COVID-19 impact | Companies shift from annual appraisal to agile goals
With the economy recovering from the debilitating impact of the pandemic, this change is expected to ensure company goals are aligned with that of the employees
Last year was an unusual year due to the impact of the coronavirus pandemic. Due to the disruptions caused by the pandemic, many companies were forced to shift their goalposts.
To tackle the situation and ensure employees are not rattled, many companies are looking at periodic targets instead of annual ones.
According to a report in The Times of India, this year companies are going for a more spirited approach by giving managers the freedom to view company goals periodically.
With the economy recovering from the debilitating impact of the pandemic, this change is expected to ensure company goals are aligned with that of the employees.
Bajaj Allianz General Insurance CHRO Vikramjeet Singh told the publication that 95% of the company is on quarterly/monthly plans.
“Managers are able to observe positive behaviour from employees, as the new structure empowers them and provides clarity of earning potential based on the level of performance,” he said.
Download Money9 App for the latest updates on Personal Finance.
