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A PROJECT REPORT ON PERFORMANCE APPRAISAL PRACTICES IN ONGC LTD.

Extracts from this document...

Introduction

A PROJECT REPORT ON PERFORMANCE APPRAISAL PRACTICES IN ONGC (Submitted in partial fulfillment for the Completion of the degree of BBA) FACULTY OF ARTS, SCINECE & COMMERCE Mody Institute of Technology & Science Lakshmangarh (Rajasthan) 2009-10 CONTENTS CHAPTER 1 Introduction 3 CHAPTER 2 Overview of ONGC 6 CHAPTER 3 Changes in Economic Environment and its Impact on ONGC 11 CHAPTER 4 Performance Appraisal Practices in ONGC 20 CHAPTER 5 PAR Section in ONGC 25 CHAPTER 6 Current Initiatives of PAR System in ONGC 33 CHAPTER 7 Data Analysis and Interpretation CHAPTER 8 Limitations 35 CHAPTER 9 Conclusion 36 CHAPTER 10 Suggestion 38 CHAPTER 11 Bibliography 40 CHAPTER 12 Annexure 41 Introduction CHAPTER NO 1 INTRODUCTION Oil and Natural Gas Corporation Ltd. (ONGC) a Navaratna public sector enterprise engaged in exploration of hydrocarbons is one of the leading companies with significant contribution in its industrial and economic growth Over the years ONGC has been fairly successful in building up a vibrant oil industry in the country. The above topic was chosen to extent of Performance Appraisal practices operative in ONGC and the need for further strengthening of performance appraisal system of the employees so as to improve the efficiency and productivity and prepare them for their future needs. The modern business environment is characterized by uncertainty and changes, competition, technological obsolescence, trust on quality and higher productivity and above all fight for survival and success. Business Enterprises are increasingly apprehensive of the growing competition and do not wish to be remembered as a corporate dinosaurs. The message is loud and clear. Attain and sustain the cutting edge if you want to survive and succeed in this highly competitive environment. In the changing environment, the human factor has become more important than ever before. Organizational are becoming increasingly dependent on people as business tends to the more complex and diverse. HRM today is not only slogan but has become economic necessity. ...read more.

Middle

* RE- strengthening mutual faith, trust and respect. * Including a spirit of learning and enjoying challenges. * Developing Human Resource through virtual learning , providing opportunities for growth , inculcating involvement and exposure to benchmarking in performance. ROLE OF HR * Alignment of HR vision with corporate vision. * Shift from support group to strategic partner in business operations. * Enhance productivity and performance by development employee competency and potential. * Development professional attitude and approach. * Developing "Global Managers" for tomorrow to ensure the role of global players. A MOTIVATED TEAM HR policies at ONGC revolve around the basic tenet of creating a highly motivated. Vibrant and self driven team. The company cares for each and every employee and has in built systems to recognize and reward them periodically. Motivation plays and important role in HR development. In order to keep its employees motivated the company has incorporated schemes such as Reward and Recognition Scheme, Grievence Handling Scheme and Suggestion Scheme. * Incentive scheme to Enhance Productivity. * Productivity Honorarium Scheme * Job incentive * Quarterly Incentive * Reserve Establishment Honorarium * Roll out of Succession Planning Model for identified key positions. * Group incentives for cohesive team working, with a view to enhance productivity. TRAINING AND DEVELOPMENT An integral of ONGC's employee-centered policies is its thrust on their knowledge up gradation and development. The institute of Management Development, which has an ISO 9001 certification, along with 7 other training institute, play a key role in keeping our workforce at pace with global standards. The institute of Management is the premier nodal agency responsible for developing the human resource of ONGC. It also focus on marketing its HRD expertise in the field of exploration & production of Hydrocarbons. ONGC's sports Promotion Board, the apex body, has a comprehensive Sports Policy through which top honors in sports at national and international level have been achieved. ...read more.

Conclusion

In a competitive environment like the present one should be well prepared, plan the act according to well laid out strategy and adapt to the requirement and demands of the situation of develop competencies like job related skills and knowledge so that they contribute to their fullest to the organizational efficiency and be able to cope with the pressure changing environment. Suggestion SUGGESTION * Based on the study the following suggestions are being made to strengthen the presence PAS in ONGC for improving the performance efficacy of its human resources which are vital elements for achieving the objectives and targets in the competitive and dynamic environment. * Performance Appraisal format needs up gradation and should identify the development needs of the employees. It should be made both evaluative and development oriented in nature. * Counseling should be taken seriously by appraisee and appraiser and it should be done more frequently to attain the development goal of PAR system. * Globalization and liberalization in India is al comparatively recent phenomenon so most of the industries are not well equipped to face the challenges of changing environment and building a competitive edge. Specific training programmes are to be designed and development for inculcating such skills in the employees. * Training p rogrammes on organization development should be organized at all levels and specific thrust on productively improvement and cost techniques shall be placed in training progremmes. There should be a consistent policy regarding the training and the need should be considered seriously as per the recommendation in the PAR form. * Periodic organizational diagnoses survey need to be carried out to asses the organization health and to suggest remedial measures in case of any observed organization pathology. * Accountability and fixing of responsibility is one area in ONGC that is week and needs special consideration. Single point responsibility and accountability need be defined and fixed unambiguously. * Develop a cultural system where things do not move on the basis of bureaucratic definitions or boundaries but on operational priorities for improving the productivity of ONGC. ...read more.

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