SUMMER TRAINING PROJECT REPORT

ON

“360 DEGREE PERFORMANCE APPRAISALS”

LUCKNOW
SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE

AWARD of the Degree from

MASTER OF BUSINESS ADMINISTRATION (MBA)
SUBMITTED BY:
MOHD ZEESHAN
Roll No. - 1853870018
MBA – III Semester

THE GUIDES AT THE INSTITUTE LEVEL:

Mr. Anand Singh
(Faculty and co-ordinator)

CODE-538

AKS MANAGEMENT COLLEGE, LUCKNOW

1
 ACKNOWLEDGEMENT
With immense pleasure, I would like to present this project report to Telecom sector It has
been an enriching experience for me to undergo my report at Telecom sector , I take this
opportunity to thank all those who have helped and inspired me during the course of my
project which the successful completion of project would not have been possible.

I wish to record my deep sense of gratitude and profound thanks to my company guide,
Mr. Hari Mohan Singh for his valuable guidance throughout this project, and for providing
me the necessary facts and data relevant to this study.
I would like to give heartily thanks to AKS Management College, Lucknow, Who have
given us an Opportunity to learn something practical apart from books by including the in-
plant training in our MBA programme.
I also express my gratitude to Mr. Anand Singh (Co-ordinator) my faculty guide who has
been a constant source of encouragement to me and has been instrumental
in bringing about the successful completion of this project.
I am thankful to all the employees of Telecom sector, for their help and suggestions in
conducting this study. And above all, I thank the Almighty God for helping me to complete
this work successfully. I am thankful to my parents for their unfailing support and warm
wishes. Lastly I take this opportunity to my friends, who chipped-in with some valuable
suggestions for the betterment of this project. Lastly, My parents for their moral and financial
support and my colleagues with whom I shared my day-to-day experience and received lots
off suggestions that improved my work quality

2
 DECLARATION
This is to declare that I, Mohd Zeeshan (Roll No. 1853870018) student of
MBA, 3rd semester, have personally worked on the project entitled “360
DEGREE PERFORMANCE APPRAISALS” The data mentioned in this
report were obtained during genuine work done and collected by me. The data
obtained from other sources have been duly acknowledged. The result
embodied in this project has not been submitted to any other University or
Institute for the award of any degree.

Date: ` Mohd Zeeshan

Place: Lucknow Roll No. - 1853870018
 ABSTRACT:

360 - degree appraisal is a powerful multi-dimensional competence development tool that

draws upon the knowledge of an individual within his own circle of influence: supervisors,
peers, and direct reports. The argument for multi-dimensional performance feedback is
discussed in the areas of factors that have changed the role of competence as we have moved
from the Industrial Age/Cold War to Globalization and the Information Age. A review of
successful organizations reveals that many are using 360 – degree appraisal for modern
competence development, reinforced by similar systems for administrative performance
appraisal. Research on 360 - degree appraisal reveals effectiveness conditions, design and
implementation considerations, and some categories of potential benefits. The article ends
with strong recommendations for the use of 360 - degree appraisal for both competence
development and administrative appraisal.
 EXECUTIVE SUMMARY
For a management student, internship training plays an important role during his/her study.
Training provides a corporate or real world platform to learn practically. MBA degree
without any training or corporate world experience is just like food without salt. So industrial
training provides a great learning experience about management concepts and its applications.
This project entitled “360 DEGREE PERFORMANCE APPRAISALS” The aimed at
studying the Performance appraisal on employees of any organization are very important
functions because these decide the most suitable manpower which steers the industry to its
desired goals.
This project was undertaken as a part of the curriculum of MBA course, which is compulsory
for each student to have the training in any organization to their respective specialization, as
to gain first-hand knowledge of the organization. This exposure enables the trainees to learn
effective and efficient ways and means to solve the real problems faced by the organization
and also to understand its dynamics.
 TABLE OF CONTENT

INTRODUCTION
COMPANY PROFILE
INDUSTRY PROFILE
OBJECTIVE OF STUDY
RESEARCH METHODOLOGY
DATA ANALYSIS AND INTERPRETATION
PROBLEM AND LIMITATIONS
FINDINGS
CONCLUSION
RECOMMENDATION AND SUGGESTION
BIBLIOGRAPHY
ANNEXURE
INTRODUCTION
 INTRODUCTION

PERFORMANCE APPRAISAL

In today’s changing and volatile world organizations are continually looking for ways to
improve performance, and satisfy the demands of all stakeholders. Achieving this almost
inevitably involves change, which then becomes the pivotal dynamic for success. For an
organization to evolve the people working within it will have to adapt; and for this to be
successful, they first of all need to know what it is about the way they are currently
performing that needs to change. This is where 360 degree feedback is playing a growing role
in organizations through its ability to provide structured, in depth information about current
performance and what will be required of an individual in the future to enable detailed and
relevant development plans to be formulated. Professionally managed, 360 degree feedback
increases individual self-awareness, and as part of a strategic organizational process it can
promote:

 increased understanding of the behaviors required to improve both individual and

organizational effectiveness.
 more focused development activities, built around the skills and competencies
required for successful organizational performance.
 increased involvement of people at all levels of the organization.
 increased individual ownership for self-development and learning.
 increased familiarity with the implications of cultural or strategic change.

Typically, performance appraisal has been limited to a feedback process between employees
and supervisors. However, with the increased focus on teamwork, employee development,
and customer service, the emphasis has shifted to employee feedback from the full circle of
sources depicted in figure 1. This multiple-input approach to performance feedback is
sometimes called “360-degree assessment” to connote that full circle.

360 - degree appraisal is a questionnaire-based process that gathers structured feedback from
a number of sources about the behavior and style of an individual or team at work. For each
individual, questionnaires on observable behaviors are completed by the individuals
themselves, by the staff they manage, their peers, their customers and their boss. The results
are compiled into a feedback report, in which data from each source is presented separately.
This is provided to the individual who then plans how to build on competencies and improve
personal performance. Research has shown that the reliability, fairness and acceptability of
the feedback process are increased when the input is drawn from multiple sources.

Competencies are requisite human capabilities for an organization to maintain and develop
competitive edge. These have casual relationship with effective and/or superior performance
in a job situation, and therefore are predictive for an individual’s behaviour/performance.

Many organizations have performance-appraisal system. These usually operate on an annual

basis and involve an interview with the line manager and use of pre-interview question sheet.
Most criticisms of this system stem from the use of measures which are very difficult to
assess and of rating scales which generally lead to assessors taking the ‘middle-road’ as an
easy opinion. Competence-based assessment as the basis of performance appraisal provides a
more specific measure of performance. To use the full potential of competence based
assessment within performance appraisal often requires a complete rethinking of the existing
process and a broader view of appraisal as one part of a wider performance management
system.
Performance is art in which the actions of an individual or a group at a particular place and
in a particular time constitute the work. It can happen anywhere, at any time, or for any
length of time. Performance art can be any situation that involves four basic elements: time,
space, the performer's body and a relationship between performer and audience. It is opposed
to painting or sculpture, for example, where an object constitutes the work. Of course the
lines are often blurred. For instance, the work of Survival Research Laboratories is
considered by most to be "performance art", yet the performers are actually machines.

Although performance art could be said to include relatively mainstream activities such as
theater, dance, music, and circus-related things like fire breathing, juggling, and gymnastics,
these are normally instead known as the performing arts. Performance art is a term usually
reserved to refer to a kind of usually avant-garde or conceptual art which grew out of the
visual arts.

Performance art, as the term is usually understood, began to be identified in the 1960s with
the work of artists such as Yves Klein, Vito Acconci, Hermann Nitsch, Chris Burden, Carolee
Schneemann, Yoko Ono, Joseph Beuys, Wolf Vostell and Allan Kaprow, who coined the
term happenings. But performance art was certainly anticipated , if not explicitly formulated,
by Japan's Gutai group of the 1950s, especially in such works as Atsuko Tanaka's "Electric
Dress" (1956) [1]. In 1970 the British-based pair, Gilbert and George, created the first of their
"living sculpture" performances when they painted themselves gold and sang "Underneath
the Arches" for extended periods. Alongside pioneering work in video art by Jud Yalkut and
others, some performance artists began combining video with other media to create
experimental works like those of Chicago's Sandra Binion, who elevated mundane activities
like ironing clothes, scrubbing steps, dining and doing laundry into living art. Binion has
performed all over the world and is highly regarded as an artist in Europe.

PLANNING
Planning in Telecom sector process of creating and maintaining a plan; and the
psychological process of thinking about the activities required to create a desired goal on
some scale. As such, it is a fundamental property of intelligent behavior. This thought process
is essential to the creation and refinement of a plan, or integration of it with other plans, that
is, it combines forecasting of developments with the preparation of scenarios of how to react
to them.
The term is also used to describe the formal procedures used in such an endeavor, such as the
creation of documents diagrams, or meetings to discuss the important issues to be addressed,
the objectives to be met, and the strategy to be followed. Beyond this, planning has a
different meaning depending on the political or economic context in which it is used. Two
attitudes to planning need to be held in tension: on the one hand we need to be prepared for
what may lie ahead, which may mean contingencies and flexible processes. On the other
hand, our future is shaped by consequences of our own planning and actions.

"Take hold of the future or the future will take hold of you." Patrick Dixon, author of
Futurewise
 OVERVIEW

What should a plan be?

A plan should be a realistic view of the expectations. Depending upon the activities, a plan
can be long range, intermediate range or short range. It is the framework within which it must
operate. For management seeking external support, the plan is the most important document
and key to growth. Preparation of a comprehensive plan will not guarantee success, but lack
of a sound plan will almost certainly ensure failure.

PURPOSE OF PLAN

Just as no two Telecom sector are alike, so also their plans. It is therefore important to
prepare a plan keeping in view the necessities of the enterprise. A plan is an important aspect
of business. It serves the following three critical functions:

1. Helps management to clarify, focus, and research their businesses or project's

development and prospects.
2. Provides a considered and logical framework within which a business can develop
and pursue business strategies over the next three to five years.
3. Offers a benchmark against which actual performance can be measured and
reviewed.

IMPORTANCE OF THE PLANNING PROCESS

A plan can play a vital role in helping to avoid mistakes or recognize hidden opportunities.
Preparing a satisfactory plan of the Telecom sector is essential. The planning process enables
management to understand more clearly what they want to achieve, and how and when they
can do it.

A well-prepared business plan demonstrates that the managers know the business and that
they have thought through its development in terms of products, management, finances, and
most importantly, markets and competition.
Planning helps in forecasting the future, makes the future visible to some extent. It bridges
between where we are and where we want to go. Planning is looking ahead.
 TYPES OF PLANS OR PLANNING

 Architectural planning
 Business plan
 Comprehensive planning
 Enterprise Architecture Planning
 Event Planning and Production
 Family planning
 Financial planning
 Land use planning
 Life planning
 Marketing plan
 Network resource planning
 Strategic planning
 Urban planning
Planning basics

Essentials of planning is not done off hand. It is prepared after careful and extensive research.
For a comprehensive business plan, management has to

1. Clearly define the target / goal in writing.

1. It should be set by a person having authority.
2. The goal should be realistic.
3. It should be specific.
4. Acceptability
5. Easily measurable
2. Identify all the main issues which need to be addressed.
3. Review past performance.
4. Decide budgetary requirement.
5. Focus on matters of strategic importance.
6. What are requirements and how will they be met?
7. What will be the likely length of the plan and its structure?
8. Identify shortcomings in the concept and gaps.
9. Strategies for implementation.
10. Review periodically.
 Applications

In Telecom sector

Planning is also a management function, concerned with defining goals for future Telecom
sector performance and deciding on the tasks and resources to be used in order to attain
those goals. To meet the goals, managers may develop plans such as a business plan or a
marketing plan. Planning always has a purpose. The purpose may be achievement of certain
goals or targets. The planning helps to achieve these goals or target by using the available
time and resources. To minimize the timing and resources also require proper planning.

In Pvt. Policy

Planning refers to the practice and the profession associated with the idea of planning an idea
yourself, (land use planning, urban planning or spatial planning). In many countries, the
operation of a town and country planning system is often referred to as 'planning' and the
professionals which operate the system are known as 'planners'....... Planning: Planning is a
process for accomplishing purpose. It is blue print of business growth and a road map of
development. It helps in deciding objectives both in quantitative and qualitative terms. It is
setting of goals on the basis of objectives and keeping in view the resources.

It is a conscious as well as sub-conscious activity. It is “an anticipatory decision making

process” that helps in coping with complexities. It is deciding future course of action from
amongst alternatives. It is a process that involves making and evaluating each set of
interrelated decisions. It is selection of missions, objectives and “translation of knowledge
into action.”

A planned performance brings better results compared to unplanned one. A Managers’ job is
planning, monitoring and controlling. Planning and goal setting are important traits of a
Telecom sector It is done at all levels of the Telecom sector Planning includes the plan, the
thought process, action, and implementation. Planning gives more power over the future.
Planning is deciding in advance what to do, how to do it, when to do it, and who should do it.
It bridges the gap from where the Telecom sector is to where it wants to be. The planning
function involves establishing goals and arranging them in logical order. Two or more than
erp systems are available for any planning decision
 PERFORMANCE APPRAISAL
Performance appraisal or merit rating is one of the oldest and most universal practices of
management. Performance appraisal is a method of evaluating the behavior in the works pot,
normally including both the quantitative and aspects of job performance.
A formal defining by C. Heyel is as following:-
“Performance appraisal is the process of evaluating the performance & qualification of the
employees in term of the requirements of the job for which he is employed for the purpose of
administration including placement, selection for promotion, providing financial rewards &
other action which require differential treatment among the member of a group as
distinguished from action affecting all members equally.”
According to Dale S. Beach: “Performance appraisal is the systematic Evaluation of the
individual with regard to his or her performance on the job & his potential for development.”
According to Shubin: “evaluation is a systematic appraisal of the employee’s personality
traits & performance on the job & is designed to determine his contribution & relative worth
to the firm.”
According to Deal Yoder: “All formal procedures used in working Telecom sector to
evaluate personalities & contributions & potentials of group member.”
A formal definition of Performance appraisal is that, “It is the systematic evaluation of the
individual with respect to his or her performance on the job & his potential for development.”
A more Comprehensive definition is, “Performance appraisal is a formal structured system of
measuring & evaluating an employee’s job, related behaviors & outcomes to discover how &
why the employee is presently Performing on the job & how the employee can perform more
effectively in the future so that the employee, Telecom sector & society all benefit.”Under
Performance appraisal we evaluate not only the performance of a worker but also his
potential for development.
 PERFORMANCE APPRAISAL

U
R PERFORMANCE APPRAISAL
R KRAs Routine Responsibilities Competencies
T
R
E
A
T
M Performance & development Planning
E
N
S
T
R
E
T
C Mid Year Review
H

T
O Feedback & coaching
O
T
L Final Review
O R
O E
L V
S I
Final Score E
O W
F E
R
M
N
A
O
R
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A
L Final Performance Rating
I
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A
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I
O DEFINATION OF PERFORMANCE
N

Definition of performance in MAP is based up on Key Result Areas of KRAs and Routine
Responsibilities.
 KRAs are ‘critical outcomes towards which effort is directed to achieve desired
business results.’
 Routine Responsibilities are ‘significant on-going tasks or outcomes that are
undertaken or delivered on day-to-day basis.’
 KRAs Routine Competencies
Responsibilities

Performance Plan Development Plan

Performance & Development Plan

Unique Role and Responsibility (URR) templates provide the KRAs, relative weight of
KRAs and Routine Responsibilities, the competencies and their required proficiency levels
for a role. The URR Template in MAP helps deliver consistency and clarity. On expected
performance measures to Appraiser’s and Appraisers alike.
MAP allows the Appraisee to define the performance measures applicable to the Appraisee’s
situation using combination of KRAs and Routine Responsibilities.
The achievement against targets sets for each of these will together constitute the Appraisee’s
Performance Plan in the Performance Cycle or Period.
 FEEDBACK AND COACHING
The process of continuous Feedback and coaching is an inherent and critical part of MAP.
The Mid Year and Final Reviews are specifically focused on Feedback and Coaching and
hence require the Appraisee and the Appraiser to have a formal feedback session.For
feedback and Coaching to be truly effective, it should be provided and received on an on-
going basis. When used effectively, Feedback & Coaching is a powerful means of positively
impacting performance.
Feedback and Coaching helps an Appraiser in both obtaining information and providing
inputs on how an Appraisee is performing and whether or not he/she is headed in the right
direction. It is also an opportunity for the Appraisee to solicit resources and help that may be
required for enhancing his/her performance.

Most people are comfortable in providing positive feedback. However, they are hesitant to
initiate a conversation that involves sharing of negative or unpleasant performance related
information. Such hesitation needs to be overcome, considering the importance of feedback
in correcting the performance level of the Appraisee, and the consequent benefit to the
Appraisee’s career.
 Long term impact performance

Coaching

Feedback

Information

Coaching impacts Performance

Feedback

 Positive feedback
 Corrective feedback
 Feedback focused on identifying obstacles to performance
 Feedback for the purpose of sharing information.
Performance Cycle at a Glance
A Performance Cycle refers to the year for which your performance is being evaluated.
The Performance Cycle of MAP is one year coinciding with ICICI Bank India Pvt Ltd.’s
financial year.
MAP follows an April to March cycle and consists of three Key phases:
1. Performance and Development Planning
2. Mid Year Review
3. Final Review
The figure below provides an overview of the Performance Cycle with key dates for each
phase.

Unit/business Sector Draft Budget End February

Offline Performance Planning

Normalision & score

March-Mid April

Appraiser
ONGOING
FEEDBACK
Final Review &
Appraise Feedback

Mid Year
Review

In certain cases, such as those involving a mid-cycle change in role to transfers etc, an
Appraisee may be more than one Performance Plan in a Performance Cycle. The period that
each Performance Plan covers is referred to as the Performance Period for that Performance
Plan.
 PERFORMANCE AND DEVELOPMENT PLANNING
The performance& Development Planning phase of MAP is initiated in March, upon the
finalization of the draft budget Telecom sector Unit business objectives and development
initiatives will be derived from this and cascaded to your Performance Planning.
The Appraisee will be assigned a URR based on the role that he/she performs. The template
will provide the Appraisee the relevant KRAs and Routine Responsibilities. The Appraisee
will use the built-in-flexibility to develop the Performance Plan suited to his/her situation.
Performance and Development Planning Process

Appraiser will complete Appraiser will review identify Appraisee will set Targets
assign relevant URR to flexible KRAs and write Optional & develop Action Plan for
Appraisee KRAs if required each KRA

Appraiser will assign

Percentage weight age to each Appraisee will define
Appraisee will draw- up KRA & Routine routine responsibility
Development plan Responsibility out of total of & develop Actions
100% for each section Plans

Appraisee will submit

Performance & Development Plan
& Finalize Performance &
Targets using Stretch Tool
Appraiser will discuss
development plan to
Appraiser
off
reviewer for Sign-
finalized plan to
Appraiser will send

Final Performance &

Development plan for the
Appraisee
 CREATING PERFORMANCE PLAN
1. Select KRAs

Based on the URR assigned, the Appraisee will have a set of Essential KRAs and in
addition, can select other relevant one from the list of Flexible KRAs.
 Essential KRAs are predetermined and compulsory for performance of the role.
 Flexible KRAs are suggested as relevant for a role but are not compulsory. The Appraisee
selects the appropriate KRAs.

The total number of Essential and Flexible KRAs put together cannot exceed 12. Incase
the required number of KRAs in the Flexible list cannot be accommodated within the
Flexible section; the Appraisee will use Optical section to add the same in his/her
Performance & Development Plan.
 Optional KRA Section comprises of KRAs that can be added by the Appraisee if they
have not been captured in either of the above two categories and may be required in a
specific location or Performance Period. As stated above, thy also include KRAs that
cannot be accommodated because of the limit of 12 Essential plus Flexible KRAs. These
must be included in the Appraisee’s plan. A maximum of 3 such KRAs can be added.

Set Targets and Action Plans

2. for each KRA:
a) A specific Target must be defined by the Appraisee that quantifies or verifies the extent
of achievement in a given timeframe.
b) The Target thus defined should correspond to ‘Rating 3-Meets Expectations’ on the 5-
point Rating Scale.
c) The required level of achievement for each of the remaining four ratings on the scale (1,
2, 4 & 5) must also be defined, using the target against the ‘Rating 3’ as the central point.
This will prevent subjectivity while evaluating the Appraisee’s performance at the end of
the year.
Targets must be defined using the Stretch Tool, by applying all Six Dimensions that
determine Stretch. Along with target the Appraisee will develop an action plan consisting
of specific steps required to achieve the target for each KRA.
3. Define routine responsibilities: In addition to the KRA’s the appraisee will identify the
relevant routine responsibilities care should be taken to insure that the appraisees
performance on routine responsibilities is verifiable objectively, which would prevent
subjectivity while evaluating performance later. The max of ten routine responsibilities
can be selected.

4. Assign weights: The overall weightages between KRA’s and routine responsibilities for a
particular URR have been predefined. The appraise will propose weightage for each
KRA’s and routine responsibility. The weightages for each of the section of KRA’s and
routine responsibilities should upto 100% respectively. Weightages should be allocated
keeping in mind the critically of the major and the efforts required to accomplish the
same.
5. Creating development plan:

Development planning in MAP focuses on building individual capability using

competencies. Competences relevant to a role are pre-defined in its URR along with the
desired Proficiency level.

From the list of competencies identified for the role, the Appraiser will identify a
maximum of three competencies as ‘Developmental’ that form the basis of the
Appraisee’s Development Plan.
The Development plan will be drawn-up by the Appraisee in discussion with the
Appraiser and will consist of learning initiatives such as training, cross-functional
exposure, short-term assignments etc. The Appraiser will facilitate adherence to the
Development Plan drawn up for the Appraisee.
The Development Plan concludes with the above steps.
Obtain Appraiser’s and Reviewer’s Sign-off on Performance & Development Plan
At this stage, the Appraisee will discuss and finalize the Performance and Development
plan with the Appraiser. Up on finalization, the Appraiser would forward the Performance
and Development Plan the Reviewer for final-offs.
 EDITING THE PERFORMANCE AND DEVELOPMENT PLAN

Extraneous circumstances that significantly impact the Performance and Development

Plan of an Appraisee may during the Performance Cycle. In such situations, the
Appraisee requires the Reviewer’s approval to edit the plan. The edited plan will be
finalized with the Appraiser and Reviewer’s sign-off.

MID YEAR REVIEW

Mid Year Review is an interactive feedback session between the Appraisee and the
Appraiser, conducted during the month of October for the half-year ended September
30.It is a mid-cycle process for reviewing and tracking achievements thus reducing the
scope for year-ended surprises. The Mid Year Review does not result in a performance
score and will be treated as a ‘course mechanism’ wherein the Appraiser guides the
Appraisee on whether the Appraisee is on the track to achieve the Performance and
Development Plan finalized in April. The Appraisee is on track to achieve the
Performance and Development Plan finalized in April. The Appraisee is able to
incorporate these inputs to ensure achievement.

Mid-Year Review Process

Appraisee will complete self Appraiser will provide

Appraisee will submit
appraisal on performance feedback on performance
self appraisal to
and and guide Appraisee on
appraiser.
future direction

Mid year feedback Mid year feedback will be

document completed. documented.

Mid Year Review begins with the Appraisee’s self-appraisal. In the self-appraisal the
Appraisee will comment on his/her current level of achievement on KRAs. Routine
Responsibilities and competencies, which will then be discussed with the Appraiser for
his feedback and inputs.
The Appraiser and the Appraise will refer to documented and objective facts regarding
performance related events for a meaningful performance discussion.
Documentation of the performance discussion concludes the Mid Year Review phase of
MAP.
In case of extraneous circumstances, the Mid Year Review provides for a revision in the
Appraisee’s Performance and Development Plan. After obtaining the Reviewers specific
approval to change the plan, the Appraise in discussion with the Appraiser would modify
the plan and send the plan to the Reviewer for-off. The plan will be considered final only
after the sign-off has been obtained.
The Reviewer steps into the Mid Year Review phase only if a change is required in the
Performance Plan of the Appraisee.
 FINAL REVIEW
During the Final Review phase, the Appraiser will assess the Appraisee’s level of
achievement on KRAs Routine Responsibilities and the demonstration of Competencies.
The Final Review will be concluded in the month of April.

Final Review Process

Appraiser will review
Appraisee will Self- Appraisal and
complete self performance
appraisal and outcomes of the
submit to the

Appraiser will provide Appraiser will

feedback on each determine rating on
area of performance each KRA, routine
and development to responsibility

Appraiser will determine

overall score based on Appraiser
KRA score, routine sends final
responsibility score review
and the weight age documents
and overall

Conducts final review Final score is

Reviewer
phase. communicate d
validates and
to appraisee and
provides final
appraiser
score.

The Final Review Phase will begin with the Appraisee’s self-appraisal wherein he/she give a
self-rating on performance parameters- KRAs and Routine Responsibilities defined in the
Performance Plan and the Competencies defined in the Development Plan.
The Appraiser will review the outcomes and self-appraisal and will evaluate the Appraisee on
the Performance Plan. The Appraiser will assign a Rating for each KRA, Routine
Responsibility and Competency using the appropriate Rating scale.
 PERFORMANCE EXCELLENCE PLAN (PEP) TEMPLATE
PEP Template has been introduced in companies to standardize measurement of performance
across individuals, teams, functions and units.
The templates ensure consistency and uniformity in terms of the KRAs that are applicable to
a role. At the same time, they also provide flexibility to incorporate differences that might
exist in jobs mapped to the same unique role. The flexibility take care of the specific
emphasis or focus that a role may require in a given performance period.
Unique Roles are jobs that may be held by different incumbents but are essentially the same.
For instance, there may be certain differences in incumbents like designation, years of
experience, number of people supervised etc. but if the expectations of performance from
them and their responsibilities are essentially the same, they perform the same Unique Role.
The template provides:
 Unique Role name
 Brief description of the role
 KRA
 Competencies and their proficiency levels
 Overall weightages of the KRAs Section to Routine Responsibility Section

Each Appraisee would be assigned a PEP by his Appraiser at the start of the Performance
Cycle. This PEP will be used by the Appraisee for the purpose of creating the Performance
and Development plan.

The PEP template has two categories of KRAs that have been predetermined.
1) Essential KRAs-KRAs those are predetermined and compulsory for performance of
the role. These will become part of the Performance Plan of each Appraisee who is
mapped to this PEP.
2) Flexible KRAs-KRAs those are predetermined and relevant to a role though not
compulsory. These suggested for adoption by the Appraisee as applicable flexible
KRAs give the Appraisee to
Choose such KRAs from the list that he/she feels would be relevant for measuring
performance in the performance Cycle.
 RATING KRAs AND ROUTINE RESPONSIBILITIES
KRAs and Routine Responsibilities have a 5-point scale where each rating has been
articulated and explained.

1 2 3 4 5
Significantly Moderately Meets Moderately Significantly
Below Below Expectation Above Above
Expectations Expectation Expectation Expectations

Rating Competencies
The 5-point Rating Scale for Competencies a different from the one used for KRAs and
Routine Responsibilities.
The Appraise will be evaluated on all Competencies in the PEP using the Competency Scale.
Each rating on the scale has been articulated to describe the extent to which an Appraise has
displayed the behaviors described in the required proficiency level of the Competency.
Based upon the behaviors observed, the Rating that best describes the set of displayed
behaviors is chosen as the Rating on that Competency.
 TRENDS IN PERFORMANCE APPRAISAL

ITEM FORMER EMPHASIS PRESENT FOCUS

1. Terminology Merit-Rating Performance Appraisal
2. Purpose Determine wage increase, Development of the
promotion, transfer, layoff individual improved job
performance.
3. Application For rank & file workers For managerial & technical
personnel.
4. Factors rate d Personal traits Performance, result or
accomplishment.
5. Techniques Rating scales with emphasis Mutual goal-setting, critical
upon scores incidents, group appraisal.
6. Post appraisal Superior communicates his Superior stimulates
rating to the subordinate & employee to analyze
seeks to have employee himself & set goals with the
accept the rating. help.
 FEATURES OF PERFORMANCE APPRAISAL
1) Performance appraisal is the systematic description of an employee’s job relevant
strength and weaknesses.
2) It is a continuous process in every large-scale Telecom sector
3) The basic purpose is to find out how well the employee is performing the job &
establish a plan of improvement.
4) Performance evaluation is not job evaluation.
5) Appraisals are arranged periodically according to a definite plan.

FUNCTIONS
 Identification the areas of training & development.
 Helps in reward allocation.
 Provide the opportunity to review the strange & weakness of the employees.
 It helps in career planning & personnel development.
 Helps in establishing credibility of the selection procedure.
 Act as a motivation factor.
 OBJECTIVES OF PERFORMANCE APPRAISAL
SALARY INCREASE:
Performance appraisal plays a role in making decision about salary increase. Normally salary
increase depends on how employee is performing his job. There is continuous evaluation of
this performance either formally or informally in small Telecom sector There is direct
contact between employees & Performance appraisal has to be an undertaken.
PROMOTION:
Performance appraisal plays a significance role where promotion is based on merits most of
Telecom sector use a combination of merit & seniority for promotion. Performance appraisal
discloses how an employee is working in his present job & what his strong & weak points
are. It can be decided whether he can be promoted or not. It is also used for transfer,
promotion, demotion & discharge of employees.
1) TRAINNING & DEVELOPMENT:
Performance appraisal tries to identify the strengths & weaknesses of an employee on his
present job. This information can be used for devising training & development
programmers appropriate for overcoming weakness of the employees.
 2) FEEDBACK:

Performance appraisal provides feedback to employees about their performance. It tells

them where they stand. A person works better when he knows how he is working first,
the person gets feedback about his performance & try to overcome his deficiencies
second, when the person gets feedback about his performance, he can relate his work to
the Telecom sector objectives.

3. PRESSURE ON EMPLOYEES:

Performance appraisal put a post of pressure on employees for better performance. If the
employees are conscious that they are being appraisal in respect of certain factors & their
future largely depends on such appraisal, Appraisal can work automatically as control
device.
 PROCESS OF PERFORMANE APPRAISAL IN Telecom sector

Establishment of Performanc1e
Standards

6 2

Establishment of Establishment of Performance

Performance Standards Standards

5
3

Establishment of Establishment of Performance

Performance Standards Standards

Establishment of Performance
Standards

1) ESTABLISMENT OF PERFORMANCE:
We need some kind of measures again which we are going to compare the performance of
employees. Some of these standards are based on job description should be clear enough to
be measured & understood by everyone standers are the expectation.
2) COMMUNICATE EXPECTATION TO EMPLOYEES:
Standards need to be communicated is employees so that they know what is expected of them
& how will they about it.
It has to be received by employees & manager should receive the feedback so that he comes
to know whether employees have understood the intention of communication.
3) MEASURES ACTULY PERFORMANCE:
After setting standard you will some critical to measure the performance of
employees.

4) COMPARE ACTUAL PERFORMANCE WITH STANDARD:

This is done to see if any discrepancy exists & if so then how will it be rectified.

5) DISCUSS APPRAISAL WITH EMPLOYEE:

Performance of employee is reviewed & then manager has to convince the employees about
his judgment. He conduct meeting with employees for this purpose.

6) INITIAL CORRECTIVE ACTION:

If there is any deviation in performance then suggestive corrective action can be provided
to the employees.
 METHODS OF PERFORMANE APPRAISAL IN Telecom sector

PERFORMANCE APPRAISAL METHODS

Individual Multiple-person Other method

evaluation evaluation method

 Confidential  Ranking  Group appraisal

report  Paired Comparison  HRA
 Easy evaluation  Forced Comparison  Assessment center
 Critical incidents  Field review
 Checklists
 Graphic rating
scale
 Behaviorally
anchored
 Rating scale
 Forced choice

APPRAISAL BASED ON TRADITIONAL TRAITS

There are various methods of performance and appraisal based on traits:
1) Ranking Method: Ranking is the oldest & simplest method of appraisal in which
a person is ranked against other on the basis of certain traits & characteristics. It is
not good for large number5 of employees. It does not indicate absolute or equal
difference of ability between individuals.
2) Faired comparison Method: Paired comparison is a slight variation of ranking
system. In this method each person or employees is compared with all other person.
Then the rank is given according Rader gives rating & puts a tick mark the name of
 each employee alter which the name of ticks are counted & the employees having the
most no. of tick marks is rated the highest. The larger the no. of employees the more
difficult in composition.
3) Grading: In this method certain categories well in advance & persons are put in
their traits & characteristics such categories are like: - outstanding, good, average,
poor, very poor or may be in terms of A, B, C, and D etc.
 4) Forced Distribution Method:

It assumes that employee’s performance conforms to the bell-shaped; this method tries to
remove the error of leniency or central tendency.

1020304050

10% - Excellent 30% - Average

20% - Good 40% - Below Average

his method
T can be challenged people might question why they have been put in the
tegory.
ca This method is useful to rate job performance & Promo ability.
5) Forced-choice Method: The forced-choice rating method contains a service group
of statement & the rater checks how effectively the statement each individual being
evaluated. Since forced choice is made might be disliked by the managers also
depends on whether the statements properly formulated or not. The ultimate scoring
lines with the H.R department.

6) Check- list Method: It is list of traits pertaining to the job. There are two options –
Yes or No. this list is passed to H.R Department & they have a recording key.
Accordingly they mark the Yes or No & give the overall rating. It is easily
administered standardized & economical since it is applicable for everyone.

7) Critical incidents Method:

 Here focus on the incidents which are crucial for the performance of job. The
behavior of employee is checked & a record is maintained about how he reacted in a
particular situations. Here, since, we are keeping a record of job-related behavior it is
more appropriate. We are considering both effective & inanely & primary basis.
Chances of improvement are there.
8) Graphic scale Method:
Graphic scale also known as linear rating scale is the most commonly used method of
performance and appraisal. In this method a printed appraisal from is used for each
appraise. It contain various employee characteristics & his job performance various
characteristics include initiative, leadership, dependability, co-operative ness,
enthusiasm, creative ability, decisiveness etc. The rating is done on the basic of scale
which is in continuum. The central idea behind this scaling is to provide the rate
varying degree of a particular quality. The degree of quality is measured on a scale
which can very from three points to several points, graphical scale method is good
one in measuring various job behavior of an employee. However it is not free from
rater’s biases.

Satisfactory Unsatisfactory

1 2 3 4 5 6 7 8 9 10

9) Essay Method: It is a detailed description or narrative form of the employee

evaluation. It does not provide any quantitative data to compare & is much
unstructured; one needs to have good analytical & writing skills. The essay method is
useful in providing useful information about an employee on the basic of which he
can be apprised.

10) Field Review Method: Employee are related by any other person expect than the
immediate supervisor or own dept, the person can be from some other dept, or
outside the Telecom sector ratings are given on the employees record with Telecom
sector & the information provided by the supervisor when he is interviewed by
enumerator. A complied report given by the enumerator & is free form bias. It based
on second final information.
 APPRAISAL BASED ON MODERN METHOD IN TELECOM SECTOR

1) Assessment Centre: It is only method used for promotion. In this method there is a
team of experts or evaluators who judge the performance. In this method all the
candidates who clime for promotion are called participant. They asked to do different
exercise of development or they have to give the answers of the expert. By this expert
know their behavior or attitude & according to this expert prepare report & gave
promotion.

2) Human Resource Accounting Method: Human Resource According is a valuable

asset of any Telecom sector This asset can be valued in term of money. Under this
method performance is judged in term of cost & contributions of employees. Cost of
human resource planning, recruitment, selection, induction, training, compensation
etc. Contribution of human resource is the money of labor productivity or value
added by human resources.

3) Behaviorally Anchored Rating Scale (BARS): This method combines graphic

rating scales with critical incidents methods. BARS are descriptions of various
degrees of behavior relating to specifics performance dimensions. The behavior of the
employees is checked through graphic rating method.
 NEED FOR PERFORMANE APPRAISAL

 Provide information about the performance ranks basing on which decision regarding
salary fixation, conformation, promotion, transfer & demotion are taken.
 To prevent grievances & in disciplinary activities.
 Provides information which helps to counsel the subordinate.
 Provides feedback information about the level of achievement & behavior of
subordinate.
 Provides information to diagnose deficiency in employee regarding skill, knowledge,
determine training & developmental need & to prescribe the means for employee
growth provides information for correcting placement.
PURPOSE
 To create & maintain a satisfactory level of performance.
 To provide information for making decision regarding lay-off, retrenchment, etc.
 To guide the job changes with the help to continuous ranking.
 To contribute to the employee growth & development through training, self &
management development programmers.
 To facilitate for testing & validating selection tests, interview techniques through
comparing their scores with performance and appraisal ranks.
 To ensure Telecom sector effectiveness through correcting employee for standard &
improved performance, & suggesting the change in employee behavior.
 To facilitate fair & equitable compensation based on performance.
 To help the superior to have a proper understanding about their subordinates.
 CONTENTS OF PERFORMANCE APPRAISAL IN TELECOM SECTOR
Every Telecom sector has to decide upon the content to be appraised before the programme
is approved. Generally content to be appraised is determined on the basis of job analysis.
Content to be appraised may be in the form of contribution to Telecom sector objectives
(measures) like production, cost saving, return on capital, etc. other measure are based on:-
1) Behavior, which measure observable physical action, movements
2) Objective, which measure job-related result like amount of deposits mobilized.
3) Traits, which are measure in terms of personal characteristics observable in
employee’s job activities.
Content to be appraisal may vary with the purpose of appraisal and type level of employees.
 3600 PERFORMANCE APPRAISAL
The appraiser may be any person who has through knowledge about the job content, contents
to be appraised, standards of contents, & who observes the employee while performing a job.
The appraiser should be capable of determining what is more important & what is relatively
less important. He should prepare report & make judgment without bias. Typical appraisers
are: - Supervisor, Peers, Subordinates employees themselves, Users of service &
Consultants. Performance appraisal by all these parties is called “360 0 Performance
Appraisal.”
 Supervisors: Supervisor includes superiors of the employee, other superiors having
knowledge about the employee & department head or manager. General practice is that
immediate superior’s appraisal the performance, which in turn is reviewed by the
departmental head/manager.
 Peers: Peer appraisal may be reliable if the work group is stable over a reasonably long
period of time & performs tasks that require interaction.
 Subordinates: The concept of having superior rated by subordinates is being used in
most Telecom sector today, especially in developed countries. Such a novel method
can be useful in other Telecom sector setting too provided the relationship between
superiors & subordinates are cordial.
 Self-Appraisal: If individuals understand the objectives they are expected to achieve &
the standards by which they are to be evaluated, they are to a great extent in the best
position to appraise their own performance.
 Users of Service Customers: Employee performance in service Telecom sector
relating to behaviors, promptness, speed in doing the job & accuracy, can be better
judged by the Employee’s s or users of services.
 Consultants: Sometimes consultants may be engaged for appraisal when employees or
employers do not trust supervisor appraisal & management does not trust the self-
appraisal or peer appraisal or subordinate appraisal.
 SYSTEM OF PERFORMANCE APPRAISAL

Performance appraisal is a nine-step process:-

At the First Stage, Performance standards are established based on job description & job
Specification. The standards should be clear, objective & incorporate all the factors.
The Second Stage is to inform these standards to all the employees including appraisers.
The Third Stage is following the instruction given for appraisal, measurement of employee
performance by the appraisers through observation, interview, records & reports.
Fourth Stage is finding out the influence of various internal external factors on actual
performance.
Fifth Stage is comparing the actual performance with that of other employees & previous
performance of the employee & others.
Sixth Stage is comparing the actual performance with the standards & finding out deviations.
Seventh Stage is communicating, the actual performance of the employee & other
employees doing the same job
 SYSTEM OF PERFORMANCE APPRAISAL

Establish performance standards.

Communicate standard / expectation to employee.

Measure actual performance by following the instructions.

Adjust the actual performance due to the environmental
influences.
Compare the adjusted performance with that of other &
previous.
Compare the actual performance with standard & find out
deviation, if any.
Communicate the actual performance to the employee
concerned.
Suggest changes in job analysis & standard, if any necessary.
Follow-up performance appraisal report.

Eighth Stage is suggesting necessary changes in standards, job analysis, internal & external
environment.
Ninth Stage is follow-up performance and appraisal report. This stage includes guiding,
counseling, coaching & directing the employee or making arrangement for training &
development of the employee or making arrangements for training & development of the
employee in order to ensure improved performance. If the actual performance is very poor &
beyond the scope of improvement, it is necessary to take steps for demotion or retrenchment
or any suitable measure.
 KEY ELEMENTS OF PERFORMANCE APPRAISAL SYSTEM

Human Performance Employee

Performance Appraisal Feedback

Performa
nce
Measure

Performance –
Related

USES OF PERFORMANCE APPRAISAL IN TELECOM SECTOR

Human Resource Employee Record

1) PERFORMANCE IMPROVEMENT:
Performance feedback allows the employee, manager, & personnel specialists to
intervene with appropriate action to improve performance.
2) COMPENSATION ADJUSTMENTS:
Performance evaluation help decision-makers determine who should receive pay rises.
Many firms grant part or all of their pay increases & bonuses based upon merit, which is
determine mostly through performance and appraisals.
3) PLACEMENT DECISION:
Promotion, transfer, & demotion are usually based on past or anticipated performance.
Often promotions are reward for past performance.

4) TRAINING & DEVELOPMENT NEEDS:

Poor performance may indicate the need for retaining. Likewise, good performance may
indicate untapped potential that should be developed.
 5) CAREER PLANNING & DEVELOPMANT:
Performance feedback guides career decision about specific career paths one should
investigate.
6) STAFFING PROCESS DEFICIENCIES:
Good or bad performance implies strength or weakness in the personnel department
staffing procedure.
7) INFORMATION INACCURACIES:
Poor performance may indicate errors in job analysis information, human resource plans,
or other parts or the personnel management information system. Reliance on inaccurate
information may have led to inappropriate hiring, training, or counseling decisions.
8) JOB DECISION ERRORS:
Poor performance may be a symptom of ill-conceived job designs. Appraisals help
diagnose these errors.
9) EQUAL EMPLOYMENT OPPORTUNITY:
Accurate performance and appraisals that actually measure job-related performance ensure
that internal placement may be able to provide assistance.
FEEDBACK TO HUMAN RESOURCES:
Good / bad performance throughout the Telecom sector indicates how well the human
resources function is performing.

PROBLEMS OF PERFORMANCE APPRAISAL IN TELECOM SECTOR

Rating Biases:

The problem subjective measure (is that rating which is not verifiable by others) has the
opportunity for bias. The rater biases include:

(i) Halo effect,

(ii) The error of central tendency,
(iii) The leniency & strictness biases,
(iv) Personal prejudice, &
(v) The regency effect.
a) Halo Effect:

It is the tendency of the raters to defend excessively on the rating of one trait of one trait or
behavioral consideration in rating all other traits or behavioral consideration. One way of
minimizing the halo effect is appraising all the employees by one trait before going to rate on
the basis of another trait.
b) The Error Central Tendency:

Some raters follow play safe policy in rating-by-rating all the employees around the middle
point of the rating scale & they avoid rating the people at both the extremes of the scale. They
follow play safe policy because of answerability to management or lack of knowledge about
the job & person he is rating or least interest in his job.

c) The Leniency & Strictness:

The leniency bias crops when some raters have a tendency to be liberal in their rating by
assigning higher rates consistently. Such rating does not serve any purpose. Equally
damaging one is assigning consistently low rates.

d) Personal prejudice:
If the rating dislikes any employee or any group, he may rate them at the lower &, which may
distort the rating purpose & affect the career of these employees.
e) The Regency Effect:
The raters generally remember the recent action of the employee at the time of rating & rate
on the basis of these recent action – favorable or unfavorable – rather than on the whole
activities.
2) Failure of the superior in conducting performance and appraisal & post performance and
appraisal interviews.
3) Most part of the appraisal is based on subjectivity.
4) Less reliability & validity of the performance and appraisal techniques.
5) Negative rating affects interpersonal relating & industrial relations system.
6) Influence of external environment factors & uncontrollable internal factors.
7) Feedback & post appraisal interview may have a setback on production.
8) Management emphasizes on punishment rather than development of an employee in
performance and appraisal.
9) Some rating particularly about the potential appraisal is purely based on guesswork.
THE OTHER PROBLEMS OF PERFORMANCE APPRAISAL REPOTED BY VARIOUS
STUDIES ARE:

1) Relationship between appraisal rates & performance after promotions was not significant.
2) Some superiors completed appraisal reports with in few minutes.
3) Absence of inter-rater reliability.
4) The situation was unpleasant in feedback interview.
5) Superiors lack tack of offering the suggestions constructively to subordinates.
6) Supervisors were often confused due to too many objectives of performance and
appraisal.
 ADVANTAGES OF PERFORMANCE APPRAISAL

 There will be an objective analysis of traits of both the superior & subordinate.
 There will be change to subordinate to express his views even after performance and
appraisal.
 An employee shall express his emotional needs & his value system, which is considered
taboo will today.
 It overcomes the communication barrier.
 It will remove the inherent weakness of the appraisal system, i.e., subjective assessment
of vague & abstract performance targets, unclear guidelines for appraisal etc.
INDUSTRY PROFILE
 INDUSTRY PROFILE

ABOUT AEGON LIFE INSURANCE COMPANY

Aegon Life is not exactly everywhere you turn. So, what makes us a very special kind of Life
Insurance company?

As Aegon, we are present in more than 20 countries in the Americas, Europe and Asia. In the
US, we are market leaders, and well known for our iconic skyscraper that is a landmark of the
San Francisco skyline. We began operations 173 years ago, and today, we have 30 million
customers, more than 29,000 employees and manage investments worth 743 billion Euros.

In India, our partner is a very respected group who know the country like the back of their
hand. Times Group, the Company whose flagship newspaper, the Times of India, has been
touching the life of almost every Indian in one way or the other.

With a 179 year legacy, TOI today enjoys the support of 25,000 advertisers and millions of
readers across the continents.

Today, Aegon Life is a new-age digital service company with our own company-employed
service team that is fully geared to provide you the highest levels of service. Because we have
done away with external Agents, our premiums are usually lower, and our direct dialogue
with our customers make for greater clarity and transparency.
 ABOUT AEGON

Aegon’s roots go back 170 years – to the first half of the nineteenth century. Since then,
Aegon has grown into an international company, with businesses in more than 20 countries in
the Americas, Europe and Asia. In the US, Aegon’s a leading market, it operates under the
Transamerica brand. Today, Aegon is one of the world’s leading financial services
organizations, providing life insurance, pensions and asset management. Aegon never loses
sight of its purpose to help its customers secure their long-term financial future. With around
29,000 employees, it has 723 billion Euros of revenue-generating investments.
 ABOUT BENNETT, COLEMAN & COMPANY LIMITED

The Times Group is one of the leading media conglomerates in India having presence in
print, radio, TV, outdoor media and the internet through Bennett, Coleman and Company
Limited (BCCL) and its subsidiaries. The Times of India, the flagship brand of the company,
is the number 1 English newspaper by circulation in India. With a turnover exceeding a
billion dollars, the group has the support of over 25,000 advertisers, 11,000 employees and an
audience spanning across all continents.
 BOARD OF DIRECTORS

Mr. Vineet Arora

Vineet Arora is the Managing Director and Chief Executive Officer of

the Company. Vineet previously served as Sr. General Manager and
Head Product, Distribution, Marketing and Wealth Management at ICICI
Securities Limited where he built a profitable distribution business across
various delivery channels since 2008. He expanded the ICICI Direct
online portfolio and aggressively increased the direct reach to customers.
The network covered more than 65 cities, 200 branches with an
employee strength of 2000 plus. Between 2002 and 2008, Vineet was
employed by ICICI Prudential Life Insurance…

Mr. Andrew Byrne

Andrew Byrne was appointed CEO of Aegon Asia on September 1, 2016

and Chairman of Aegon Asia’s Executive Committee.

Mr. Byrne has over 25 years of experience in the insurance and financial
services industries having held senior roles with leading Australian
insurers Suncorp Group, Insurance Australia Group as well as global
groups Citigroup, Allianz and AIG. For the past six years, Mr. Byrne has
focused on the Asian markets based in Singapore, Shanghai and Hong
Kong.

Following a BA in Accounting from University of Canberra, Andrew

qualified as FCPA in 2003. He also holds a…

Mr. Marco Keim

CEO of Aegon The Netherlands, member of the Management Board

Aegon N.V.

He began his career with accountants Coopers & Lybrand/Van Dien. Mr.
Keim has also worked for aircraft manufacturer Fokker Aircraft and NS
Reizigers, part of the Dutch railway company, NS Group.

In 1999, he joined Swiss Life in the Netherlands as a member of the

Board. Three years later, Mr. Keim was appointed CEO

Mr. Patrick Curtin

Educated in Ireland, Pat is a Fellow of the Institute & Faculty of

Actuaries (UK) and also holds the CFA designation. He commenced his
career in the pension industry and worked for both Arthur Andersen and
Willis Towers Watson in Dublin.

Pat joined Aegon’s Institutional Markets business in Ireland in 2006 as

Associate Director of Product Development and Risk Management and
spent the next two years in the US arm of the Institutional business. He
subsequently moved to The Netherlands and spent two periods totaling
almost 5 years in Corporate Centre in The Hague in a variety of…

Mr. Sivakumar Sundaram

Mr. Sundaram is a fellow member of the Institute of Chartered

Accountants of India as well as Institute of Cost and Works Accountants
of India. He has been with the Times of India group for over 20 years
and has diversified experience in the areas of Finance, M & A,
marketing & selling and business development.

In the initial part of his tenure spanning 15 years in the finance

department, Mr Sundaram has handled various aspects of the finance
function including MIS, taxation etc. During the finance tenure he has
played a pivotal role in the various forays of the group which…

Mr. Sam Subramaniam

Sam Subramaniam is the CEO of Brand Capital, the $3 billion

strategic investment arm of The Times Group. Brand Capital
leverages brand-led growth and value creation via unique and
pioneering investment models and programmes. The Times Group is
 part of Bennett, Coleman & Co. Ltd. which owns India’s leading
media brands such as The Times of India, The Economic Times,
Navbharat Times, Times Now, Radio Mirchi, Vijay Karnataka,
Times Internet, Times OOH, Gaana, Femina, Filmfare and others.

Sam has worked extensively in general management, strategy,

business development, investing,…

Mr. Ramaswamy Gopalkrishnan

Mr. Ramaswamy Gopalkrishnan is the key member of the core team that
co-founded the pioneering venture – Brand Capital, in 2005. Today
Brand Capital has a deployable corpus of USD 2.2 Billion through
investments made across industries in over 700 companies, many of
which have seen tremendous success.

He is a certified Chartered Accountant and also a Company Secretary.

He also successfully completed ISB-Kellogg Global Advanced
Management Programme held at ISB, Hyderabad Campus and Kellogg,
Evanston Campus

With over 25 years of rich experience in M&As and Investment…

Mitu Samar

A first generation entrepreneur, Mitu Samar has a proven track record in

strategic communication and thought leadership positioning. She is the
founder of ‘Eminence’, a boutique firm with the value proposition -
building brands and positioning personalities. She serves as an
Independent Director on the boards of Times group Companies namely,
Brand Equity Treaties Ltd, Junglee Pictures, Zoom Entertainment
Network and Times Global Broadcasting Co. Ltd. The Group owns and
manages powerful brands across media such as The Times of India,
Times Now, The Economic Times etc. Mitu is a certified…
Mr. N Kumar

Mr. N Kumar is the Vice Chairman of The Sanmar Group, a

multinational US $ 1 billion conglomerate headquartered in Chennai,
India with manufacturing facilities in India, the US, Mexico, and Egypt.
The Group is engaged in key business sectors - Chemicals (including
Speciality Chemicals), Engineering (Products and Steel Castings) and
Shipping.

As a spokesman of Industry and Trade, Mr. Kumar had been a President

of CII and participated in other apex bodies. He presently chairs the CII
Institute of Quality, Bangalore. Mr. Kumar is the Chairman of National
Accreditation Board for…

Mr. Nani Javeri

Mr. Nani Javeri has over 42 years of experience in Financial Services

Industry. He served as CEO of Bank Sohar in Oman from 2006-2009
and Birla Sun Life Insurance in India from 2002-2006. Prior to joining
Birla Sun Life Insurance, Mr. Javeri spent 32 years with Grindlays Bank
in various capacities in India, London and Melbourne. At Grindlays
Bank he pioneered Private Banking in India. He had also been associated
with Oman International Bank in Oman and Times Bank Ltd in India.
During his tenure Birla Sun Life was awarded as Best Insurance
Company by Outlook in 2004 and among best five life…

Mr. Srinivasan V

Mr. Srinivasan V. A Chartered Accountant with 26 years of successful

career including senior positions such as CFO of large enterprises. He
has handled various facets of Finance including Accounting, Taxation,
Policy issues relating to growth of the life insurance industry, funding
including debt, mezzanine and equity raising, implementing new
software systems, working with large and highly reputable boards etc.

He has worked across Oil & Gas (12 years - Reliance, Kentz & Cairn
Energy), Life Insurance (11 years - AMP Sanmar, ICICI Prudential Life
and Bharti AXA). He…

MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER

Mr. Vineet Arora

Vineet Arora is the Managing Director and Chief Executive Officer of

the Company. Vineet previously served as Sr. General Manager and
Head Product, Distribution, Marketing and Wealth Management at ICICI
Securities Limited where he built a profitable distribution business across
various delivery channels since 2008. He expanded the ICICI Direct
online portfolio and aggressively increased the direct…

CHIEF FINANCIAL OFFICER

Mr. Satishwar Balakrishnan

Mr. Satishwar Balakrishnan is the Chief Financial Officer at Aegon Life.

He brings with him a rich experience of close to two decades in the
Insurance and Finance Industry. His recent assignment has been with
IndiaFirst Life and prior to that he has worked with Reliance life and
ICICI Prudential. He is a Chartered Accountant and holds a Bachelor’s
degree from Mumbai University.

CHIEF INVESTMENTS OFFICER

Mr. Saibal Ghosh

Mr. Saibal Ghosh is the Chief Investments Officer at Aegon Life

Insurance Company Limited. Prior to joining Aegon Life Insurance
Company Limited, Mr. Ghosh assumed the responsibility as Chief
Investment Officer of Bajaj Allianz General Insurance Company
Limited. Mr. Ghosh has over 20 years of experience in the capital
markets starting his career as a Management Trainee with Sahara India
financial…
CHIEF DISTRIBUTION OFFICER

Mr. Ahmed Zackaria

Mr. Zackaria is the Chief Distribution Officer at Aegon Life Insurance

Company Limited. Prior to joining Aegon Life Insurance Company
Limited he worked at IndusInd Bank. He was associated with ICICI
Bank for over 13 years where he has built a profitable distribution
business for different geographies across the country. He has over 20
years of rich experience in Corporate & Retail Banking, Insurance…

CHIEF TECHNOLOGY OFFICER

Mr. Douglas Kennedy

Douglas is originally from Edinburgh, Scotland and has more than 25

years experience working in the Technology sector. In that time he has
worked for a number of influential global companies. A large part of his
career being with Sun Microsystems where he held a variety of
technology roles both in Hardware and Software. For the past 10 years,
Douglas has worked for Aegon holding numerous architecture…

CHIEF RISK OFFICER

Mr. Lee Waddle

Mr. Lee Waddle is the Chief Risk Officer of Aegon Life Insurance
Company Limited.

Mr. Waddle has worked in the United States, the Netherlands, and India
in various actuarial capacities within the insurance and asset management
industries, with a primary focus on quantitative risk management.

Mr. Waddle holds a Bachelor of Science degree in Mathematical

Economics from the University of…
APPOINTED ACTUARY

Mr. Souvik Jash

Mr. Souvik Jash is the Appointed Actuary of Aegon Life Insurance

Company Limited. He joined our organisation in April 2015.

Mr. Jash has worked in the life insurance industry and in actuarial
consulting in a variety of risk and actuarial roles across India and UK.
Prior to joining us, he has worked with HDFC Life for 7 years, HSBC
Life (UK) for 4 years and around 3 years with Grant Thornton UK.…

HEAD – LEGAL, COMPANY SECRETARY & PROJECT

MANAGEMENT

Mr. Jitin Parekh

Mr. Jitin Parekh joined Aegon Life in February 2010. Prior to joining
Aegon Life, he worked with RPG Cables in Mumbai, where he was
responsible for legal & secretarial function. In addition he was also a key
member of the restructuring group of the Company. Prior to that, he was
partner with M/s Parikh Parekh & Associates, Company Secretaries
providing advice on corporate laws to over 100…

HEAD – COMPLIANCE

Mr. Anil M Agarwal

Mr. Anil M Agrawal is the Head of Compliance at Aegon Life Insurance

Company Limited.

Prior to joining Aegon Life, Anil has worked with ICICI Prudential Life
Insurance and Birla Sun Life Insurance. With over fifteen years of
experience in Manufacturing and Finance Industry, he has managed
Internal Audit, Due Diligence, Compliance, Fraud Risk and Accounting.
In the Life Insurance space he has…
 WHAT IS LIFE INSURANCE

Life insurance is an arrangement wherein you (the policyholder) purchase in financial

protection (insurance policy) from the insurer (insurance company) by paying the
insurer small amounts (premium) at regular intervals.

This ‘protection’ is in the form of a pre-agreed amount that we’ll call ‘life cover’ or
‘sum assured’. This protection kicks in either after a certain amount of time (i.e.
maturity period) or if something untoward happens to you during a set period.

By investing in a life insurance plan today, you are securing your family’s tomorrow.
Plus, life insurance plans are affordable, which means you are preparing for life’s
contingencies without disturbing your current financial goals. In this way, you can
rest assured that your loved ones can continue to maintain the lifestyle you have
worked so hard to give them, no matter what.

Life is all about the little moments that we enjoy with our loved ones. But these
moments can be interrupted with an unforeseen event, leaving your family high and
dry. That’s why, getting a life insurance is the first step towards creating a safe and
secure future for your loved ones.

While you’re calculating the right insurance amount to suit your lifestyle, also note
that there are certain factors that govern the premium that you need to pay.
Essentially, these factors are linked to your life expectancy and hence may differ for
everyone. Other factors can include lifestyle, job profile and driving record.
 WHAT AEGON LIFE OFFERS YOU

At Aegon Life, you can rest assured knowing that you and your family’s unique needs
are being heeded and fulfilled. Here are some of the insurance products that Aegon
Life offers that will equip you with what you need to keep your loved ones protected,
no matter what.

Let’s look at the products on offer

 HOW TO BUY A LIFE INSURANCE POLICY ONLINE

Life insurance is an essential part of your financial portfolio, making it possible for
you to give your loved ones a secured future. So, whether life presents you with a
prestigious education opportunity for your child or your dream-home, this plan can
help fund such goals.

One of the easiest ways of buying a life insurance plan is buying it directly by visiting
your insurer’s website. The process is as simple as placing an order for your favourite
food, albeit with more research than just scanning through the menu card. Aegon Life
offers a host of insurance plans, customised to your need. Assuming you want to buy
iTerm Plus Plan online, this is how it will work.
 WHAT IS TERM INSURANCE

Term insurance is a type of life insurance where the insurer provides coverage for a
certain 'term' in exchange for a specific premium paid over a period of time. If insurer
dies during the term period specified in the policy, a death benefit is paid to the family
of the insured.
 BENEFITS OF OWNING A TERM INSURANCE PLAN

AFFORDABILITY

Just as with other things in life, affordability plays a key role in term insurance as
well. Keeping this in mind, term insurance plans are designed to be reasonably priced
- a combination of affordability with simplicity. Under these term insurance plans, a
life cover for a certain sum termed as 'sum assured' is offered for a specified period
called 'policy term'. If the insured person dies during the term of the policy, the sum
assured is paid to the nominee. "If the insured survives the term of the policy, in most
of the Term Plans there is no benefit payable. Additionally, the premium payments
aren`t as high compared to other life insurance policies.

A term insurance plan is a form of life insurance that aims at protecting the future of
your family. It is a stepping stone in the path of safeguarding your family's future so
that they can live without financial insecurities.

EASY TO BUY

Advancements in technology and the possibility of customising the policy as per your
requirements has made buying term insurance plans easier than ever. You can search
for and pick the term insurance plan you want, and it's yours almost instantly! Unlike
other life insurance policies, it's very easy to buy term insurance plans. Since their
basic framework doesn't involve the investment of money, you only need to pay
attention to certain aspects such as your financial goals, the sum assured you want to
attain, your debts, your standard of living, etc. For assistance, you can use the Aegon
Life online calculator as well.

Further, instead of stepping out of your home, you can now purchase term insurance
plans online with a few clicks, as per your convenience. This is a hassle-free and
quick process, and you can also make use of the step-by-step guide in this document.
Online purchases are handled directly by the insurers, which eliminates mediators.
This allows you to avail discounts too.
CLAIM PAY-OUTS CAN BE STAGGERED

Most term insurance plans offer a lump sum amount in the event of the death of the
insured. As the insured, if you feel that your family members might misuse the lump
sum amount, Few of the Term Plans provide option to stagger the pay-outs. Your
loved ones can get certain amount as Lump Sum and remaining amount as Monthly
payout. This is beneficial as the partial amount can be used for emergencies and the
monthly income can be used for monthly expenses; plus, there are other options to be
explored as well. This decision can be made at the time of buying a term insurance
plan. Hence, as the insured, think of the future of your family and plan accordingly.

FLEXIBILITY IN PAYING PREMIUMS

When you choose a term insurance plan, you have the option to pay premiums on a
monthly, semi-annual, or annual basis. In addition to regular payment of premiums,
there are also term insurance plans that offer single pay premium option. For the
person who is paying the premium, such flexibilities offer convenience plus the
ability to pay premium amounts that are in keeping with their budget.

ADJUSTMENTS TO THE TERM INSURANCE POLICY

The best part of owning a term insurance policy is that it adjusts according to the
stage of your life. Let's explain this with an example. Say, a bachelor purchases a term
insurance plan; his cover will be about Rs 25 lakh. However, for a married person the
cover will need to be Rs 50 lakh or more, and even higher for those who are married
with children. Term insurance plans allow you to make amendments to your policy
any time during their duration.

ADDITIONAL COVERS WITH THE BASIC PLAN

You can add riders to your basic term insurance plan for another layer of protection.
Few key riders available with term insurance plan include accidental death rider,
disability rider, critical illness rider, income benefit rider, waiver of premium rider,
etc. All these riders have their own positive attributes that add value to your policy. A
single rider is great but a combination of riders will make your policy an all-inclusive,
well-rounded one. Ultimately, it's your loved ones that will benefit.
LONGER COVERAGE TILL THE AGE OF 100 YEARS

When you choose our term plan, you can get cover till age 100 years. This is a great
and affordable way to leave a legacy for your loved ones.

TAX BENEFITS

You can avail tax benefits under section 80C of the Income Tax Act, 1961, for the
premium paid and sum assured of your term insurance plan.

PROTECTION AGAINST LIABILITIES

During our lifetime, we indulge in procuring assets for ourselves - we buy a car,
house, etc. Over and above this, there are many liabilities that we take on in the form
of debts, credit, etc. Typically, these liabilities are not a small amount that can be paid
off in a few months; repayment may take several years. In case a mishap occurs to
you - accident, disability, or demise - the term insurance plan comes to you and your
family's rescue. It replaces your financial role in the family, so that your family isn't
burdened with huge responsibilities.

A BLESSING FOR YOUNG FAMILIES

Term insurance plans can be a godsend for young couples who must cope with
various costs such as mortgages, car loan, care of new-borns, etc., while also keeping
in mind their retirement expenses. In such cases, an affordable term insurance plan
can safeguard a young family. Likewise, older families nearing retirement can live out
their golden years peacefully without depending on anyone financially.
 LIFE INSURANCE

Know all about investment plans and learn how to protect the needs of your family to
secure their finances.

Education in India is as excellent as it is costly. Inflation in education costs are

constantly rising as much as 8-12% by the year. Admission into IIT (B. Tech) cost
INR 4.5 Lakh, back in 2008, and today, it costs INR 10 Lakh, which will only double
five years down the line. Given the statistics, not having a sound child investment
plan could cost you your child’s education.

There are three primary things that a parent wishes for their child financially. A good
education, decent social exposure, and a comfortable lifestyle. While short-term
expenses will continue as they are, education overweighs the other two. To secure
your child’s bright future, financial planning is an absolute must. We would like to
discuss some pointers that you may want to consider in your child plans.

Understanding Child Investment Plans

Saving for your child’s future in today’s date simply won’t cut it. Your child
investment plans must compile a portfolio comprised of both savings and investments,
to multiply your corpus and maintain it against inflation.

Here are some ways through which you can save for your child.

Sukanya Samriddhi Scheme

The Sukanya Samriddhi scheme was launched by the Government of India for the sole
purpose of promoting the need to educate the girl child. This means that if you
have a daughter, this is the scheme for you, to invest and include in your child plans.
You can apply for the scheme at any time from the birth of your daughter, till she
turns 10.

The minimum amount to be invested can be Rs.1000 and maximum is Rs.1.5 Lakh
per year. The maturity period will be 21 years from the date of opening the account,
and deposits can be made for a period of 14 years.

What is more attractive is the 8.1% interest rate per annum since this year and is
subject to change as per governance. This scheme enjoys a tax exemption under
section 80C. What’s more, partial withdrawals are allowed after the child turns 18
years of age.

Investment in Gold

As per Macquarie’s, a global research firm, Indian housewives own 11% of the
world’s global gold stock. This goes to say that Indians love to invest in gold as it acts
as a security against losses in the equity market.

Storing physical investments in gold can prove risky, hence, investment in gold can
be done through gold mutual funds or E Gold. You may invest as much as 10-12% as
security from your planned corpus.

Equity Mutual Funds

Equity mutual funds have a proven track record of delivering sizeable returns that
compound over time. The key to equity mutual funds is time and monitoring. These
financial instruments make up most of your initial to mid-goal portfolio, after which
you slowly switch to debt instruments to protect the returns you make on equity.

As Equity funds generate 12 to 15 percent returns per annum, it is one of the best
ways to invest for your child. But it is wise to keep in mind that there is considerable
market risk involved.

Term Insurance Cover

A proper Term Insurance cover will help secure your child’s future against the
unfortunate. Your child insurance plan must take three things into consideration –
Education, Marriage and Living Expenses to figure out how much to insure them for.
For an accurate assessment you may use the premium calculator available online.

PPF

A Public Provident Fund is tax exempt and flexible, since the investment made can
amount from Rs.500 to Rs.1.5 lakhs per year. The account can be opened in the
child’s name and in the parent’s name to double the investment limit. They come with
a 15-year maturity period.

Short Term Funds

Short term requirements like school supplies, medical expenses, school trips and your
child’s pocket money can be taken care of by investing in recurring instruments like
bonds and fixed deposits. These accounts are risk averse with returns at 6-8%. Teach
your child the value of saving by letting them manage the money themselves, for it is
one of the greatest skill sets that they will learn in life.

ULIPs

Unit linked insurance plans are a smart way to secure your child’s future and insure
them against unforeseen events, while also making returns from stock market
investments. ULIPs are hybrid insurance instruments that allow a portion of your
premiums to be invested into the market to generate returns that are also tax exempt
under Section 80C.

Battling out inflation for a secure future for your child is easy, if only you plan right.
Your portfolio must be balanced between both investments and insurance to ensure
that your child receives everything they need to achieve their goals in life, starting
with education. You can make sure that it happens despite your absence.

To know about Aegon Life’s life insurance products like health insurance and other
products, visit our home page.
 REASONS WHY YOU SHOULD USE A CHILD PLAN TO SECURE YOUR
CHILD’S FUTURE

Education is becoming more expensive with each passing day. Thus, parents tend to
be on the lookout for investment vehicles that help them secure their child’s future.
Financial institutions like Aegon Life,have tailored specific child plans and ULIP
plans that enable you to provide for your child’s education and financial needs, when
the time arises.

The average cost of educating your child from their birth till they reach college tends
to benearly Rs 55 lakhs in an urban setting, not counting the cost of educating your
child abroad. The compounding effects of inflation on higher education can make the
figure of 55 lakhs seem unnervingly insufficient too! A recent survey revealed that
65% of parents invest two-thirds of their monthly income on education expenses of
their children.

Thankfully, knowledge about school fee structures is usually available on public

domains, including facilities that help you calculate the size of your child investment
corpus that are available online.

Child plans like one byAegon Life provides a long term, risk-averse solution to meet
the inflated future cost of education, without severely damaging the overall financial
position you aim to achieve. Investing in child plans produces more benefits than the
obvious one of securing your child’s future dreams.

Cushion against fund flow disruptions

When you are considering a child investment plan beforehand, you create a cushion of
protection for yourself from an uncertain income flow in the future. In the event of
your unfortunate demise, or in case of a drop in your income, your child’s education
and by extension, their future is protected by such child plans. As with any insurance
model, the earlier you invest, the better. Depending on your risk appetite, investing
when you are sure of the stability of your income sources and insuring your funds
when you are not, is a basic thumb-rule.
Inculcating a habit ofsavings

Investing in a child plan not only assures your child’s financial future but also
inculcates in you a disciplined habit of saving. Saving is an art that requires discipline
and commitment, the fruits of which, compound into a comfortable corpus.
Committing to a child investment plan also motivates one to get into the habit of
regular disciplined savings.

Focused on a single purpose

While there are various other investment vehicles to ensure the growth of your funds,
none of them other than child plans are specifically motivated to a single purpose, and
that is to secure the future of your child’s education needs. Based on your policy’s
terms, premiums are discontinued in the event of an eventuality. These plans keep
your funds from going astray by clearly specifying which education costs and general
expenses of your child are to be covered. These customized plans serve their purpose
by using your investment to secure your child’s future, as compared to free reign
investments that are better utilized to achieve other financial goals like purchasing a
vehicle or a house.

Easier planning for a well-diversified portfolio

We plan our futures on our financial and asset creation goals. Child investment plans
are prudent financial instruments that ease the stress of planning for your child’s
future, giving you the right head-space to plan your retirement corpus better. Family
planning has taken a turn towards nuclear families, where couples decide parenting
later in life.Child plans ensurethat the burden of rising education expensesis adjusted
for inflation during the post-retirement period of their life.

Tax benefits of child plans

Child plans offer tax concessions and benefits on both – the invested funds and the
benefits received, to reduce the financial stress that comes from investing in them.
The added benefit of a child education plan is that you can reinvest the amount you
save from tax.Child plans arealso exempt from tax on capital gains and maturity
benefits under Section 10D(D).
The wisest thing to do is to start planning for your child’s financial needs and
education future as early as possible, even if you intend to plan your child later in life.
If you already have one (or two), then the younger they are, the more they benefit
from your investment.To know about Aegon Life’s life insurance products like term
insurance and other products, visit our home page.
 WHAT IS THE COST OF A TYPICAL TWO-YEAR COURSE AT
AN AMERICAN UNIVERSITY

Record million students from all over the world applied to American universities
pursuing higher studies in FY18, and of these Indian students made up the largest
segment at more than 15% of the total. US is the Mecca of education for many
aspirants in the country, but it is also amongst the most expensive.

According to a report in 2017 parents spend close to $60,000 per year for their child’s
education in the US, including tuition, boarding, travel and books. This is an average
figure. According to College Board, the student support organisation, an
undergraduate course at a public university in the country can cost $25,620 putting it
out of the reach for many.

In FY18, the tuition fees at state colleges for non-state residents were an average
$25,620, according to College Board. At private non-profit colleges the tuition fees
were an average $34,740. Public sector two-year colleges are the cheapest option and
the published tuition figure for them was just $3,570.

The costs shown above are per academic year for full-time students. The total will
depend on how long a student is spending at the colleges. The College Board survey
showed that on an average, students spend more than four years on a bachelor’s
degree.

The fees vary depending on the institution. For instance, at public institutes the four-
year tuition and fee prices range from $8,230 at bachelor’s colleges and $8,670 at
master’s institutions to $10,830 at doctoral universities.[3]
Average published prices for these types of institutions in the private non-profit sector
are $33,450, $29,960, and $42,920, respectively.[4]

Cost of doing a MS in the US [4]

For a student, the cost of pursuing professional courses in the US starts right from the
time of taking the Graduate Record Examination and sending the scores, sending the
TOEFL and IELTS (both for test of English language proficiency) and applying to the
Universities. This comes to about $125 per university. Then there is the I-20 form
(that the university sends for filling up by the student), the visa fees etc., and the total
comes to about $400-plus. [4A]

You also need to factor in the airfare and a one-way fare could vary from Rs 40,000 to
Rs 60,000.

All the foregoing was just a small change compared to the tuition fees, which forms
the major component of the cost.

For a two-year MS course, the tuition fee could range from $15,000 to $30,000 a
year [5]. Living expenses are the next major item on the list and this depends a lot on
where you stay. Anecdotal evidence suggests that students spend anything between
$500 and $1000 a month[5A]. Let us assume an average of $18,000 for two years. So,
taking it all together you could spend close to $70,000 for two years.

Cost of doing a MBA in the US

The tuition fees for a management degree are much higher than that for MS and of
course, it varies between public and private institutes.

For state schools the tuition fees for a two-year MBA course are $60,000 (in total) [1].
For private schools, the fees are higher at an average of $65,000 per year, making it
about $130,000 for the full two years. This is the average, the range varies widely
even among the top B-schools. Wharton is most expensive charging close to $79,000
a year [6], with Harvard coming a close second at $73,000 a year [7]. At the bottom end
[8]
of the scale is University of Texas that charges $40,500 a year . Other universities
that are not Ivy League, will charge lower; but this is the highest that you can expect
to pay.
Living expenses are the same as what we discussed above for the MS course.
Therefore, the costs range from $78,000 to $153,000 in total. That’s a big range from
about Rs 54 lakhs to more than Rs 1 crore.

There’s no need to panic though. There are plenty of universities that charge much
less, and your expenses may be half of the figures we have given above if you opt for
state-run universities. The good news is that unlike Indian universities where there is a
lot of rush, and the number of applicants far outstrips the seats available, American
universities do not see that rush because in the US, only those who are serious about
academics and higher studies go to the university. In addition, there are scholarships
available that will help financially.

To parents, our advice is that you need to plan your child’s education while they are
still young with a child savings plan.

Securing your child’s future is very important and if you save and plan accordingly,
you will feel very little pain or anxiety when the time comes to send them abroad for
studies. To know about Aegon Life’s life insurance products like term insurance and
other products, visit our home page.
 THE TEN SCHOLARSHIPS YOU NEED TO KNOW ABOUT IF
YOU WANT TO STUDY IN EUROPE

Every year thousands of international students make their way to various European
countries to study in universities and colleges. Though not as expensive as the United
States, it still takes a fair amount to study here. Knowing about the right set of
available scholarships can help you make the decision on countries and universities
that have the best return on investment.

Let us look at some of the top ten popular scholarships that students can apply for and
avail of, if they intend studying in Europe.

1. British Chevening Scholarships (UK)

This is for study in the United Kingdom and for students from those countries where
Chevening scholarship is applicable. Members of the Commonwealth come under
that, including India. The scholarship is for a one-year degree program leading to a
Master’s degree. It covers the cost of tuition, living expenses for a year, economy
return airfare to and from the UK and as well as grants that cover other essential
expenditure. Application involves filling up a detailed form and references from the
home country.

2. DAAD Scholarships for Developing countries

This scholarship is provided by the German Academic Exchange Service for

admission to German universities and for those students pursuing postgraduate
studies. It is targeted at international students from developing countries including
Asia. Scholarships can be either partial or full depending on the program selected.
3. Austrian government Scholarships[1]

The Scholarship Foundation of the Republic of Austria administers this scholarship

for non-Austrian students and for study in the country. It covers undergraduate,
graduate and post-graduate studies in areas such as natural sciences, technical
sciences, medicine, and health sciences among others. There is a monthly scholarship
of 1050 euros a month, health insurance, accommodation and travel costs.

4. Eiffel Excellence Scholarship Program

For study in France, students can avail of the Eiffel Scholarship Program run by the
French Ministry of Foreign Affairs, with the intention to attract outstanding students
doing their Master’s and PhD courses. The scholarships include a monthly allowance,
return trip tickets, health insurance as well as expenses for cultural activities.
Incidentally, the tuition fee is not covered.

5. Swiss Government Excellence Scholarships for Foreign Students

Switzerland is not merely the land of watches, cheese, chocolates and Roger Federer.
To attract the brightest talent from around the world, the Swiss government provides
scholarship for students from 180 countries who can pursue doctoral and post-
doctoral research in any academic field. The scholarship covers the tuition fees, a
monthly allowance, medical coverage, lodging etc.

6. Gates Cambridge Scholarships[2]

Cambridge University in the UK attracts a lot of international students. To aid

outstanding applicants, the Gates Cambridge Scholarships are awarded for
postgraduate studies at the University. The full cost of the program is covered by the
scholarship, that includes the college fees, maintenance allowance and economy class
airfares for the to and fro journey and even visa costs.

7. Rhodes Scholarship at University of Oxford

Being a Rhodes Scholar is very prestigious. It is among the oldest scholarships in the
country. Exceptionally bright international students from select countries are awarded
this scholarship, which covers all the fees including tuition, a personal stipend, health
insurance benefits, and return airfare.

8. Italian Government Bursaries for Foreign Students[4]

If Italy is your destination for education, then the government has scholarships
available for foreign students. It covers a wide range from university degree courses,
vocational training programs, art, music, masters and PhD programs too. The
scholarship has a duration of 3, 6 and 9 months.

9. Leiden University Excellence Scholarships[5]

The Netherlands attracts a lot of international students and to help them with their
finances the Leiden University has a scholarship that is offered to outstanding
students who enroll in a master’s degree program in the university. The students get
either 10,000 euros for tuition, or 15,000 euros for tuition or the full tuition fee
depending on individual circumstances.

10. Developing Solutions Scholarships at University of Nottingham

This is again for UK and the scholarships are specifically meant for students from
Africa, India and developing countries in the Commonwealth. The target students are
those who want to do a Masters in the University, and then go back, and do some
developmental work in their home countries. There are 105 scholarships awarded
every year of which 30 cover the full tuition fee and 75 only 50% of the tuition costs.

While scholarships do help in the financing of studies abroad and help to take away
some of the pressure on parents, the fact is that scholarships are limited and there are
too many applicants for it. Parents would do well to provide for their child’s
education on their own with a child savings plan.

It is better to independently finance your child’s future rather than depend solely on
the chances of bagging a scholarship. To know about Aegon Life’s life
insurance products like term insurance and other products, visit our home page.
 WHAT IS THE COST OF A TYPICAL TWO-YEAR COURSE AT
A EUROPEAN UNIVERSITY

Studying in Europe is not as expensive as it is in the United States,

because the European model depends more heavily on public funding
which keeps costs low.

For those in the European Union and the European Economic Area,
education can be free and for non-European students the fees charged are
reasonable (allowing for the exchange rate with the Euro). The living
expenses are also lower.

On an average for a Bachelor’s degree in Europe, international students

will have to shell out $9,800 per year, while for Master’s it is $11,600 a
year [1].

Comparison and average costs of studying in different countries in

Europe [1] (for international students) in USD. These fees are applicable
to studies at all levels.

In addition to the expenses above, which are the major ones, some universities may
charge administrative fees that could be per semester or per year. Students should go
to the individual website of the universities to check on these.

On an average as you can see, studying in Europe is much cheaper compared to many
other countries. The UK and France are expensive places to stay, so students need to
factor that in while planning to study there.

Cost of a MBA program in Europe

Every country has its own cost structure and expenses vary depending on the
[2]
institutes too. The range is from $12,550 to $45,600 a year . Executive MBAs may
carry higher fees. However, they are certainly much lower than what you would
expect to pay in North America. These are the tuition fees. Living expenses would
remain as above.

There are additional application and admission fees, but these are marginal compared
to the major cost component.

Cost of a MS program in Europe

Tuition fees for a specialisation course in medicine including surgery, varies from
country to country. For international students, this can range from $6000 to $34,000 a
[3]
year , depending on which country you plan to study. If it is the Imperial College,
[4]
London, you can expect to pay $34,000 in tuition fees yearly . In the same city,
Queen Mary University charges about $19,000 a year [5].

Some countries such as Germany insist on students knowing the national language
and this may cost anything from $3000 to $4100 for a one-year language learning
course.

It may be kept in mind that in many countries in Europe, if you take the trouble to
learn the local language, education is free or even cut down considerably.

However, to parents our advice is that you need to plan your child’s education while
they are still young with a child savings plan.

Plan now and save on future costs. To know about Aegon Life’s life insurance
products like term insurance and other products, visit our home page.
OBJECTIVE OF STUDY
 OBJECTIVE OF STUDY

 To Know about the existing system of Performance and Appraisal in Telecom sector ”
 To study the awareness of the employees regarding the appraisal system in Telecom
sector
 To evaluate the effectiveness of appraisal system in Telecom sector
 To know the satisfaction of the employees, with the appraisal system followed in
Telecom sector
 IMPORTANCE OF STUDY

Just as know Telecom sector are alike, so also their plans. It is therefore important to prepare
a plan keeping in view the necessities of the enterprise. A plan is an important aspect of
business. It serves the following three critical functions:

1. Helps management to clarify, focus, and research their businesses or project's

development and prospects.
2. Provides a considered and logical framework within which a business can develop and
pursue business strategies over the next three to five years.
3. Offers a benchmark against which actual performance can be measured and reviewed.
 RESEARCH
METHODOLOGY
 RESEARCH METHODOLOGY

Research Methodology is a way to systematically solve the research problem. It may be

understood as a science of studying how research is done scientifically. It is necessary for the
researcher to know not only the research methods/techniques but also the methodology.

Research design is a conceptual structure with the help of which research is conducted.
There is no unique method which can entirely eliminate the elements of undertaking both
research methodologies more than any other procedures can minimize the degree of
uncertainty. Thus it reduces the probability of making a wrong choice amongst the alternative
course of action. In this research descriptive research design is being used. A descriptive
research study is concerned with describing the characteristics of the particular field of group.
The study is done for specific purpose with the help of facts collected but car should be taken
the information should be free from bias and should be reliable. Research process consists of
a number of closely related activities. But such activities overlap continuously and do not
follow a strictly prescribed sequence.

Various steps involved in a research process are not mutually exclusive; nor are they separate
and distinct. They do not necessarily follow each other in any specific order and the
researcher has to be constantly anticipating at each step in the research process the
requirements of the subsequent steps. However, the following order concerning various steps
provides a useful procedural guideline regarding the research process. The design includes the
following steps:-

1. Formulating the research problem

2. Extensive literature survey;

3. Preparing the research design;

4. Determining sample design;

5. Collecting the data;

6. Execution of the project;

7. Analysis of data;

9. Generalizations and interpretation;

10. Preparation of the report or presentation of the results.

 RESEARCH OBJECTIVE
The objective for doing my research report is to make my self capable for moving forward in
corporate world, to gain knowledge & experience & know how to work in the Telecom sector
environment. It will help me to gain more & more about corporate sector, which was very
essential for me to do. Therefore I joined Telecom sector Lucknow to improve my
capabilities.
MAIN OBJECTIVE
 To Know about the existing system of Performance and Appraisal in Telecom sector ”
 To study the awareness of the employees regarding the appraisal system in Telecom
sector
 To evaluate the effectiveness of appraisal system in Telecom sector
 To know the satisfaction of the employees, with the appraisal system followed in
Telecom sector
SUB-OBJECTIVE
 Are the present performance and appraisal is sufficient enough to analyze the ability
of a Telecom sector
 To see the difference between the theoretical knowledge & practical knowledge.

SCOPE OF THE STUDY

It provides useful information for research and also introduces the researcher with the
practical problem faced in the company. This research is very important for any Human
Resource student to gain a real time experience. I have done my research in Telecom sector
in Performance and Appraisal.
There are many departments in Telecom sector but my research work is confined with
Human Resource department where I studied that how the Performance and Appraisal
method should be done.
Sample design
The collection of raw allows the managers to see the real scenario and then take a decision as
per the data obtained. The sample design is exploratory.

Defining the Sampling method- The sampling method chosen were-

Simple Random Sampling-

Every Employee’s I surveyed irrespective of any organization is a potential Employee’s

Convenience Sampling-
A convenience sample chooses the individuals that are easiest to reach or sampling that is
done easy. Convenience sampling does not represent the entire population so it is considered
bias. We have used our own contacts and resources to target potential Employee’s s from
local private and government offices. The purpose of using this sampling is to get the
employees.

Sample plan
1-The primary objective of the research is performance and appraisal of the employees of
Telecom sector
2-The secondary objective of research is to prove that performance and appraisal of the
employees is more than that of the employees of Telecom sector
To suggest ways to increase the level of job satisfaction level can also be increases.

Sample techniques:- – The next step is to determine the sources of data. The researcher has
to decide whether he has to collect primary data or depend exclusively on secondary data.
Sometimes research study based on both primary and secondary data.

In today’s world correct information is the key to success. Data that is used in this project
basically comprises of Primary.

Primary data – Primary data is the data that is not already available. Primary data collection
is necessary when a researcher cannot find the data needed in secondary sources, surveys and
experiments.

Three basic means of obtaining the primary data are:

i.) Surveys.
ii.) Experiments.
iii.) Observation.
The choice will be influenced by the nature of the problem and by the availability of time and
money.

The mode that is used in this project for collecting the primary data are surveys, books and
Data provided by the Telecom sector and for secondary data is Internet. Surveys or
questioning involve using a questionnaire (data collection instrument) to ask respondents
questions to secure the desired information. The data was collected by approaching
individually to the Employee’s s depending upon their interests.

The data collection from two sources:

Primary data:-
It was collected through the survey of employees of Telecom sector
Secondary data:-
It was collected from internet, various books, newspapers and company literature.
Research instruments:-
Pie chart, table
All the primary data was collected using structured interview method. For this purpose the
tools used was questionnaires in which the respondents were asked to rate their experience
about the various aspects of job on Likert scale ranging from high performance and appraisal.

Sample Unit: 80 employees in Telecom sector

Analyzing the information:- The researcher should see that the project is executed in a
systematic manner and in time. A careful watch should be kept for unanticipated factors in
order to keep the survey as much realistic as possible.

To analyze the information collected used were very basic and easy to comprehend. The
measure of control tendencies and graphical method were used for analyzing the data.
Results:
The result is given in the forthcoming pages in from of finding and analysis and
recommendations there after.
Research instrument
Table, pie chart
DATA ANALYSIS
AND
INTERPRETATION
 DATA ANALYSIS AND INTERPRETATION

1 – What is your opinion about the present Appraisal system in Telecom sector ?

Alternatives Responses
Fully Satisfied 2%
Satisfied 24%
Can't Say 44%
Dissatisfied 30%

Interpretation

There is a difference in the view of employees regarding the present appraisal system, only
2% of the employees interviewed are fully satisfied with the present appraisal system, while
24% are satisfied, 44% employees can’t say and 30% are dissatisfied from the present
appraisal system.
2 – According to you what should be the frequency of appraisal system in Telecom
sector ?

Alternatives Responses
Once during the services 2%
Continuous 98%
Never 0%

Interpretation
From the above chart we may decipher that 2% of the employees who were interviewed,
prefer to be appraised only once during their service period, neither is it acceptable to never
be appraised at all. All the employees interviewed, that is 98% responded that the appraisal
should be a continuous process.
3 – What is your opinion about who should be the people appraising them?

Alternatives Responses
Superior 48%
Peer 4%
Subordinate 0%
Self Appraisal 30%
Consultant 6%
All of the above 12%

Interpretation

While almost half of the employees (48%) are comfortable in being appraised by their
superiors, only 4% think its fine being appraised by their peers. 30% feel that the appraisal
should be self because they themselves know their contribution to the organization. 6% feel
that the consultants would appraise them best while none think that subordinates appraising
them is a good idea. 12% of the employees interviewed, feel that all these people collectively
should appraise them.
4 – Are the Employees opinion on whether the appraisal system helps in polishing skills
in performance area?

Alternatives Responses
Yes 74%
No 10%
Somewhat 16%

Interpretation

If the process of appraisal does not lead to the improvement of the skills and proficiency of
the employees, the very purpose of appraisal becomes illogical. In the survey conducted it
was observed that nearly 74% of the respondents agree that performance and appraisal does
lead to polishing of skills of employees. Nearly 10% hold the view that it does not serve this
purpose while 16% are of the opinion that it only somewhat does.
5 – Are the Employees' opinion of personal bias creeps in during performance and
appraisal (in %) ?

Alternatives Responses
Yes 82%
No 18%

Interpretation:

In the process of appraising, both parties are human beings, that is, the one who is being
apprised and the other who is appraising. Thus, there bound to be subjectivity involved, be it
an objective way of appraising. Thus, when asked from among the sample size of 50
respondents, as huge as 82 % respond ended that personal bias does creep in while appraising
an individual. Hence, it is inevitable to say that personal likings do not come in the process of
appraisal. It is the extent to which the appraiser manages it so that it does not become very
partial and bias.
6 – Are the Employees' opinion about the present appraisal system should be reviewed
or not?

Alternatives Responses
Yes 54%
No 18%
Can't Say 28%

Interpretation

On being given the opportunity, 54% of the employees interviewed said that they would
prefer the appraisal system to be reviewed, while 18% are fine with it, 28% don’t have any
rigid opinion about it.
7 - Whether the performance and appraisal leads to identification of hidden potential in
individuals?

Alternatives Responses
Yes 78%
No 22%

Interpretation

Its can be clearly deciphered from the above chart, that 78% of the employees who
were interviewed think that performance and appraisal leads to identification of hidden
potential in them, while only 22% feel that it does not solve any such purpose.
8 Are you satisfied with the current performance and appraisal followed in your
Telecom sector

Alternatives Responses
Yes 82%
No 18%

Interpretation

82% respondent said that they satisfied with the current performance and appraisal followed
in their organization but 18% not satisfied.
9. Are you think that Organizations are interested to play the active role of performance and
appraisal

Alternatives Responses
Yes 78%
No 22%

Interpretation

78% respondent said that they think that Organizations are interested to play the active role of
performance and appraisal but 22% no.
10. Are you agree that after some period a change should be their in nature of the job make a
person more efficient

Alternatives Responses
Yes 74%
No 10%
Somewhat 16%

Interpretation

74% respondent said that they agree that after some period a change should be their in nature
of the job make a person more efficient but 10% no, but 16% said somewhat.
11. According to you Management of Telecom sector is very close with the employees to
understand your problem.

Alternatives Responses
Yes 82%
No 18%

Interpretation

82% respondent said that Management of your Telecom sector is very close with the
employees to understand your problem but 18% no.
12. Do you agree that Employees are more benefited by the performance and appraisal?

Alternatives Responses
Yes 78%
No 22%

Interpretation

78% respondent said that they that Employees are more benefited by the performance and
appraisal but 22% no.
FINDINGS
 FINDINGS

1. There is a difference in the view of employees regarding the present appraisal system.

2. All the employees interviewed responded that the appraisal should be a continuous
process.

3. Most of the employees feel that people should collectively appraise them.

4. Maximum employees agree that performance and appraisal polishes their skill.

5. It is inevitable to say that personal liking do not come in the process of appraisal.

6. Most of the employees interviewed, agree that the present appraisal system should be
reviewed.

7. Employees think that performance and appraisal leads to identification of hidden potential
in them.

8. 82% respondent said that they satisfied with the current performance and appraisal
followed in their organization but 18% not satisfied.

9. 78% respondent said that they think that Organizations are interested to play the active
role of performance and appraisal but 22% no.

10. 74% respondent said that they agree that after some period a change should be their in
nature of the job make a person more efficient but 10% no, but 16% said somewhat.

11. 82% respondent said that Management of your Telecom sector is very close with the
employees to understand your problem but 18% no.

12. 78% respondent said that they that Employees are more benefited by the performance and
appraisal but 22% no.
CONCLUSION
 CONCLUSION

At the end of the study we can say how role of performance and appraisal are important for
Telecom sector the changing environment to satisfy the employees. Various strategies are
now formulated taking in mind the performance and appraisal only their motto of satisfying
their employees and best services will be accomplished.
In today world every organization wants to perform best and expand themselves for that they
enters into the market with its various resources so at every step of working human resource
are required who is able to compete the organization competitors and strengthen the
organization which made them struggle and win which is possible when the organization uses
its workforce for that they have formulated and regulated various activities so that they can
be developed in every field and can meet every challenge in their way which again helps in
the development of their career.
So, in this way performance and appraisal from Telecom sector are important for every
organization without which organization will became their should be change at regular
interval of time as the environment and the condition change so organization can walk with
the changing environment otherwise the organization will lose their identity and can lost in
the crowd in the market.
 SUGGESTIONS
AND
RECOMMENDATIONS
 SUGGESTIONS AND RECOMMENDATIONS

1. The very concept of performance and appraisal should be marketed throughout the
organization. Unless this is done, people would not accept it, be it how important to the
organization.

2. To market such a concept, it should not start at bottom, instead it should be started by
the initiative of the top management. This would help in percolating down the concept
to the advantage of all, which includes the top management as well as those below
them. This means that the top management has to take a welcoming and positive
approach towards the change that is intended to be brought.

3. Further, at the time of confirmation also, the appraisal form should not lead to
duplication of any information. Instead, detailed appraisal of the employee’s work
must be done – which must incorporates both the work related as well as the other
personal attributes that are important for work performance.

4. It should be noted that the appraisal form for each job position should be different as
each job has different knowledge and skill requirements. There should not be a
common appraisal form for every job position in the organization.

5. The job and role expected from the employees should be decided well in advance and
that too with the consensus with them.

6. A neutral panel of people should do the appraisal and to avoid subjectivity to a marked
extent, objective methods should be employed having quantifiable data.

7. The time period for conducting the appraisal should be revised, so that the exercise
becomes a continuous phenomenon.

8. Transparency into the system should be ensured through the discussion about the
employee’s performance with the employee concerned and trying to find out the grey
areas so that training can be implemented to improve on that.

Ideally in the present day scenario, appraisal should be done, taking the views of all the
concerned parties who have some bearing on the employee. But, since a change in the system
is required, it cannot be a drastic one. It ought to be gradual and a change in the mindset of
both the employees and the head is required.
LIMITATIONS
 LIMITATIONS

A few limitations and constraints came in way of conducting the present study, under
which the researcher had to work are as follows:

 Although all attempts were made to make this an objective study, biases on the part of
respondents might have resulted in some subjectivity.

 Though, no effort was spared to make the study most accurate and useful, the “sample
Size” selected for the same may not be the true representative of the Company, resulting
in biased results.

 This being the maiden experience of the researcher of conducting study such as this, the
possibility of better results, using deeper statistical techniques in analyzing and
interpreting data may not be ruled out.
 BIBLIOGRAPHY

Books:

Robbins, S. P. – Organizational Behaviour (Pearson Education, New Delhi).

Kothari C.R. Research Methodology (2nd Edition)
Aswathapa – Human Resource Management (Tata McGraw Hill) HR and PM.

Journal
Hal Employee Hand Book (3rd edition, 2014)

Websites:
 www.google .com
APPENDIX
 QUESTIONNAIRE

1 – What is your opinion about the present Appraisal system in Telecom sector ?

Fully Satisfied
Satisfied
Can't Say
Dissatisfied

2 – According to you what should be the frequency of appraisal system inTelecom sector
?

Once during the services

Continuous
Never

3 – What is your opinion about who should be the people appraising them?

Superior
Peer
Subordinate
Self Appraisal
Consultant
All of the above

4 – Are the Employees opinion on whether the appraisal system helps in polishing skills
in performance area?

Yes
No
Somewhat

5 – Are the Employees' opinion of personal bias creeps in during performance and
appraisal?

Yes
No

6 – Are the Employees' opinion about the present appraisal system should be reviewed
or not?
Alternatives Responses
Yes
No
Can't Say

7 - Whether the performance and appraisal leads to identification of hidden potential in

individuals?

Alternatives Responses
Yes
No
8 Are you satisfied with the current performance and appraisal followed in your
Telecom sector
Yes
No

9. Are you think that Organizations are interested to play the active role of performance
and appraisal

Yes
No

10. Are you agree that after some period a change should be their in nature of the job make a
person more efficient

Yes
No
Somewhat

11. According to you Management of your Telecom sector is very close with the employees
to understand your problem.

Yes
No
12. Do you agree that Employees are more benefited by the performance and appraisal?

Yes
No