Performance appraisal of US Bank. Business & Marketing Research Paper

The US Bank
Your Name
Course No.
Professor
UNIVERSITY
11TH SEPTEMBER 2018
The US Bank
Introduction
Performance appraisal outcome is used as a benchmark for evaluating employee output while also determining whether or not employees require further professional development. It also helps managers determine if additional training is required to boost their performance and can be used to gauge the suitability of an employee to function optimally in a particular position. Besides, it also helps employees gauge their present job performance and also determine what they can do to improve their future performance. Thus appraisal feedback is critical since it can serve as a basis for employee promotion. The paper sets out to evaluate performance appraisal at the US Bank and further briefly discuss the link between performance appraisal and employee productivity.
US Bank Performance Appraisal
At the US Bank, performance appraisal is used as a basis for implementing employee promotions to senior management positions. As a result, employees are motivated to further improve their performance by furthering their education and seeking career development opportunities (U.S. bank, 2017). Promotion is largely based on merit, ability and sometimes job experience. In some cases, the employees’ future potential is considered. Thus Performance appraisal is based on these three metrics: merit, ability and work experience which are used in combination. However, some HR experts argue that promotion can still be implemented without necessarily changing the employee’s salary since appraisal-based promotions have been linked to improved job satisfaction (U.S. bank, 2016).
According to the US Bank HR policy, promotions are done based on performance appraisal. The company follows this promotion policy which stipulates that employees can only seek promotion with their performance appraisal results (U.S. bank, 2017). However, the bank also undertakes promotions based on other factors such as education, employee seniority and vacancy availability (Basu, 2016). The promotion policy further provides that in the event of exceptional performance, an employee can be considered for accelerated promotion thereby bypassing the existing promotion criteria. Also, promotion at US Bank is based on merit, exam outcomes, Annual Confidential report (ACR), academic qualifications and interview performance outcome (U.S. bank, 2015). The ACR is an appraisal conducted by an immediate senior employee on the subordinates which captures various attributes. Furthermore, performance appraisals play a pivotal role in influencing critical decisions such as promotions and job transfers.
The Bank uses appraisal data to make sound policies and decisions that directly impact the organization (U.S. bank, 2017). Some of the appraisal methods that are commonly used to evaluate employee performance include the ranking method, critical incident methods, behavioral anchoring rating, 360-degree feedback and forced distribution method among others (Basu, 2016). Furthermore, the bank uses a post-performance evaluation to capture the employee’s feedback about the entire process. During the actual performance appraisal, actual performance is compared agai...