Assessment of the performance management system at HDFC Bank

Performance Management is a new name being given to Performance Appraisal system. Here the thrust is on management of performance by planning, reviewing and developing it and not just judging the performance. The performance target are set by superior subordinate participation and a quarterly review is being made to correct the deviations identified and accordingly take developmental actions. In previous performance application system, the performance was merely judged at the end of the year and the manager assumed the role more of a judge than a mentor or a coach. This was not appreciated by the employees and hence it created a growing resentment against the system. In PM the motive is to manage the performance throughout the year and not just judging it at the end of the year. The main aim is development of performance to make it reach to the level of excellence. The main objective of this study is assessing the performance management system at HDFC Bank.