According to the Bangladesh Bank Website and Wikipedia information, after the liberation war, along with the ultimate independence of Bangladesh, the Government of Bangladesh rationalized the Dhaka division of the State Bank of Pakistan since the essential bank of the country, and specified the name it Bangladesh Bank. This restructuring was completed pursuant to Bangladesh Bank regulate, 1972, along with the Bangladesh Bank approached into subsistence with demonstration achieve from 16 December 1971. In 1982, the initial reform agenda was commenced, where the administration denationalized two of the six state-owned commercial banks and allowable restricted private banks to generate rivalry in the banking division.Currently it has nine offices situated at Motijheel, Sadarghat, Chittagong, Khulna, Bogra, Rajshahi, Sylhet, Barisal plus Rangpur in Bangladesh; full manpower locates at 4926 (bureaucrat 3910, subsidiary force 1016) since on Dec. 31, 2011
Bangladesh Bank is carrying out some essential functions to maintain the economic structure of the company , such as originating financial and credit policies; supervising the top pick currency problems/matters and adapting new or improved payment system. Bangladesh bank is also responsible for the treasury and regulating the overseas exchange market. Regulating and administered the banks and fiscal organization, and recommend the government on the communications and the impacts of economic, monetary and other financial policies-these are the key role played be Bangladesh bank.
Get your grade
or your money back
using our Essay Writing Service!
I have been working as a teller at Bangladesh bank for 1 and half years and experienced bad and good situation very closely and have learnt a lot which I am trying to use in my future life.I have been closely connected with the customers and provide them information regarding the products and services our company provide and try to convince them to buy the products.
Every month we have a meeting with our executives and every week we have a meeting with our own supervisors or managers. As I have mentioned earlier that lack of the manager's appraisal is the key problem of our employees' unhappiness or demoralizing nature. I think if the employee performance is going to highlight/evaluated in the meeting or give some recognition in front of the whole staff then that could enhance the confidence level of the employees. www.bangladesh-bank, http://en.wikipedia.org/wiki/Bangladesh_Bank
Bangladesh bank is a huge organization in the region of Dhaka and has been operating as a central bank for many decades. While working in the organization I have noticed one immensely effected issue which could later lead the organization in a huge trouble.
The vital problem is the managers/supervisors of the company do not show any concern or affection or you can say lack in the appraisal for the employees; as a result employees are losing their confidence and faith for the organization which led them to give lower productivity. It's really difficult to make the managers understand about this issue/problem because most of the team is working with the bank about a century/decade and they stick with their tradition which make them believe that appraising the employees not at all necessary. If the employees want to work they can work and if they don't want to work then they could leave and the managers have many others options to utilize; since Bangladesh is a country where people need work badly.
Employees Performance appraisal based on their self-review:
Managers' endeavor to help employees develop their performance, by recognizing performance areas where enhancement was desirable, habitually resulted in defensiveness lying on the part of staff, and with less exertion to develop in areas disapprove of them in additional performance areas (Kay, Meyer & French, 1965). According to Maier (1958) that appraise defensiveness is an anticipated response from the administrator, in converse his appraisal of a subsidiary performance with the man, is involuntarily cast in the role of the adjudicator and the subordinate be converted into the defendant. According to Glenna (1968) the effects of the conventional manager organized a performance appraisal by means of those of the less commonly used self- evaluation or subordinate-prepared performance appraisal.. Workers who moreover had knowledgeable no preceding manager-prepared appraisal or had attain low on need-for-independence substance. Maier (1958) in an approach feedback form expressed superior satisfaction through the manager-preparation technique of appraisal. They were frightened that an appraisal discussion pedestal on a subordinate-prepared structure would create it more complicated to coach such staff regarding needed development in performance. Their doubts confirm to be groundless.
How important to Develop the Pay-for Performance Appraisal System :
Always on Time
Marked to Standard
Performance appraisal has turned out to be a general beading for a diversity of activities.Through which an organization seeks to make available opinion to their employees, develop Their competencies, improve performance, and allocate rewards. Subordinates' opinion about their supervisor play a vital role in the efficiency of diverse leadership styles. (Fiedler & Chemers, 1984; Graen et al., 1982). Following the research of Michael A. Mulvaney and William R. McKinn a well- intended employee performance appraisal apparatus takes for granted the immense importance by providing agencies with information that can direct administrative and developmental decision-making about their most significant asset-their human resources. In this research paper identify some steps for generating a more effectual pay-for-performance structure for public agencies which I think definitely helpful for the Bangladesh Bank to implement the pay for performance concept.
(1) Recognized a methodical course of action for creating performance evaluation apparatus;
(2) Illustrate the suitable training for those accomplish an appraisal interview;
(3) put into practice performance appraisal by means of the developed instruments and review interview/assessment training, and;
(4) estimate employee attitude in the direction of the recently developed system
(Michael A. Mulvaney and William R. McKinn , 2008 ).
The Influence of performance appraisal on the psychological contract of the staff:
Performance appraisals are an essential component of the wider performance-management organization and are expansively used to appraise international employees. (Gratton, 2000; Milliman, Nason, Zhu & De Cieri, 2002). Regardless of their significance and widespread use, the accomplishment of performance appraisals is regularly malfunctioning in a numeral of ways. These restrictions include mistaken judgments about performance, fruitless feedback, unacceptable performance criterion and a lack of intelligibility about the intention of the system. According to Jane F. Marley performance-appraisal satisfactoriness and the function of appraisal materialize from the literature to be both supremely and mutually dependent. In the source the evidence recommends that, from an employee viewpoint, in order to be satisfied about the appraisal desires to have a clear principle, and the appraisal idea has to be acceptable. The relationship between purpose and satisfactoriness strengthen the necessity for an appraisal to be entrenched in a performance management method rather than to locate alone as a human resource occasion.
Dimensions of performance appraisal:
Performance organization systems - together with performance appraisals or assessment -Are dangerous linchpins for human resources administration (Guest, 1997). Even though performance appraisals are a manageable reality of life, in the entire their continuation, appraisals and appraisal structure are motionless not completely unstated and valued.Performance appraisal has been distinguished as conceivably the mainly widely deliberate, converse and written in relation to and mystified investigate regions of human resources in the record of peoples' organization (Wright, 2002). Performance appraisals are capable of being distinct as an intermittent assessment of the productivity of an individual calculated against definite expectations (Yong, 1996, cited in Rusli and Nor Azman, 2004). The procedure engages scrutinize and appraise employees' performance in the administrative center in next of kin to pre-set principles. Straight approaches to performance appraisal indulgence it as a dimension exercise, though more existing approaches are more apprehensive with information dispensation surrounded through the performance appraisal decision-making practice (Rusli and Nor Azman, 2004).Private as well as community division association must exhibit that there have been an enhancement in performance and that objective and purpose are being accomplished (Wisniewski and Stewart, 2004). This has made it essential for effective performance administration approaches to be industrious and practical (Bovaird and Loffler, 2002).
Effectiveness of Performance Appraisal as a Tool for Enhancing Employee Performance
According to Prowse & Prowse (2009) performance appraisal (PA) is potentially a solution implement for organizations to create the mainly of their human resources. "To stay spirited, the employ of method to motivate and maintain performance has turned out to be the managerial essential", (Hooper & Newlands 2009:1) Appraisals are unsystematic along with the results occasionally withheld from the workers who necessitate opinion in order to accurately performance shortage and modify job behaviours. It was in addition renowned with apprehension that there are in the majority cases no apparent performance standards and intention locate at the commencement of the year plus one speculate what is to be charged at the end of the year. Chiang & Birch (2010) consider the culture's penalty on main principle and perform using a illustration size of 1749 strained from the banking business in seven countries crossways Europe, Asia, along with North America. The writer finished that not merely is the transferability of the appraisal as well as its operationalisation artificial by communications with deviating cultures and background settings, excluding new mixture appraisal architectures are rising that require additional research.
Sometimes Performance Appraisals Don't Work-What Does:
This Essay is
a Student's Work
This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.Examples of our work
According to Susan Heathfield ( 2007) the manager is painful in the diocesan seat. He be acquainted with him may encompass to give good reason for his estimation with precise examples when the employees ask. He is deficient in skill in given that opinion and often aggravate a self-protective reply from the worker, who may understandably consider he is under assault. Accordingly, managers keep away from giving truthful feedback, which overcome the rationale of the performance appraisal. Organizations cannot generate a greater work force except they build up the aptitude and an acquaintance of their staff. For the corporation to achieve something, the workers must carry on to cultivate and expand. According to Susan Heathfield ( 2007) generally the performance appraisal replicates what the manager can keep in mind; these are naturally the mainly recent proceedings. Approximately always, the appraisal is the pedestal on estimation because genuine performance dimension obtain time and follow-up to perform well.
Bangladesh Bank has been dealing with this particular problem for many years but the management is not ready to accept the fact that the root of the problem is the managers lack of concern or not praising the employees at the right time according to the right situation. Performing employees' appraisal places great demand on input information.To gather information for employee appraisal is quite a difficult task. It not only requires employees' cooperation, involvement of line managers, and properly trained HR generalists, adequate methodology and good timing, but above all matures corporate culture. The key to an effective and beneficial employee appraisal system is in a systematic approach
Therefore, the root of the problem is the ignorance of the managers towards evaluating or provide feedback the employees about their performance; as some of our employees have already pointed out the problem indirectly not directly but they don't respond positively towards the issue. The manager uses their control of authority and autocracy to control the staff in spite of dealing with them with grace and respectfully. Since sometimes in excess of pressurization does not work. Bangladesh Bank does not provide any particular training based on how to motivate the employees or how to appreciate their work to boost their self-assurance. There are quite a few difficulties implicated, which comprise such as : regulate an appraisal system to detailed applications; deciding on, give the managers training, in addition to directing the "appraiser"; evaluating the appraiser's capability to analyze information as well as converse results to the issue of the appraisal; plus management's aptitude to apply finishing drawn as of the accumulate information to the realistic level of verdict making in workers management. We are therefore apprehensive here with a prescribed procedure: performance appraisal that is designed in progress and planned to obtain dependable information about personnel performance that is as applicable and accurate as feasible. (Mulvaney, A.M & McKinney, R. W & Grodsky, R 2012)
From the leadership and organizational book I have found some useful concept which I would like to apply to explain my research work. There are some concepts which help my research to go on a right direction and explain in a well planned manner.
I think Pay for performance /merit pay concept is applicable After reviewing the literature review I have come to the point that If the manager/supervisors appreciate the employees by providing them some incentives or rise in payment for their performance or merit then that would give a positive feedback to employees to work more. Performance appraisal is planned to support the business in actualizing its intrinsic performance prospective. It does this through makes possible the managers of an association to improve employees' inspiration and work-related ability, and making the perfect decision procedure involved in the task of workers to new places. In order for this procedure to accomplish this plan, it be obliged to be established on two primary behavioral values. The first states that amplified productivity as well as competence is dependent on generating a direct relationship between the employee's level of performance along with accomplishment, on the one hand, and inducement and rewards (compensation & promotion), on the additional. (Schermerhorn,R.J,& Osborn,N.R. & Uhl-Bien, M & Hunt, G.J, p-124)
According to Schermerhorn, R.J, & Osborn,N.R. & Uhl-Bien, M & Hunt, G.J the manger should apply the ERG theory to analysis the needs of the employees more closely. The ERG theory helps the managers know more about the interpersonal relationship and make them aware of the employees' growth needs. The employee's performance is not merely the magnitude and quality of his/her employment, which is very frequently the mistaken estimation of many supervisors, but it also embraces thoughtfulness, approach to employment, job behavior, restraint in following safety procedures, attendance and nonattendance in the place of work, interaction with a social group, plus another co-worker who a worker comes in making contact with for performing his/her work. Simplified we be able to describe employee's performance because the effect of linking abilities to execute the job, attempt based on internal motivation, as well as managerial conditions of an office, which have been formed and preserve for staff. Predictable performance will not be consummated if any of these circumstances is misplaced. (Pg-104)
I think the Performance Management Process concept is also applicable.Performance management provides an assessment reason when it lets people be acquainted with where their definite performance stands comparative to objectives and principles. Such an assessment nourish into a resolution that assign rewards. I think these concepts are well matched with my applied research and I could definitely find out a solution to the problem after implementing the theories in practice. Information obtained in this process is not only related to the employee's performance at work, his/her potential and future needs, but it also provides HR managers with valuable information for identification education and development requirements, it motivates employees to improve themselves, it uncovers their strengths and weaknesses, it creates the basis for rewarding employees, career management and placing employees. One of the objectives of employee appraisal is to ascertain whether the goals of employees are harmonized with the goals of the organization. ( Schermerhorn,R.J,& Osborn,N.R. & Uhl-Bien, M & Hunt, G.J, Pg-127)
The extremely first step be supposed to be setting the aim, i.e. influential the predictable outcome of the procedure of official employee appraisal. The subsequent step would be an assortment of technique which the executive wants to employ. The most common and mainly used to come into view to be appraisal conference. The manager, certainly, ought to inform workers about their appraisal, in writing as well as official approach. This must take place approximately 7 to 8 days ahead, as a result they can appropriately organize to attend the meeting, and the date plus time must come out as a conformity between supervisor and worker. It is
not only courteous, but this approach makes the manager demonstrate respect to the employee timetable, which establish that manager values his subsidiary's work in addition to extravagance them as a collaborator for attainment universal goals.
Appraisals are greatly easier, and particularly more comfortable, if the manager congregate each of the group members separately and frequently for one-to-one conversation all the way through the year. I would like to mention some solution to the problem which arise in Bangladesh Bank:
To remove the negative attributive among the employees regarding their job the managers should do a weekly meeting to evaluate each employee's performance and give them feedback about their work:
When employees be acquainted with there will be frequent scheduled assessment, they become conscious that they are held responsible for their job performance and they become more careful about their job. If they get positive feedback them that make them recognizable in front of the whole office and which lead them to enhance their respect for their individual work.Some employee always wants positive feedback they don't like negative evaluation. If they have to deal with negative feedback them that directly effect into their work.
Provide training for the managers to learn how to give an appraisal in an accurate way to the employees for motivating them:
The managers of Bangladesh Bank have never come across this type of task because of the culture; they never realize the importance of motivation towards the employees and how effective it for the organization and as a government bank they don't even care about that; so it's really important to make them realize about how important employee appraisal which could possible by proper training.In Bangladesh Bank most of the managers are very senior regarding their age and almost all of them stick to the old constitution they don't like change; therefore, maybe some of them are not showing their eagerness to participate in the training program.
Create a secret valet box for each and every employee so that they could give their feedback about their own manager's performance ( without disclosing their name ) whether they are happy with him/her or not. If a high number or percentage of employees are dissatisfied with the way their manager's treat them then management is going to take action for that.
The manager is going to be well aware of the fact and the put their 100% to motivate their employees and try to show them the path of growth.Some employees might intentionally give negative feedback about a manager to take personal revenge or maybe he/she like that manager.
Performance appraisals make available employees and managers with a prospect to discuss areas in which staff excel and those in which workers need enhancement. Especially in a bank people always stress with the work load which sometimes make them frustrated and due to that they cannot concentrate on their work; in that situation if the managers try to boost the employees moral than that would benefit for both of them. I would like to share my personal experience which I have in Bangladesh Bank, many times I have really wanted to know how I am doing or how was my performance but every time I disappointed because our managers does not notice our efforts. Occasionally I want to know whether I am improving or is there anything more I could do to improve my performance; so that I could do something for my personal and professional growth. Numerous human resources intellectual suggest the significance of performance appraisal in on condition that encouragement Information for administrative decisions when income rises, relocate or counteractive proceedings are called into the inquiry.
In Bangladesh Bank some employees are struggling with communication problem which I have noticed quite a bit and they need proper training for that; if they complete the training then that would benefit the organization as well as the corporation; but when our management asks opinion for our manager's regarding the communication skill of our employees he said that nobody does not require any training which clear the fact that he does not even bother or noticed his employees' performance.