Designing and Implementing Performance Management in Sri Lanka's Largest Private Sector Commercial Bank
Sri Lanka’s largest private sector commercial bank operating across retail, corporate, international banking and treasury and project financing.
The Performance Management System (PMS) at the bank was over a decade old. There was ambiguity amongst employees in terms of what is required from them on the job and how the same is measured. It was considered vague and ad-hoc. There was a need to:
- Put in place clear job roles and a competency framework to make employees appreciate what is required of them in their job and what success means
- Have an unambiguous and non-biased system for performance assessment and rewards, linked to other HR processes in the organization
- Upfront diagnosis to really understand the issues and the challenges facing the organization going forward (visionary interviews with top leaders and focus group discussions with a microcosm of team members)
- Developed leadership competency framework (jointly worked with internal key executives to identify key competencies and behavior indicators for various proficiency levels)
- Designed Performance Management System with clear goal setting process, capturing of stakeholder inputs (beyond immediate manager) and clear linkage to rewards and career progression
- Supported in drafting of annual goals with clearly differentiated KRA, KPI and targets for 10 critical roles
- Competency framework well received and rolled out starting with the Performance Management System. Plans made to incorporate in Recruitment and Training and Development in the next stage.
- The bank met its objective of an innovative PMS, in line with its value of being futuristic and employee centric through a transparent process with multiple checks built in
- SHRM is currently supporting in roll out and implementation of the PMS and also working on restructuring of the reward and recognition framework for the bank
An organization run by AI is not a futuristic concept. Such technology is already a part of many workplaces and will continue to shape the labor market and HR. Here's how employers and employees can successfully manage generative AI and other AI-powered systems.
Related Content
Learn how Marsh McLennan successfully boosts staff well-being with digital tools, improving productivity and work satisfaction for more than 20,000 employees.
The proliferation of artificial intelligence in the workplace, and the ensuing expected increase in productivity and efficiency, could help usher in the four-day workweek, some experts predict.
As artificial intelligence technology continues to develop, the demand for workers with the ability to work alongside and manage AI systems will increase. This means that workers who are not able to adapt and learn these new skills will be left behind in the job market.