Effective Performance Appraisal Systems and Employee Motivation and Retention

What is it about?

Healthy economic development requires properly managing the banking industry of any country. Along with state-owned banks, private banks play a critical role in the country's economy. Managers in all types of banks now confront the same challenge: how to get the utmost output from their employees. Therefore, Performance appraisal appears to be inevitable since it set the standard for comparing actual performance to established objectives and recommending practical solutions that help the organization achieve sustainable growth. Therefore, the purpose of this research is to determine the effect of performance appraisal on employee motivation and retention.

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Why is it important?

Managers in all types of banks encounter the same challenge: how to take full advantage of their workforce. As a result, performance appraisal appears to be inescapable. People will naturally, informally, and indiscriminately defend the job performance of others, even subordinates, without the presence of a properly planned procedure of appraisal. Without a systematic assessment system, the human tendency to judge can result in severe motivating, moral, and regulatory problems in the workplace. Without a systematic assessment system, there is no way to ensure that the decisions made are legitimate, equitable, rational, and reliable. In light of this, the focus of this research is to find out how performance appraisal affects employee motivation and retention in the private banking industry of Bangladesh.

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