Prime also follows different types of methods

Prime Bank Limited is a
scheduled commercial Bank under private sector established within the
ambit of Bank Company Act, 1991 and was incorporated as a Public Limited Company
under Companies Act, 1994 on February 12, 1995. The Bank started commercial
banking operations from April 17, 1995. A huge public response has enabled the
Bank to keep up the plan of expanding its network. As a fully licensed commercial
bank, Prime Bank Ltd. is being managed by a highly professional and dedicated
team with long experience in banking. They constantly focus on understanding
and anticipating customer needs. This report on the
topic “Performance Management System of
Prime Bank Limited: A case study on Panthapath Branch” has been prepared
during the period covering 3 months. Preparing a thesis report is a requirement
of completing EMBA from Jahangirnagar University (JU) with the objective to
enhanced theoretical knowledge effectively and efficiently.

This report shows the practice of Performance
Management System in Prime Bank Limited. The main objective of this report is
to find out the gap of the implemented reward based performance management
system of “Prime Bank Limited” in Panthapath Branch and measure the
effectiveness of the implemented performance management system of that branch.
For preparing this report, data is collected through structured questionnaire,
organization visit and personal interview of that branch’s 20 employees. Secondary
data sources are existing HR manual, different books, web sites etc. There are
several drawbacks to prepare this report like insufficient information in their
website, less time durability; employees were not open to share their opinion
etc.

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Most organization has some type of
employee appraisal system, and many are experiencing the shortcomings of manual
staff evaluation systems. Performance management is used to ensure those
employees’ activities and outcomes are congruent with the organization’s
objectives. There are several methods to determine the performance level of
each employees of an organization. Prime Bank Limited also follows different
types of methods to determine employee’s performance by using rating scale,
essay appraisal, critical incident methods and management by objectives. By
using these methods, Prime Bank Limited determine the performance level. In
their Annual Performance Appraisal document, at first every employee appraising
themselves and then appraiser rate them in descriptive form. Immediate
supervisor also rate this employee in that appraisal form. So, it is a 360
degree evaluation formula to determine the performance level of each employee
in Prime Bank Limited.

 

For
preparing this report a questionnaire was prepared and interviewed 20 employees
of Prime Bank Ltd, Panthapath Branch. This questionnaire
involves four parts like general profile of respondents, nature of current
performance management system, analysis on issue of performance management and
the effectiveness of the performance management system and methods used in
evaluation. By conducting this survey, this report gathered various positive
and negative findings of Performance Management System of Prime Bank Limited
like employee performance feedbacks are provided at
the first month of the year, these feedbacks are mostly given at individual
level, 40% of the employees think that they don’t have sufficient opportunity
to improve themselves, they mostly use the rating
scale to rate the employees’ performance etc.

 

In
conclusion part, it reveals the effectiveness of performance management system
of Prime Bank Limited and recommendation suggests some improvement of
performance management system by performance
measurement should maintain a crystal structure and employee should know on
what basis they are getting measured, increase personal care for the poor
employee or performer, promotion of the banker’s must be made in according to
their seniority and merit that will definitely enhance their morale etc. It
basically focuses on suggestions which will be helpful for Prime Bank Limited
bringing efficiency in HRM division.

 

The
success of banks largely depends on the intellectual development of the
employees. Along with intellectual development of the knowledge worker,
technical infrastructures of the bank must be ensured to enhance the effectiveness
of the employee and the bank. At last it can say that Prime Bank Limited
is one of the most profitable banks and is one of the leading banks in our
country. So if it gives its concentration more on their employees’ performance
and their overall performance management system, the employees will be happy
with the working environment as well as their own improvements. When the
employees will be able to perform well they will be more committed and will be
able to give customer service with more commitment.

 

 

 

 

 

 

 

 

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