Business

Appraisals Have To Be Cost Effective

Staff appraisals can form an important part of personnel management and they often play a key role in individuals’ professional development. When done well, they can also benefit organisations considerably.

However, at present bosses may be reluctant to fund appraisals unless they know they will benefit from a good return on their investment in the form of improved working practises and so on.

This is where 360 degree feed back comes into its own. Appraisals of this kind represent highly emotionally intelligent working practices and they can be an effective way to raise issues, foster collaboration and nurture talent.

Figures released by the Forum of Private Business recently drew attention to the financial pressures facing businesses. The organisation’s latest quarterly survey revealed that 95 per cent of firms have seen an overall increase in costs.

Rising transport costs, energy tariffs and marketing expenses were recorded by many enterprises.

Commenting on the findings, the forum’s Alex Jackman said: “Unfortunately, it doesn’t look as if there is going to be any respite from energy hikes any time soon.”

He added: “It could be that we are shaping up for another winter of discontent, particularly if the mercury plunges this winter and firms are hit with huge heating bills and a fall in trade like we saw three years ago.”

Against this backdrop of financial hardship, it is no wonder managers are seeking cost-effective appraisals. By taking advantage of the best 360 degree appraisal solutions available, bosses should be able to achieve their goals.

Staff appraisals can form an important part of personnel management and they often play a key role in individuals’ professional development. When done well, they can also benefit organisations considerably.

However, at present bosses may be reluctant to fund appraisals unless they know they will benefit from a good return on their investment in the form of improved working practises and so on. This is where 360 degree feed back comes into its own. Appraisals of this kind represent highly emotionally intelligent working practices and they can be an effective way to raise issues, foster collaboration and nurture talent.

Figures released by the Forum of Private Business recently drew attention to the financial pressures facing businesses. The organisation’s latest quarterly survey revealed that 95 per cent of firms have seen an overall increase in costs.
Rising transport costs, energy tariffs and marketing expenses were recorded by many enterprises.

Commenting on the findings, the forum’s Alex Jackman said: “Unfortunately, it doesn’t look as if there is going to be any respite from energy hikes any time soon.”
He added: “It could be that we are shaping up for another winter of discontent, particularly if the mercury plunges this winter and firms are hit with huge heating bills and a fall in trade like we saw three years ago.”

Against this backdrop of financial hardship, it is no wonder managers are seeking cost-effective appraisals. By taking advantage of the best 360 degree appraisal solutions available, bosses should be able to achieve their goals.

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