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Hrm in Multinational Banks in Tanzania

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1. Describe the performance management and appraisal system adopted by Citibank.
Ans. In today’s economy more and more organizations are focusing their attention on enhancing performance and increasing profitability. To accomplish these goals, they need to ensure their employees focus their attention on behaviours that drive organizational success. Citibank also implemented a structured performance management and appraisal system in order to provide a mechanism for ongoing feedback and development. The Citibank followed a performance scorecard every year to find out the progress of each of their employee in order to assess his or her performance.
The implemented performance scorecard specifies goals and measures manager’s performance in 6 areas: * Financial measures * Strategy implementation * Customer satisfaction * Control measures * People * Standards
The primary purpose of the balanced scorecard is to set goals and allow managers to complete well-rounded performance reviews using both quantitative and qualitative measures. While financial measures are important in analyzing performance of the bank, they do not provide any insight into non-quantifiable measures that can be equally important in performance assessment. In addition, the balanced scorecard forces employees to adopt a broader view of the business and concentrate not only on financial measures, but on measures that are truly important to the success of the company. In the service industry, customer satisfaction is a particularly important measure in determining how the company is doing. A high level of customer service is a significant component of Citibank’s strategy in California. Frit Seegers sees it as a leading indicator of future financial performance of the bank. From the past experiences, it was determined that customer satisfaction ratings do not follow the same

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