Why this brokerage firm shifted from an old performance evaluation mechanism to a new one, ETHRWorld
hr.economictimes.indiatimes.com | www.ETHRWorld.com
Highlights
- Indore-based Swastika Investmart has around 800 employees.
- The company recently replaced its old performance evaluation mechanism with a new performance evaluation system.
- The new system has helped the company to reduce its attrition rate from around 21% to 8%.
It is often said that “To win in the marketplace, you must first win in the workplace”. The most valuable ingredient in a workplace is talent. Organisations are nowadays relying on various HRTech interventions to nurture and reward their talents in a fair and objective manner.
A study conducted by Gartner in 2019 revealed that 59 percent of the employees think that traditional performance reviews have no impact on their personal performance. The same report also stated that 95 percent of the employees expressed unhappiness with the traditional performance review.
Similarly, according to a report by TruQu, 77 percent of employees and 94 percent of HR managers think that traditional performance reviews are outdated and need to be renewed.
At the same time, those organisations that are opting for a new performance evaluation…
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