto themes.
4. Arrange the sequential form of every theme.
5. Description of every theme in a detailed manner.
Theme 1 – Performance management system of organization is evidently defined to every
employee
During the research it was found that Standard Chartered bank that employees are very
much well acquainted with the organizational performance management system. An effective
performance management system works towards the enhancement of overall performance of a
corporation by managing the performance of entire workforce and it ensures that individuals are
attains the organizational goals and ambitions. An efficient performance management system plays
an important role in managing the work in an organization and it is being anticipated that work is
equally ascertained and sufficient amount of alignment throughout the corporation has been made.
Findings – Employees are well familiar with the organizational performance management system
and every employee is dedicated towards development of individual with the required amount of
commitment and competency to work towards the shared meaning objectives within the
framework of bank. The diagram above depicts that performance management system has been
considerably explained to employees and around 73% of employees agreed with it. The system
has been designed with an aim to enhance both organizational and performance of individual by
assessing the needs and requirements to provide regular feedback and aid in people to develop
their career. The system is dedicated to create a high performance culture for both individuals and
team so that they can commonly take responsibility of enhancing the process of business on a
consistent basis and at similar point of time increase the competency by upgrading their own
personal skills within the organizational leadership framework.

Theme 2 – Performance appraisal is made on yearly basis
After assessing the acquired data it has been found that the bank undertakes performance
appraisal program on yearly basis. The main attention of performance appraisal program of the
bank is to achieve the capacity of the employees to the full extent in favor of both company and
employees. The main aim is to explain expectations and roles and responsibilities with the
expected behavior. Managing the performance of employees is one of the biggest issues that
corporations face today as this entirely depends upon the commitment level of employees and
depicts the clarity of performance.
Theme 3 – Assessing training needs and promotion of employees is main motive
From the assessment it has been found that the main motive with which the bank undertakes
performance management program in the organization is for promotion of employees and
evaluating the need for training programs in the corporation. The banking system has enforced the
performance management system well in corporation and the main attention that is being given
here is on the analyzing the need for training among employees and after reviewing the
performance promotes employees accordingly. Performance management and review of

employees is essential tool for development of individuals through which identification of a
company’s highest level performer is analyzed.
Performance appraisal program aids in to assess the banks top performers and it also
ensures that most productive delivery of pay increase and promotions. The review of employees
can also depict the area of weakness and probable improvement in the workforce that aids in to
assess the training needs. The bar diagram above depicts that maximum number of respondents
believe in that promotion and analyzing the training and development needs is the main motive of
bank. In the bank by consistently updating the training programs which are based on performance
management program can increase the organizational productivity and efficiency within the time
period. While promoting any of the employees the bank gives importance on analyzing an
individual’s performance firstly throughout the year and then undertakes the decision to promote
anyone in the management structure. Other than this the bank also gives attention on assessing the
training needs and look out the gap between an individual’s performance and knowledge level
related to work. It can be stated that performance management system acts as an aligning factor
that acts as a path between employee’s performance and evaluating the training needs for
individuals.
Findings – It can be stated that bank has implemented this system mainly to develop an enthralling
system in the organization. This system provides much of benefit to management as well as
workforce, it entails a collaborative employee appraisal system that facilitates people and
managers to work commonly and set goals to monitor progress in the development of bank. With
the help of a review system management exactly motivates growth and honesty with the help of
which employees speak up about diverse areas of required improvement which they perceive in
themselves. Employees most of the time have deeper insight in their personal issues as compared
to superiors but in this condition the workforce must feel free to bring out the weaknesses without
harming the reputation or trust around the employee workforce.
Theme 4 – Sometimes conflict arises when performance is undertaken
After the analysis it has been observed from the response that many of the respondents feel
that sometimes conflict arises among the workforce when performance appraisal is undertaken. It
has been found in many of the researches that whenever performance appraisal is undertaken many
of the times it creates conflicts and issues in the management. The decision taken by management
brings in norm that revolves around conflict and direction is anticipated that personal attacks are

not being tolerated. Any of the group that comes in front together to consistently lead an
organization or to enhance the process would acquire much of benefit from other group norms.
In every workplace conflict arises and is mainly undertaken where in ideas and innovations
are respected and different groups and personalities work together and interact with each other.
Diverse needs and view point on things that can or should be accomplished may arise within the
workforce and have the potential to manage conflict. Most of the time such kind of condition arises
people are able to include in a healthy and respectful issue and consideration among each other
point of view. When it is handled properly and given a chance to deepen the understanding from
others and design more of inclusive and creative outcomes to problems. In order to deal with such
conditions efficiently whenever they arise and build an environment where in individuals are
Theme 5 – On the basis of behavioral efficiency performance appraisal is undertaken in bank
The analysis depicted here in reflects that bank has designed the performance management
system which is mainly focused on enhancement of behavioral efficiency. The system has been
established in the bank to entail a proper monitoring of important performance aspects that are
focused towards checking that company is achieving its predetermine strategies and objectives.
Since employees are an integral part of a firm and hence it is seen as the method that can be used
to the value with full capabilities of employees. It has been assessed in many of the researches that
this system have a strong and straightforward relationship with each other and the very aim of this
approach is enhancement in use of resources that leads to effectiveness.

This tool enables an organization to evaluate and compare the performance against set
benchmark and appraise strategies and prevailing practices can be improved to augment work
benefit in the organization. Performance appraisal is term that is used to define the process which
is framed by an organization in order to ensure that every employee are well aware about the level
of performance anticipated of them in that particular role as well as objective of any individual
that will be required to attain the overall organizational aims and objectives. Organizations
undertaking per performance appraisal provides employees the opportunity to have one on one
time with their superiors to discuss the scope of their job roles and responsibilities to measure
performance and training needs for future potential.
UK manages the work efficiently and uses various concepts to manage employee’s performance.
Other than this standard chartered also uses diverse techniques in it like online performance rating
system and also follows the concept of consulting with other members prior to undertake any
individual’s performance up gradation.
The management of this bank ensures that effective human resource planning process is
being devised and properly skilled people are present to be organized in the management structure
to meet the future forecast work demands. The structure of this bank offers maximum of
opportunity for development of career and is perceived to contribute to valuable and proficient

work practices. Suitable workforce data is readily available to inform management decision
making on human resource issues. Every individual employee working in an organization has their
own set of goals that include job satisfaction, fringe benefits, increased salary, self-respect, job
security, appraisal and equal employment opportunities. In this context human resource
management is developed to manage the issues of people in an organization as it is related with
them in several dimension of a firm. Standard Chartered bank of UK performs in a rigorous manner
and every employee’s performance is being monitored and thus rating is giving accordingly. In
this bank no fixed hierarchy system is being followed and each one is given equal opportunity. In
order to manage the performance of employees in an effective manner two types of process is
being followed one is the individual and other team based appraisal.
Findings – The data acquired here in has been depicted above in the bar diagram where in mostly
organizational review and online performance rating system is being used to monitor work
efficiency of employees. The results acquired from the analysis depicts that standard chartered is
undertaking a suitable system to monitor the performance of employees and believes on the
principle of equal appraisal of workforce. As it discussed in secondary analysis it has been found
that prior to accomplish any kind of performance appraisal an equal division of work as well as
individual should be reviewed from every aspect so that detailed information could be acquired.
Theme 7 – Bank follows an excellent performance management system
The outcomes derived from the primary research states that performance management
system of bank is very much efficient and due amount of significance is given to every aspect
while undertaking a performance appraisal system. Bank has enforced an effective performance
management system as it assists in to work towards the enhancement of overall organizational
performance by managing work of every team and individuals in order to ensure that attainment
of overall corporate ambitions and goals are undertaken.
Performance management system of the bank enables it to manage the performance in
corporate and also aids in to ensure that workforce understands about the significance of their own
contributions with organizational goals and objectives. Through this system the bank also
comprehends about what are actually expected form employees and equally analyzes whether the
workforce has necessary skills and support to fulfill the anticipations. The human resource
manager directly interacts with every individual about their performance and achievements in the

organization. In this regard they assess every employee on the basis of their potential, enormity of
work assigned and level of effort being given into it.
Findings – The analysis reflects that bank follows an effective performance management system
through which it enhances the process and acquires organizational effectiveness. This system aids
in to ensure that proper alignments of objectives are associated and facilitates in to effective
communication in the entire organization. Performance management system facilitates a cordial
and smooth relationship between an employees and the superior which is based on empowerment
and mutual understanding. Through this system bank undertakes a continuous open feedback
sessions for job of the employees and establishes a clear link between compensation and
performance.
Standard Chartered believes in innovative and sustainable approach to manage its people
and create competitive advantage by considering people as an asset for the organization. As
strength based organization, the firm undertakes a unique concept and focuses entirely on its
employees individual talents and assists them with several opportunities to put these into practice.
Standard Chartered views the system of Management by Objective (MBO) very beneficially for
its operation mainly as it gives importance to compensation packaging and this is the most vital
factor to retain key employees.
Findings – After the analysis of data it has been observed that management of bank is very much
supportive and offers required skills to manage the work as well as helps in employees to increase

their performance level. The bank rewards in whatever is achieved and how it is attained and over
diverse culture and the significance on values of both play an vital role in compensation of decision
making and in compensation decision making with sustainable development in performance. The
management of this bank has an approach to reward and performance is designed to acquire
sustainable performance and also ensures that policies of remuneration supports on the business
strategy.
Theme 9 – With current system performance of employees has been considerable increased.
When respondents were asked that do they find that their performance level has been
enhanced with the prevailing system of banking, on this maximum number of employees have
stated that their work effectiveness have been raised with considerable amount. This analysis states
that performance level of employees as well as revenue of corporation has also increased with
increase work effectiveness. The HRM system of Standard chartered bank has led their
organization to collect the most talented and performing employees through extensive recruitment
programs all around the world with structural corporate procedure of training, learning and
mentoring newly employed people for further growth and develop their skills and talent in
organization. The transformed business environment has seen that a change is required in
companies as the employees have come just more than the usual resources. For instance if the
need for training of employees are fulfilled with general training on collective issues, the
companies stand without any direction and loses direction. One of the reasons behind companies
giving a lot of focus on its workforce is the nature of organizations in current business
environment. In the intense competitive business environment in which there has been steady
movement towards an economy based services, it becomes vital for companies especially in
service sector to retain their employees and encourage them to achieve the objectives. This
program includes three major intensive job rotations from different specialization that includes e-
learning, performance and talent development which is undertaken for 28 months training sessions.
It mainly assures that workforce is thoroughly equipped with bets wisdom and is well
aware with current trends in financial and banking services, customer’s engagement, employee
relation, risk reduction, personality development and human resource management. Standard
Chartered bank by enforcing the strategic human resource management program (SHRM) provides
resources to global networks to establish HF functions. Through SHRM and preparing every
member in a consistent manner the bank is offering facilities to incorporate close relationship with

their original company and gets them acquainted with global economic downturn and financial
banking crisis. Economic crisis has influenced almost every company in the entire world by
creating a turmoil and crucial decline to organizations including financial firms that creates a kiosk
in banking, some of them even delimit their borrowing structure and some drop down their
insurance, pre lending and other financial institutions.
Findings – From the primary research it can be stated that performance management system of
any company focuses in to recognize the probable development among workforce and adequately
utilizes it for mutual contentment by offering them right kind of support and guidance to undertake
the work in most suitable manner. In previous time period performance management was only
and top level management and also includes both organized and unorganized workforce with
numerous kinds of skills. Bank has made effective progress in three major areas as part of its
approach to manage people, employee engagement and health and safety.
Standard Chartered took various steps as part of its on-going commitment to create an
exclusive environment for its workforce, community and customers. The bank undertakes an
employee of the month program that is focused to highlight and identify the employee of the
month. Apart from raising the performance of employees it also aids in creating a competition

among workforce where in every individual would try in to achieve the title of performer of the
month. Bank follows a transparent system where in every employee can easily take their issues to
the management including the top management as bank has an open door policy.
Findings – The results derived from the primary research entails that by offering the people a
supportive and open working environment they are able to develop themselves in a précised
manner and can also bring out the hidden talents that has not been developed till time. The diagram
above states that kind of working environment which is prevailing in the bank, on this around 47%
of participants believes that working environment is very much supportive and open in the bank.
The system of performance management is a continuous process and it aids in to manage people’s
work efficiency in order to acquire the desired organizational goals. This system is beneficial for
every major stakeholder in the firm by specifically defining what is suppose to be undertaken to
acquire particular vision and mission. Performance management is the all heart of any human
resources system and as it has impact on the entire HR functions and processes. By giving attention
on performance management system an organization can attain fruitful benefit with proper
organizational design and management systems.

Theme 11- Bank follows a set standard to review performance of employees
On asking the participants about the condition of performance management program of
bank, on this most of them have stated that it is of prominent quality and can be managed
adequately. The process of performance management in bank is of effective quality and work is
adversely managed. In individual appraisal process weekly flow meetings are organized but fully
fledged appraisal is done on annual basis. At the time of appraisal the salaries are fixed and name
of employees who are eligible for bonus are also fixed. To assess the performance of team monthly
appraisals are also done and campaigns are undertaken when every team is under strict observation.
In this campaign whichever team performs the best is rewarded. Performance of workforce
Findings – From the primary research it can be stated that in present business environment
conditions where in organizations are showing a high amount of commitment towards
strengthening of reward practices that are associated with other human resource practices and the
visions of organization to attract, retain and encourage every employee. An effectual reward
system aids in to attract result driven professional that can thrive and succeed in the performance
based environmental condition. Therefore, it is a vital motivator and contributes majorly towards
enhancement of productivity of employees if enforced effectively. A suitable reward system

should be associated with development of a suitable system that focuses on performance based
pay and presents ample amount of learning opportunities along with a harmonious working
environment.
4.3 Regression Analysis
Regression analysis is explained as a method that uses in statistics to reflect the relationship
between two variables in the provided sample data. In the process to evaluate out cause and effect
relations among the two different variables that has been undertaken in data. The value of R square
in the regression analysis represents the actual percentage of differences between two diverse
variables in the research. Regression analysis is one of the most commonly used statistical tools in
behavioral and social science as well as in the development of physical sciences. The main
objective is to explore the relationship between a dependent and independent variable and it can
be adequately defines as straight lines to several other dimensions. Here, in regression analysis has
been undertaken in order to assess the effect of performance management system in the Standard
Chartered bank.

Table 1
Skills
rating Revenue
10 7623
25 8470
30 10153
35 11010

Coeffici
ents
Standar
d Error
t Stat P-
value
Lower
95%
Upper
95%
Lower
95.0%
Upper
95.0%
Intercept -
35.581
36891
17.1319
305
-
2.0769
0365
0.1734
28804
-
109.294
1164
38.131
3786
-
109.29
41164
38.131
3786
X Variable 1 0.0065
04334
0.00182
0706
3.5724
23643
0.0702
04895
-
0.00132
9533
0.0143
38201
-
0.0013
29533
0.0143
38201
As per the above table it is being found there has been a selection of variables in the form
of number of skills rating and revenue earned by the bank. The value of R square is found to be
0.864 that represents that there is 86% difference in the dependent variables which shows that there
is an increase performance level of employees with every subsequent year. It shows that as the
performance level of employees have been increased and there has been rise in skills ratings every
year revenue of Bank has been increased with a rising figure. In year 2009 the revenue of bank
was $7623 then in the year 2010 it increased and become $8470, moreover in the subsequent years
i.e. 2011 and 2012 revenue of bank increased and become $10153 and $11010 respectively. It is
due to the enhanced performance level of employees and as management paid increased amount
of attention on development of employees as well as on achievement of the organizational goals.

Table 2
Performance
rating Revenue
12 7623
23 8470
28 10153
37 11010
SUMMARY
OUTPUT
Regression Statistics
Multiple R 0.96382
7138
R Square 0.92896
Total 3 326

Coeffici
ents
Standar
d Error
t Stat P-
value
Lower
95%
Upper
95%
Lower
95.0%
Upper
95.0%
Intercept -
35.6074
1421
11.9725
0006
-
2.974
1002
0.0969
0098
-
87.1209
2426
15.906
09583
-
87.120
9243
15.906
09583
X Variable 1 0.00650
7131
0.00127
2385
5.114
122
0.0361
7286
0.00103
2501
0.0119
8176
0.0010
32501
0.0119
8176
The above table shows the relationship between performance rating and revenue acquired
by corporation. This table states the value of R in 0.928 that represents an increase of 92% in the
performance level of entire workforce. From the analysis it can be stated that as the performance
level of employees increases gradually the profit of bank has also been raised with the time period.
Table 3
Skills rating
Behavioral
efficiency
10 10
25 18
30 35
35 37
SUMMARY
OUTPUT
Regression
Statistics
Multiple R
0.9276
8
R Square
0.8605
9018
Adjusted R
Square
0.7908
8527
Standard
Error
4.9393
0341
Observations 4
ANOVA
df SS MS F
Significa
nce F

Regression 1
301.2065
637
301.
21
12.3
462 0.07232
Residual 2
48.79343
629
24.3
97
Total 3 350
Coeffic
ients
Standard
Error
t
Stat
P-
valu
e
Lower
95%
Upper
95%
Lower
95.0%
Upper
95.0%
Intercept
5.9362
9344
5.961155
443
0.99
58
0.42
426
-
19.71248
8
31.585
08
-
19.7124
9
31.5850
75
X Variable 1
0.7625
4826
0.217020
532
3.51
37
0.07
232
-
0.171215
7
1.6963
12
-
0.17121
6
1.69631
22
SUMMARY
OUTPUT
Regression
Statistics
Multiple R
0.98599
9062
R Square
0.97219
4151
Adjusted R
Square
0.95829
1227

Standard Error
2.68360
1093
Observations 4
ANOVA
df SS MS F
Significa
nce F
Regression 1 503.5966
503.5
966
69.9273
135
0.01400
094
Residual 2 14.40343
7.201
715
Total 3 518
Coeffici
ents
Standard
Error t Stat P-value
Lower
95%
Upper
95%
Lower
95.0%
Upper
95.0%
Intercept
-
53.1554
3541 9.442042
-
5.629
65
0.03013
3769
-
93.7812
64
-
12.5296
0637 -93.781
-
12.5296
1
X Variable 1
0.00839
1178 0.001003
8.362
255
0.01400
0937
0.00407
364
0.01270
8713 0.0041
0.01270
87
The assessment here in defines the relationship between behavioral efficiency and
organizational revenue. It shows that after giving focus on workforce and offering them adequate
training programs the bank is able to develop itself prominently and revenue has also been raised
with significant amount.

CHAPTER 5: CONCLUSION AND RECOMMENDATIONS
Performance management involves various activities in order to ensure that organizational
goals are continuously being met in the most efficient manner. It mainly focuses on the
performance of an organization, employees, processes or even a department in order to build a
product or service as well as many other areas. With the help of performance management tool an
organization can continuously measure performance of a company and also reflects about the
broader issues of an organization.
It has been found from the research that importance of HRM in the present business
environment has went with an drastic change and its main focus is on to develop diverse functional
strategies that basically helps in enforcement of major plans and policies in order to successfully
manage the work flow. From the assessment it has been observed that human resource mainly
works towards assisting and increasing performance of employees by developing and motivating
the work culture that can offer maximum opportunity to employees and participate in companies

in the planning and strategic decision making process. From the analysis the results acquired
depicts that performance management system is the current need of time in the intensely
competitive environment. Performance management is a wide and broader approach in HRM and
it involves different activities such as communal goals and consistent progress and acquires
efficient feedback to enhance the process and develop and reward the system.
Here, in it has been found that performance management begins with the beginning up of
a novel service in the entire system and accomplishes when an individual leaves the company. The
standard chartered bank undertakes a suitable performance management system to monitor the
work and from time to time undertakes effective measures to increase performance level of
employees. The results acquired from primary research depicts in that bank has been able to
acquire a distinguished position and has successfully satisfied the customers with full potential.
The bank has enforced a well-defined structure for performance management of employees and
the management has implemented an appropriate communication process that acts as a key to
organizational success and it informs the workforce in well advance about several benefits and
rewards that they can receive if they undertake the work in well defined manner and meets out the
set standards.
The management has enforced a strong channel to communicate between administration
and the workforces as well as defines about the consequences that might arise if the work is not
undertaken in a well defined manner. It also focuses in to offer a feedback and manage individual
employees for the work done and portray an image in their mind set regarding the work whatever
they do meet the goals. The performance management program includes analysis of what has been
attained and represents it in various forms on the basis of career planning and also offers in
guideline for career planning. The bank has put emphasis on assessment and not on undertaking
appraisal, it is basically a forward looking plan that further aids on specification of precise
standards that can never be completed it real terms and is suspected to numerous errors that means
managers will require necessary skills to avoid unnecessary projections and reflects the tendency
to generalize the diverse issues.
The management of bank focuses on to ensure that every superior level manager and
workforces clearly understands about concept of performance management and also learn to
differentiate between effective work done and good ones. The team of human resource
management also undertakes several training and development program from time to time to

motivate workforce and also focuses to develop standards and establish a diverse measure for
effectiveness. The system of performance management of any company seeks in to identify the
potential of development among employees and optimally use it for mutual contentment by
offering them right kind of support to do the job in well defined manner. From the primary research
it has been found that standard chartered is efficiently managing its work but in some of the areas
it needs to develop itself so that work can be adequately managed, as in it has been seen found that
sometimes in the bank grievances or issues arises among the workforce due to which work cannot
be adequately undertaken and chances of conflict also arises.
desired results. But implementation of this approach also have several different challenges
associated where in most of the companies usually struggle with ongoing commitment and puts
in forward a consistent effort to measure and assess performance of employees.
The bank must view in this system in a more holistic approach by including diverse
relations and include different elements within it like organizational culture and the capability to
desire and also ensure that all the employees possess necessary skills, competencies and behaviors

that facilitates them to comprehend about benefits of concept and also enables in to optimize
advantages for organization as well as individual. Other than this goal of organization as well as
individuals job responsibilities must be defined with aligned corporate goals and secondly each
employee’s yearly performance must be measured and promotion must be made on this basis.
By simply enforcing the performance management system the bank can itself fix its
perceived performance issues and encourage the workforce accordingly and as it has been
recommended that bank while enforcing this system must give in a holistic approach that
remembers that thus approach includes fat more than just performing that an annual appraisal and
also anticipates as in how to enhance the outcomes. The cultural transformation must be based on
performance and accordingly steps should be taken as it can take years to attain the desired goals
and needs the management to commit all the necessary resources. It can be a critical analysis for
the company to acquire it and there are several reasons that can be attributed to implement or
execute the employee’s not taking ownership or focus on activity rather than on resources.
In daily basis in every organization senior level managers are flooded with a high volume
of information and is needed to make in several decisions on daily basis. This is most of the time
difficult in order to be fair and regular in taking strategic decisions when seniors are undertaking
the work in reactive manner rather than on proactive basis. With the help of performance
management tool the senior personnel’s of the bank can also use specific set of parameters to make
decisions and act in a more active way rather than in a passive mode. It also aids in to take initiative
and make swift decisions that positively influences on efficiency level and overall performance of
organization.
In current competitive business environment managers who uses an efficient process and
program to manage performance can make their job life more convenient and decision making is
mostly simplified by performance management as it presents a precise set of frame parameters
with the help of which it can make continuous and reliable decision that moves the entire unit
forward to achieve its goals.

CHAPTER 6: REFLECTIVE STATEMENT
This research report was a splendid and valuable experience for me, in the academic
undertaking of this research report was very much interesting and it also aided me to enhance my
existing knowledge level and develop effective skills. During the study my perception about
changing human resource management structure and its roles in development of organizational
efficiency has been increased and it was quiet interesting to read about different scholarly journals
and articles during accomplishment of secondary research. In this respect many different articles
and useful research paper presented by various authors kept my interest in undertaking the
research.

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Appendix I
Questionnaire
Name _______________
Age _______________
Contact No. _______________
1.) Since how long you have been associated with Standard Chartered Bank, UK?
0 - 5 Years 
5 - 10 Years 
10 - 15 Years 
More than 15 Years 
2.) Are you satisfied with your current job roles and responsibilities?
Yes 
No 
3.) Do you think that performance management system of the organization is evidently explained
to employees?
Yes 
No 
4.) How often performance appraisal is made in the organization?
Monthly 
Quarterly 
Yearly 
Others _______________________________
5.) What is the main objective of performance management system in the bank?
Promotion 
Assessing training and development Needs 
Pay Hike 
Others ________________________________

6.) Does any kind of conflict arise among employees when performance appraisal is made?
Frequently 
Often 
Sometimes 
Never 
7.) On what basis performance management in the bank is undertaken?
11.) How much would you rate the performance management system of bank?
Excellent 
Good 
Average 
Satisfactory 

Poor 
12.) Does the supervisor guide you to enhance your performance in organization?
Strongly Agree 
Agree 
Strongly Disagree 
Disagree 
Not Sure 
13.) Does the promotion of employees are strictly based on performance management system of
bank?
Yes 
No 
14.) Do you think that the organizational leadership makes in positive contribution in the overall
effectiveness of performance of employees
Strongly Agree 
Agree 
Disagree 
Not Sure 
15.) Does the performance of employees have been enhanced due to current performance
management system?
Yes 
No 
16.) Does 360 degree performance appraisal system is undertaken in the organization?
Yes 
No 

17.) Are you presently satisfied with your current salary structure?
Yes 
No 
20.) Define the areas of improvement in terms of your present job responsibilities?
______________________________________________________________________________
______________________________________________________________________________
21.) Do you think that performance management system of this bank helps in to identify the
strengths and weaknesses of employees?
Strongly Agree 
Agree 
Disagree 
Not Sure 

22.) What kind of growth opportunities in bank you are looking for?
Succession Planning 
Higher responsibilities 
Career Development 
Job enlargement 
Increased pay scale 
23.) What according to you the current performance management system of this bank is lacking
or less beneficial?
______________________________________________________________________________
______________________________________________________________________________
24.) According to you what measures should the bank employ in order to manage the
performance management system in the organization?
______________________________________________________________________________
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Performance Management System in Bank Assignment Sample

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Performance Management System in Bank Assignment Sample