720 DEGREE APPRAISALS GAINING A WIDE ACCEPTANCE IN THE MODERN BUSINESS

Management (Human Resourse Management)

The performance appraisal is a periodic event to reflect and evaluate past performance with the intent to identify strengths and weaknesses of an employee’s performance and to identify developmental goals. Performance Appraisals is the assessment of individual’s performance in a systematic way. Assessment should be confined to past as well as potential performance also. Many managers assess the employee performance on an annually basis in order to help them identify suggested areas for enhancement. It is a developmental tool used for all round development of the employee and the organization. There are different method of Performance Appraisal based on the type of the organization, size of the organization and also the period when it is used. 720 Degree Performance Appraisal, considered an “all-round” appraisal, is one of the most recently introduced concepts. As the name suggest, 720 Degree is 360 Degree twice. 720 Degree Performance Appraisal is the evaluation of an employee from all the aspects and giving timely feedback to ensure that the person is able to achieve the set goals before the next appraisal. Many management experts feel that doing a comprehensive 360 Degree Appraisal is not complete in itself. The 720 Degree evaluation is emerging as a possible alternative appraisal technique. Organizations are slowly but steadily realizing the need for this new system, which is better than the existing 360 Degree evaluation, especially in terms of the focus of the evaluation and the involvement of the evaluators in the process. Here, an attempt is made to highlight the need and significance of 720 Degree Performance appraisal in the modern business world and also differentiate this new emerging technique from the 360 Degree Performance appraisal.

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