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JIMS Rohini Organized Guest Session ‘ Corporate Insights on Performance Management’

On 26 th August, 2023 a guest session on ‘Corporate Insights on Performance Management’ was organized for PGDM batch ( 2022-24) HR Major students by Dr. Neelam Dhall, Professor and Dean (Research & Development), JIMS Rohini. The session was conducted by Mr. Subhankar Ghosh, Vice President & Head – Sales HR, Spice Money. The session started with a welcome address and bouquet presentation to Mr. Ghosh who started the session by asking the audience ‘what is Performance management, how it is measured, and why’? After listening to all the answers from the students, he summarized it with reasons for measurement of Performance Management i.e. first- the performance of the employee is directly linked with the revenue generation and goal attainment of the organization, and second-it’s important to measure the performance of employees and suitably reward them else they will feel undervalued and thus the attrition rate of the company would significantly rise. Thereafter, he discussed the operational costs of human resources, starting with hiring, employee referral, employee branding, learning, and development, etc., before moving on to how bonuses for each employee are decided in the organization. First gave an explanation of the fixed and variable expenses an organization must incur. Subsequently, he explained that not every employee gets the same raise. For instance, in comparison to someone who is performing exceptionally poorly, someone who is performing exceptionally receives a greater raise. He also emphasized that not every employee receives a raise every quarter and that the raise for one individual is increased by compromising on the raise for the low-performing employees. The discussion then moved on to various performance evaluation techniques used by corporates, and later he highlighted the OKR (Objective and Key Results) method as the one that is most commonly used today. Moreover, he explained that following regular check- ins between an employee and his manager, each employee is given three objectives to complete in a period of 4-6 months, and these three objectives give him nine different results. By doing so, queries about where I fell short in my performance may be easily addressed as opposed to after a performance review at the end of the year. Since the goals are set for 4-6 months, there is plenty of time for the employees to evaluate their own performance in accordance with their set objectives and desired results. He further explained that this method is relatively better than any other traditional method because of multiple reasons. First, in this method, employees are made aware of the expectations beforehand. Second, proper feedback is shared with employees at regular intervals through check-ins. While concluding the session, he talked about the potential and performance matrix, which is used to analyze and evaluate each employee's performance using nine grids to categorize them as ‘average performers’, ‘exceptional performers’, or ‘employees who need to improve their performance’. He further explained how based on this performance matrix, the organization is able to comprehend and map out each employee's performance and work to advance them. Additionally, he gave a live demonstration of the People Strong portal, including sections on leave, training, performance, and most importantly, OKRs. The session was indeed insightful as the students got the opportunity to comprehend the real dynamics of Performance Management and how it is carried out in the corporate world.