Q: What is Performance Appraisal?
A: Performance appraisal is a process during which formal interaction between a subordinate and supervisor will take place to :1. Confirm the goals and targets for the subordinate
2. Monitor and provide feedback on the work performance of the subordinate
3. Discuss and assess the work performance of the subordinate4. Identify the opportunities for performance improvement and skill development for the subordinate. Performance appraisal usually includes assessment on individual competence level and goal achievement, of which the results will be linked with individual rewards in order to advocate the pay-for-performance culture.
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 SuccessFactors Business Execution Suite |
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Cloud Recruitment Management Solution
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Hiring the best talent is still a competitive sport. You have to be better, faster and more nimble than your opponent to get the hires that will drive your business forward. But, do you know what’s working and what’s not? Are your sourcing strategies attracting the right candidates? Is your website engaging them? Is your talent pool growing? Is your selection process effective? Are you moving the needle?
Unfortunately, many companies are struggling to answer these questions with strategies and technology that are not keeping up with the pace of change in the recruiting market. Replacing a bad hire can cost as much as 3 times that individual’s annual salary. That’s moving the needle backwards! It’s harder to measure the cost of not knowing about the perfect candidate for the job, or losing a good candidate due to a poor website, but it’s always costly in a competitive market.
HMI now partners with SuccessFactors to help client in fighting this war for talent. With SuccessFactors Recruitment Management Solution in the Cloud, we can help clients to create an objective, collaborative, and mobile selection process that’s simple, yet effective. For more information about how we can enhance your hiring process, please contact Mr. Victor Tsang at (852) 3629 3673 or email us at marketing@hmi.hk.
Upcoming Workshops
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Workshop on Appraisal System and Incentive Scheme Design
Human Resource Management focuses on not only operational and administrative issues, but also the strategic alignment of employees’ performance and development with corporate directives. Therefore, performance appraisal has become an important management tool for managing individual performance. However, what does an effective performance appraisal system look like and how should it be developed? This workshop will equip participants with knowledge and field-proven techniques through a step-by-step approach for designing and implementing a performance appraisal system that helps align staff performance with the departmental objectives and advocate the “continuous improvement” culture:
Workshop Outline:
Introduction to the Individual Performance Appraisal System
• Concepts and Purpose of Performance Appraisal
• The Importance of Performance Appraisal
• The Performance Appraisal Cycle and Its Components
• Integration of the Performance Appraisal System to Other Management Systems
Designing and Implementation the Performance Appraisal System
• Customizing Your Performance Appraisal System
• Designing the Performance Rating System
• Performance vs. Competence Assessment
• Design of Performance Appraisal Form
• Deploying Departmental Objectives to Individual Objectives
• Setting Individual Objectives and Action Plan
• Effective Coaching and Supervising Skills
• Essential Performance Appraisal Interviewing Skills
• Do’s and Don’ts for Performance Appraisal Interviews
• Coping Strategies for “Problematic Staff”
• Linkage of Performance Appraisal Results to Reward System
Date: 23 May 2013 (9:30am to 5:00pm)
Venue: 4/F Opulent Building, 402-6 Hennessy Road, Wanchai, Hong Kong Medium: Cantonese with English materialsFee: HK$ 1,300
To register for this workshop, please click HERE.
To learn more on how HMI Consulting can help your company's management team to enhance corporate and departmental performance, please call (852) 3627 3673 or email to marketing@hmi.hk.
Workshop on KPI Setting for Various Industries and Positions
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To remain competitive in nowadays fast-moving business environment, organizations require not only right strategies but also good execution. An effective performance management tool can help organizations communicate corporate policies, clarify responsibilities of departments and transform strategic directives into Key Performance Indicators (KPIs) in different perspectives. Through the deployment process, business strategies can be transformed into actionable tasks which enable systematic assessment on corporate and departmental performance and the alignment with corporate directives.
Workshop Outline:
Module 1: Introduction to Performance Management
• Financial vs. Non-financial Measures
• The Four Performance Perspectives of Measurement and Their Causal Relationship
• Format and Components of Performance Management Setting
• Correlations among Annual Objectives, KPIs, Quantifiable Targets and Action Plan
• Integration of Performance Management System with Other Management Tools
Module 2: KPI Setting Step-by-Step• Good vs. Bad KPIs • Result-oriented vs. Activity-based KPIs • Balancing Your KPI Settings • KPI Examples for Corporate in Different Industries • Adopting KPI Setting as a Strategic Management Tool • The Vertical and Horizontal Alignment of Corporate and Departmental KPIs • Rules of Setting Quantifiable Targets • Common Errors in Objective & KPI Setting • The Reporting Format of Corporate & Divisional Performance • Case Sharing of Performance Management System Implementation Module 3: Simulation ExercisesSimulation Exercises on KPI Development (Participants will have a chance to simulate the process of developing departmental objectives & KPIs under trainer’s facilitation)
Date: 20 Jun 2013 (9:30am to 5:00pm)
Venue; 4/F Opulent Building, 402-6 Hennessy Road, Wanchai, Hong Kong
Medium: Cantonese with English materials
Fee: HK$ 1,300
To register for this workshop, please click HERE. To learn more on how HMI Consulting can help your company's management team to enhance corporate and departmental performance, please call (852) 3627 3673 or email to marketing@hmi.hk. Training and Development Advisory |
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It's time to plan for Training and Development now!
HMI helps clients to structure training needs analysis to identify gaps between business needs and employees’ current competency proficiency / performance levels, and advises client to adopt tailored training activities that are aligned with the organization's development direction. A thorough training needs analysis can give the management a clear picture of what skills/competencies that are currently missing so that the management can plan for better employee performance and prepare the organization to respond to future changes.
HMI also offers unique yet practical management training workshops that enhance the management skills of managers, as well as broaden their views in modern corporate management.
For more information about the how HMI can assist your company in Training and Development, please call Mr. Victor Tsang at (852) 3627 3673 or email to victortsang@hmi.hk.
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| May 2013 HR Highlights |
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Economic Highlights
Legislating standard working hours will not result in a rise in business costs in the long run as companies will look for ways to rearrange work flow in a more efficient manner, an expert with the International Labour Organisation (ILO) said. He said if standard working hours were introduced in HK, there will inevitably be an increase in costs in the short run but companies will respond by restructuring work flow.The ILO promotes a standard work week of 40 hours, and bosses have to pay at least 25% more for each extra hour an employee works. According to the “Working Conditions Laws Report” that the ILO released in 2010, 80% of the 106 countries that the organisation studied had standardised working hours. 41% of countries, including South Korea and Japan, had a 40-hour week, while 22% of countries, such as Malaysia and! Argentina, limited it to 48 hours. As for overtime pay, 71% of the countries offered at least 25% on top of the standard pay; 44% of countries put it at 50% more; and 10% of countries mandated 75% to 100% more. [Source: SCMP (C1), 1 April 2013]
The National Bureau of Statistics and the China Federation of Logistics and Purchasing released the manufacturing Purchasing Managers' Index (PMI) in Mar. The major figures are as follows:
- manufacturing PMI rose to 50.9 from Feb's 50.1
- output sub-index accelerated to 52.7 from 51.2 in Feb
- new orders were at 52.3 from 50.1 in Feb
- new export orders gained 3.6 points to 50.9
Meanwhile, HSBC’s manufacturing PMI posted 51.6 in Mar from Feb's 50.4. The Bureau also released the profits of industrial companies in 41 sectors surveyed. There was a 17.2% jump in combined profits to 709.2 billion yuan in the first two months this year compared to the same period in 2012
[Source: Ming Pao Daily (B2)/ HKEJ (A13)/SCMP (B1)/ Shanghai Daily (online), 29 March & 2 April 2013]
Below are some findings of a survey on the relocation destinations in mainland China:
- Shanghai remains the most attractive destination.
- Beijing is particularly popular with financial services respondents with 41% respondents prefer this destination.
- Suzhou is preferred by 33.9% of industrial and technology respondents.
- Overall, the attractiveness of inland cities for respondents born on the Chinese mainland appears to be slowly increasing with more respondents preferring inland cities as a potential destination for a career move.
- It may still be difficult to move talent to second or third tier cities unless their desire to relocate is driven by wanting to be near family.
[Source: China Daily (p.17), 18 April 2013]
The seasonally adjusted unemployment rate increased from 3.4% in Dec 2012 – Feb 2013 to 3.5% in Jan – Mar 2013, according to data released by the Census and Statistics Department. The underemployment rate increased from 1.5% to 1.6%. Increases in the unemployment rate were mainly observed in the cleaning and similar activities, and accommodation and food services sectors. For the underemployment rate, increases were mainly seen in the postal and courier activities and construction sectors. [Source: Ming Pao Daily (A4)/ HKET (A4)/HKEJ (A6), 19 April 2013]
A HK manufacturer said the wage cost in Vietnam is about one-third of that in Shenzhen. The average monthly salary of a worker in Vietnam is between 800 yuan and 1,000 yuan, compared to around 3,000 yuan to 4,000 yuan in Shenzhen. She said many Japanese and Korean manufacturers have set up their plants in Vietnam, thus leading to a high demand for workers. HK manufacturers have to provide more benefits to retain workers such as the provision of quarters and meals as well as cash bonus. For instance, her company offers a US$10 referral bonus to its workers. [Source: HKET (A34), 29 April 2013]
The average salary of the University of HK (HKU) graduates increased by 6.8% from $18,350 in 2011 to $19,598 in 2012. Announcing the latest findings on the career development of its 3,500 graduates in 2012, HKU said that full employment (99.7%) has been recorded for the seventh consecutive year. Offers from multinational investment banks were down about 30%. The survey figures showed that of commerce and business jobs, the proportion of graduates entering financial institutions fell from 12.6% in 2011 to 10.1% in 2012, the biggest drop among such careers. [Source: SCMP (C3)/HKET (A8)/China Daily (p.2), 30 April 2013]
Disclaimer: Should there be any different views in the interpretation, please always refer to the original media source as reference. HMI Consulting accepts no liability in respect of the accuracy and truthfulness of the materials included in this Economic Highlights.
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| About HMI Consulting Limited |
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HMI Consulting is a leading HR consulting firm specializing in Performance Management, Compensation & Benefits Design, Talent Development & Business Process Improvement. With the primary focus in Hong Kong, PRC and Taiwan, our experienced consultants have worked across a wide range of industries covering Manufacturing & Industrial, Trading, Transportation & Logistics, Financial & Insurance.
Partners:
Contact: HMI Consulting Limited 20/F, Central Tower, 28 Queen's Road, Central, Hong Kong Tel: (852) 3627 3673 Fax: (852) 3629 1056 Email: info@hmi.hk http://www.hmi.hk |
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