Have you ever received a performance review at the end of the year? Or have you seen your HR manager and supervisors so happy to give a performance review at the end of the year? If you answered yes to one of the questions above, then you may want to question the rationality and justification of the review in respect to your 365 days of work filled with ups and downs. Imagine only one event overshadows all the good works you have been doing; how then do you justify “performance management?”
Performance management – I call it the “sacred sacrifice”. Let me share this story. In early 2012, I had the opportunity to be a member of a performance appraisal team that was going to appraise a group of employees in a medium size company in Canada – it was going to be my first-hand experience with the “sacred sacrifice”. The HR manager, a professional lady (who boasted to have studied in Imperial College, UK; and Harvard University, USA, was going to lead the appraisal.
Here is what struck me as a surprise, she was going to use same measure to appraise the employees in the Sales department and those in Finance department! She succeeded in using “objectivity criterion” for all employees. My attempt to correct her on this fallacy almost cost me my internship. The summary: shortly after the appraisal, 12 employees in the Finance department left the organization – they were trained and certified accountants. She almost lost her job though. Why? Because the thresholds and parameters for managing sales performance are not the same as managing finance.
Today, it is common to see such occurring. Ideally, I support performance appraisal but if it must be done, it should be done in fairness, and must be timely. In fact, HR managers have to work with the immediate supervisor(s) of the employee to give the review. I do believe that HR role should be rather reactive than proactive – you may argue this. In my sojourn in this discipline, I found that HR doesn’t really have any deep insight as to how an employee perform their works – it is usually the immediate supervisor and peers who are in custody of this knowledge. So how can HR wake up one morning and appraise an employee for all the works he or she did in the course of the year? That argument is lost and it even shows the various inefficiencies in handling performance appraisal.
Aside the reviewer being a problem which many experts have pointed out, another major problem I have found (having done this in four different situations) is that many managers use objective criterions to appraise an employee who ought to have been appraised by subjective criterions, and vice-versa; or even use them together. In fact, the very mistake my HR Manager made which saw 12 competent employees leave the company.
In my own human resource literature, giving performance appraisal is designed to help you improve, so taking the traditional process completely out will not happen now or soon. The only thing we see is that new technologies are being used to aid the process – the key is still “getting it right”, and this can only be achieved through a some factors such as re-educating and re-investing in the managers.
I do believe that the onus before HR is to work hand in hand with supervisors or develop a system that will allow supervisors and managers to be able to give a feedback on an employee after each task or work performed. HR can then, use these information to make judgement rather than this one on one sitting at the end of the year. Either-way, I do know for sure that traditional approach will be around for a little longer but what matters is ensuring that the feedback is proactive and allows for development not just criticism.
Tony Elumelu Receives Licence to Kick Start Heirs Insurance Limited, Heirs Life Assurance Ltd
The Chairman of Heirs Holdings, Tony O. Elumelu, on Friday said the company has received operating licences from the National Insurance Commission (NAICOM) for its two new insurance companies, Heirs Insurance Limited (HIL) and Heirs Life Assurance Limited (HLA).
The Chairman disclosed this on his social media page.
In his words, he said “I am proud to announce that the Nigerian Federal Government, through the insurance regulator, the National Insurance Commission (NAICOM), has officially issued the operating licences for our new Group insurance companies – Heirs Insurance Limited (HIL) and Heirs Life Assurance Limited (HLA).
“This represents an important milestone of a long-term strategic journey in providing much needed, quality, & valuable financial services, to a broad demographic in Nigeria. Insurance should not be a luxury, and just as we have democratised other sectors, we will democratise insurance – applying our tried & tested business philosophies.
“Fueled by the determination to improve lives & leave a legacy in the African private sector, we have embarked on this journey to revolutionise the insurance space – deploying technology, customer understanding & operational excellence.
“It has been a five-year journey, but with the optimism & the resilience that have brought us this far, it has been worth the wait.
“I would like to warmly thank our new CEOs—Dr. Adaobi Nwakuche, MD/CEO of Heirs Insurance and Niyi Onifade, MD/CEO of Heirs Life Assurance, our Board members, regulatory partners, those who have believed in this dream, despite the obstacles, & those who have cheered us on.”
This is coming barely two weeks after Mr. Elumelu announced Transcorp has acquired Afam Power for N105 billion.
Ndubuisi Ekekwe Moves to Deepen Capabilities Through Free Weekly Business Lessons
In a bid to deepen business and individual capabilities across the African continent, Prof. Ndubuisi Ekekwe, Founder of Fasmicro and the Lead faculty, Tekedia Institute, on Sunday said he will commence free business lessons to enhance accumulation of capabilities.
In a message forwarded to all members of the platform, Tekedia.com, Prof. Ekekwe, explained that when businesses accumulate capabilities, they move upstream and create new competitive tentacles which eventually form the foundation of their growth.
“More so, because of the capabilities, they protect their market shares through strategic moats against competitors and new entrants,” he stated.
Prof. Ekekwe plans to send out two business lessons per week to engage Tekedia’s growing community on the mechanics of business systems. “Each piece would be prepared to pass across a business lesson.”
Prof. Ndubuisi Ekekwe writes regularly in the Harvard Business Review and has spoken at global events — explaining and teaching the mechanics of business systems and nation-building.
To start receiving his free business lessons sign up here.
FG Introduces NEXIT Portal for Npower Batch A and B Beneficiaries
The Federal Government has introduced a new online portal for exited Npower beneficiaries of batch A and B.
According to the Minister for Humanitarian Affairs, Sadiya Farouq, the portal was launched in collaboration with the Central Bank of Nigeria (CBN) to enable exited Npower beneficiaries apply for available federal government empowerment options.
This was disclosed in a statement issued by Nneka Anibeze, the media aide to the minister, on Friday.
The ministry said the NEXIT portal will be used to determine the suitability of exited beneficiaries for various CBN-affiliated programmes.
She explained that selection will be based on the conditions and criteria set by the apex bank.
Ms Farouq, therefore, urged interested exited Npower beneficiaries to log on to the NEXIT portal and provide the required additional information for possible placements into central bank’s intervention options.
“The Minister expressed her deep appreciation to the CBN Governor Mr Godwin Emefiele CON for his support adding that the Ministry of Humanitarian Affairs remained committed to the vision of Mr President to lift 100 million Nigerians out of poverty in the next 10 years.
“Minister Umar Farouq pledged the Ministry’s willingness to collaborate with relevant agencies of government and other stakeholders towards the realization of that vision and congratulated the exited beneficiaries while wishing them well in their future endeavours.
“The Federal Government of Nigeria is very proud of the milestones you have achieved during your period of service to the nation. As we prepare to exit into prospective endeavours.”
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