The correct answer is option 3- Performance Appraisal.
Evaluating an employee's current and/or past performance as against certain predetermined standards is known as Performance Appraisal.
Performance appraisal means evaluating an employee’s current and/or past performance as against certain predetermined standards. The employee is expected to know what the standards are and the superior is to provide the employee feedback on his/her performance. The performance appraisal process, therefore, will include defining the job, appraising performance and providing feedback.
OTHER OPTIONS
- Recruitment may be defined as the process of searching for prospective employees and stimulating them to apply for jobs in the organisation. The information generated in the process of writing the job description and the candidate profile may be used for developing the ‘situations vacant’ advertisement. The advertisement may be displayed on the factory/ office gate or else it may be got published in print media or flashed in electronic media. This step involves locating the potential candidate or determining the sources of potential candidates. In fact, there are a large number of recruitment avenues available to a firm. The essential objective is to create a pool of the prospective job candidates.
- Career planning- It becomes necessary for all organisations to address career related issues and promotional avenues for their employees. Managers need to design activities to serve employees’ long-term interests also. They must encourage employees to grow and realise their full potential.
- Compensation- All organisations need to establish wage and salary plans for their employees. There are various ways to prepare different pay plans depending on the worth of the job. Basically the price of the job needs to be determined. Compensation, therefore, refers to all forms of pay or rewards going to employees. It may be in the form of direct financial payments like wages, salaries, incentives, commissions and bonuses and indirect payments like employer paid insurance and vacations.
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