Write short note on Limitation of traditional appraisal method.
Answers
After the organization has strategies in place to reach its goals, funds are set aside for the necessary resources and labor.
As money is spent, statements are updated to reflect how much was spent, how it was spent, and what it obtained. Managers use these financial statements, such as an income statement or balance sheet, to monitor the progress of programs and plans.
Financial statements provide management with information to monitor financial resources and activities. The income statement shows the results of the organization's operations over a period of time, such as revenues, expenses, and profit or loss.
The balance sheet shows what the organization is worth (assets) at a single point in time, and the extent to which those assets were financed through debt (liabilities) or owner's investment (equity).
Explanation:
✔️Traditional Methods of Performance Appraisal. Definition: The Performance Appraisal is a periodic evaluation or the assessment of the employee's job performance against the pre-established standards such as quality and quantity of output, job knowledge, versatility, supervision, leadership abilities, etc.
✔️Performance appraisal has three basic functions: (1) to provide adequate feedback to each person on his or her performance; (2) to serve as a basis for modifying or changing behavior toward more effective working habits; and (3) to provide data to managers with which they may judge future job assignments and ...