Performance management system: Public v/s Private sector banks in the state of Uttarakhand

In the present age of hard-hitting competition due to liberalization and globalization, business organizations have realized the growing importance of adopting strategic HR practices to gain competitive advantage over their competitors. An effective performance management system plays a significant role in reforming the actions of the employees in an organization for realizing the ultimate corporate objectives and strategies. Performance management is considered as a key instrument for aligning all the major organizational HR functions and sub-functions so that the focus remains on attaining organizational objectives fully. Performance management is a process of planning, reviewing and evaluating performance for enhancing productivity and development of employees and organization. The present study aims at the comparison between public and private sector banks for their performance management systems. The study is based on primary data collected from 100 employees of selected public sector bank and private sector bank in the state of Uttarakhand. A structured questionnaire was used as an instrument for the collection of primary data. Suitable statistical techniques have used for analysis of data. The findings of the study revealed that there exists no significant difference between the performance management systems of public and private sector banks.