Performance Appraisal & Compensation Process Essay
Performance Appraisal & Compensation Process
The performance appraisal is conducted by the immediate manager or supervisor, who does a narrative writing and graphic scale analysis for rating the new employee performance. All of the compensation plan along with benefits; incentives are included in the performance appraisal process of Unilever Bangladesh Ltd. To hold effective performance management they follow some steps:
Know the problems
Using the right and effective appraisal tool
Keep a diary
Get agreement on a plan
Review the related performance
Always goal directed
COMPENSATION : Bangladesh Unilever offers compensation packages on par or higher than the industry standards based on the technical skills and experience of the candidates. Employee benefits were standardized across employees. The benefit schemes were re-evaluated twice a year. The benefit programs included: Medical benefits that were aimed keeping the employees healthy and motivated, so as to reach expected productivity levels. Tuition assistance programs which included financial assistance to meet tuition expenses for all employees. This gave them the opportunity to continue their formal education while working.
A range of professional counseling and support services for employees and eligible family members. Facilitation for employees to relocate if transferred to help them settle easily in the new location. Assistance programs in case of emergency for employees and their eligible dependents travelling on company work to locations worldwide. Company stock offers to the employees to enable them to share the benefits of the company’s performance. In the compensation plan the Unilever Bangladesh use ACR (Annual Confidential Rating) which is followed by most of the companies. The compensation package has been divided into five segments in Unilever Bangladesh like other public companies: Monthly Guaranteed Cash
Annual Guaranteed Cash.
Annual Variable Cash
Monthly Cost of Benefits
MONTHLY GUARANTEED CASH : Basic Salary, House Rent Allowance, Domestic Aid’s Wage, Utilities / Maintenance, Transport Allowance, Medical Allowance Personal / Special / Other Allowance, Meal Allowance, Children Education Allowance ANNUAL GUARANTEED CASH: Annual Bonus, Festival Bonus, Leave Fare Assistance ANNUAL VARIABLE CASH: Performance Bonus, Profit Bonus, Incentive Bonus TERMINAL BENEFITS: Provident Fund, Gratuity, Pension Fund
MONTHLY COST OF BENEFITS: Loan system and other Fringe Benefits etc