A STUDY ON TARGET BASED PERFORMANCE APPRAISAL OF FINANCIAL ADVISORS IN METLIFE INDIA INSURANCE CO.

LTD, VELLORE

INTRODUCTION:
Human resource in the sense of getting things done through people is an essential part of every managers responsibility, but many organizations find it advantageous to establish a specialist division to provide an expert service dedicated to ensuring that the human resource function is performed efficiently. People are our most valuable asset is a word, which no member of any senior management team would disagree with. Yet, the reality for organizations is that their people remain undervalued, undertrained and underutilized. Performance appraisal is the process of obtaining, analyzing and recording information about the relative worth of an employee. The focus of the performance appraisal is measuring and improving the actual performance of the employee and also the future potential of the employee. Its aim is to measure what an employee does. TARGET BASED PERFORMANCE APPRAISAL: Target based performance appraisal is to improve the performance of the financial advisors in a MetLife India Insurance. Every advisor is having their targets to achieve goals. According to their targets there will be performance appraisals. Appraisals can be made through various systems. If the target is in higher level there will be a higher or lower appraisals, if the target is low the appraisals can be a low or high. Even though any type of targets the appraisals are followed equally in the organizations. In every organization there will be a target based performances that is followed for every employees. Every employee in organizations having their own targets or the company

targets. If an employees achieved their target they get appraisals like gifts, promotions etc. for every organizations the target performance appraisal system is important. Insurance is a subject listed in the union list in the seventh schedule to the constitution of India where only centre can legislate. The insurance sector has gone through a number of phases by allowing private companies to solicit insurance and also allowing FDI of up to 49%, the insurance sector has been a booming market. However, the largest life-insurance company in India is still owned by the government. In insurance sector the target based performance appraisals are differ from other sectors. In this sector both the employees and advisor are having their own targets. The target is achieved then there is appraisals like incentives, performance based pay, gifts etc. The rating system is used in appraising the employees and the advisors in the insurance sectors. Not only are the insurance sectors the other appraisal systems also used in evaluating the employees performances. All the sectors in the business world and all the organizations are using the targets and according to their targets the performances of the employees are evaluated. From this study the we go to find that the effectiveness of the performance appraisals and the factors that influences on the performance of the financial advisors.

SCOPE OF THE STUDY:

This study was taken only to MetLife India insurance co.ltd, Vellore branch. This study finds the way to financial advisors, to increase their commitment level for their target performance jobs. This study finds the way to motivate the financial advisors to perform well and engaged themselves in their job. This study provides the training for the financial advisors to develop themselves and the organization.

OBJECTIVE OF THE STUDY:

To know the reasons and factors influences the financial advisors in their performances. To investigate the effects of target based performances of financial advisors performance. To study present appraisal system followed for financial advisors. To make suggestions about the performance of financial advisors.

NEED OF THE STUDY:

Through this study the real talent of financial advisors will be judged. So, this performance appraisal is needed. Today every organization needs an effective employee. So, those employees will be utilized at the fullest level. If financial advisors do not perform well, he will perish; it results in an organization which perishes in the market. So, the study was taken to improve the performance of the financial advisors, according to their targets.

LIMITATIONS OF THE STUDY:

Number of sample size is less due to the time constraint. Many respondents did not give response during the data collection. Communication is one of the factor which is hard during the sample size is taken.