360-Degree Feedback in the Appraisal Process – the Present Need for Banks in India
360-DEGREE FEEDBACK IN THE APPRAISAL PROCESS – THE PRESENT NEED FOR BANKS IN INDIA * Dr. J. SRINIVASAN
Introduction
Tremendous changes have taken place world-wide in the last decade. These changes have had a strong impact on service sectors in India. The world is very different today from what it was a decade ago. Today’s corporate world can be characterized as highly competitive, technology and systems-driven, customer-centered, quick, cost and quality conscious, to survive, one has to compete with those who have technological advantages, financial advantage, systems advantages, communication advantages, and above all, those with people advantage. Success of the individual in the work place demands collaborative relationships with superior, colleagues and subordinates, and can seldom be adequately assessed solely by the superior. Further, an individual’s personal development process requires objective and constructive feedback on one’s strength and weaknesses. The 360-degree feedback or Multi-rater assessment has become a worldwide phenomenon. It was extensively used as the Indian Institute of Management, Ahmedabad in India form mid eighties though the term 360-degree feedback was coined in USA in early nineties. This tool has become a popular change management tool and leadership competence-building tool. This is evident from the increase in the number of Indian companies adopting it. Performance appraisal has come to occupy a pivotal place in human resource function. The traditional merit rating which focused on personality traits was replaced by performance appraisal with focus on work results. In order to make appraisal more __________
* Assistant Professor of Commerce, Arignar Anna Government Arts College, Cheyyar – 604 407. E-mail: srini57652@yahoo.co.in
objective, transparent and participative, concepts such as self-appraisal, pear appraisal, subordinate appraisal and appraisal
Introduction
Tremendous changes have taken place world-wide in the last decade. These changes have had a strong impact on service sectors in India. The world is very different today from what it was a decade ago. Today’s corporate world can be characterized as highly competitive, technology and systems-driven, customer-centered, quick, cost and quality conscious, to survive, one has to compete with those who have technological advantages, financial advantage, systems advantages, communication advantages, and above all, those with people advantage. Success of the individual in the work place demands collaborative relationships with superior, colleagues and subordinates, and can seldom be adequately assessed solely by the superior. Further, an individual’s personal development process requires objective and constructive feedback on one’s strength and weaknesses. The 360-degree feedback or Multi-rater assessment has become a worldwide phenomenon. It was extensively used as the Indian Institute of Management, Ahmedabad in India form mid eighties though the term 360-degree feedback was coined in USA in early nineties. This tool has become a popular change management tool and leadership competence-building tool. This is evident from the increase in the number of Indian companies adopting it. Performance appraisal has come to occupy a pivotal place in human resource function. The traditional merit rating which focused on personality traits was replaced by performance appraisal with focus on work results. In order to make appraisal more __________
* Assistant Professor of Commerce, Arignar Anna Government Arts College, Cheyyar – 604 407. E-mail: srini57652@yahoo.co.in
objective, transparent and participative, concepts such as self-appraisal, pear appraisal, subordinate appraisal and appraisal
References: 2. Mishra, Shishir and Nandini Chawla. “Deriving Training Needs from 360 Degree Feedback”, TVRLS, Ahmedabad, 2003. 4. Rao T V & Raju Rao. “The Power of 360- Degree Feedback”, Response Books, A division of Sage Publications, New Delhi. (2005). 5. Rao T V . “HRD Audit”, 9th Edition, Response Books, A division of Sage Publications, New Delhi. (2005). 6. Rao T V. “Making 360 Degree Feedback Work”, Human Capital, August, 1999. 7. Rao T V. “Performance Management and Appraisal Systems-HR Tools for Global Competitiveness”, Response Books, A division of Sage Publications, New Delhi. (2004). 8. Rao T V. “Readings in Human Resource Development”, Oxford & IBH Publishing Co. Pvt. Ltd, New Delhi. (2005). 10. Tripathi P C. “Human Resource Development”, 5th Edition, Sultan Chand & Sons, New Delhi. (2006). 11. Udai Pareek and Rao T V. “Designing and Managing Human Resource Systems” 3rd Edition, Oxford & IBH Publishing Co. Pvt. Ltd, New Delhi,1981 (2005).