Advise GA Pensions of $3$ suitable approaches that could be used to manage performance management. assess the advantages and disadvantages of each "Performance appraisal methods

There are many types of performance appraisal methods you can base your employee evaluations on$.$ The one best suited for your company depends on the size of your company, goals, and organizational culture. Let$$s take a look at $6$ of the most common performance appraisal methods.

$1.$ Management by Objectives $($MBO$)$

Managers and employees work together to establish objectives and goals. Periodically, they discuss progress and identify areas where the employee needs to improve.

Pros: Employees appreciate being a part of the process, goals are more realistic because collaboration between managers and employees takes place, and it is easier to measure quantitative and qualitative data.

Cons: A strong focus on the objectives might translate into ignoring other parts of work, like employee conduct and organizational culture. It$$s also time$-$consuming to implement and execute.

$2.360-$degree feedback

$360-$degree feedback involves receiving performance ratings and feedback from coworkers, managers, vendors, and even customers. Managers then use this information to assess employee performance.

Pros: Helps improve communication and performance and is an excellent leadership development tool.

Cons: Obtaining feedback may be difficult. There$$s often a lack of follow$-$up and insufficient alignment with the company strategy.

$3.$ Peer review

The peer review method relies on the feedback of fellow coworkers to measure performance. Team members who work closely with the employee and know their strengths and weaknesses usually provide the feedback.

Pros: Peers best understand an employee$$s strengths and weaknesses

Cons: Personal feelings may interfere with objective feedback

$4.$ Behaviorally Anchored Rating Scale $($BARS$)$

The Behaviorally Anchored Rating Scale $($BARS$)$ method uses a predefined set of performance standards with specific behaviors describing each level of performance. Employee performance is then rated compared to the standards.

Pros: Clear standards, consistent, impartial, and easy$-$to$-$use once implemented.

Cons: Expensive, time$-$consuming, and complex to develop and implement.

$5.$ Graphic Rating Scale

The Graphic Rating Scale method uses a list of desired behaviors for each role and rates employees on each trait. Examples of traits include teamwork, time management, accountability, and job skills.

Pros: Easy$-$to$-$use, quantifiable, and cost$-$effective.

Cons: Subjective, difficult to weigh which traits are worth more than others."