ASSESMENT OF EMPLOYEE’S PERFORMANCE APPRAISAL PRACTICE IN LION INTERNATIONAL BANK S.C (LIB)

Abstract

This study tries to assess the employee’s performance appraisal practice in Lion International Bank S.C. The researcher has used descriptive research method. The necessary data collection tools were interviews questionnaire and document review. The study obtained information from two hundred fifty two (252) respondents. The researcher has used proportionate stratified random sampling method. Lion International bank performance appraisal serves as a multiple purpose objective. One is it helps in identifying skill gaps present in the employees. the other is, it recognizes meritorious employees on the basis of their work and helps to design an effective reward system for Lion bank and also try to find out the potential of the human skill available in that organization. While the practice by Lion International Bank S.C. has been that immediate supervisors are the people in charge of appraising employees, The bank has peers, subordinates, self, customers, or any combination of these should not be allowed to participate in performance apprise. The performance standards of the bank try to addresses issues such as quantity, quality, timelines and strategic relevance but it fails to address stability or consistency or the extent to which individuals tend to maintain a certain level of performance over time. The finding indicates in Lion bank employees performance appraisal practice sees most of the raters has insufficient information, raters lack skill and knowledge, raters error like halo/horns, situational influence etc and the remaining is the problem of the system. The appraisal result in Lion International bank used only for making promotion, bonus payment and annual increment decisions not for fill the gap, employees satisfaction and carrier development. Performance review discussion does not take place in Lion International bank and also supervisors do not provide continuous feedback and open communication unless an employee comes up with grievances. Generally the outcome of the research confirmed that the performance appraisal practice of Lion International Bank S.C. have problems and weaknesses that need to be improved, But critically the study suggested that give training and crate transparent and open communication, on that Lion bank should ensure the effectiveness of their performance appraisal and feedback systems. Moreover Lion International bank should ascertain that every supervisor’s and employee of the bank has a clear understanding of the purpose of having a performance appraisal process.