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For internal use only
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KRA Setting
Part 1
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What are KRAs
“Key Result Areas” or KRAs refer to general areas of outputs or outcomes for which the department’s role is responsible.
Key Result Area in simple Terms may be defined as Primary responsibilities of an Individual, the core area which each person is accountable for.
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Process of KRA Setting- Step 1
Identification of key tasks and activities by both employee and the manager
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Process of KRA Setting- Step 2
Clearly define exactly what the Associate is supposed to achieve. What is his / her role in the organization?
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Process of KRA Setting- Step 3
Defining the KRAs
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SMART KRAs
A SMART KRA is defined as one that is specific, measurable, achievable, result-oriented and
time-bound.
Specific
Measurable
Achievable
Result-oriented
Time-bound
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SPEC
KRAs should be simplistically written and clearly define what
you are going to do.
Specific is the What, Why, and How of the S.M.A.R.T. model.
Specific
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EXAMPLE of SPECIFIC By August 1, 2014, implement a new performance management system for Department A, Department B and Department C using clearly defined processes and guidelines so employees and managers can more competently evaluate performance and develop their careers.
EXPLANATION of SPECIFIC
“Implement a new performance management system for Department A, Department B and Department C”= what “using clearly defined processes and guidelines” = how “so employees and managers can competently evaluate performance and develop their careers” = why
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KRAs should be measurable so that you have tangible evidence that you have accomplished it.
Usually, the entire statement is a measure for the project, but there are usually several short-term or smaller measurements built into
the KRA.
Measurable
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EXAMPLE of MEASURABLE By August 1, 2014, implement a new performance management system for Department A, Department B and Department C using clearly defined processes and guidelines so employees and managers can more competently evaluate performance and develop their careers.
EXPLANATION of MEASURABLE
In this KRA, the essential metric of measurement is whether or not the system is operational by August 1st, 2014
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Goals should be achievable; they should stretch you slightly so you
feel challenged, but defined well enough so that you can
achieve them. You must possess the appropriate knowledge, skills,
and abilities needed to achieve the goal.
Achievable
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EXAMPLE of ACHIEVABLEBy August 1, 2014, implement a new performance management system for Department A, Department B and Department C using clearly defined processes and guidelines so employees and managers can more competently evaluate performance and develop their careers.
EXPLANATION of ACHIEVABLE
In order for you to reach this goal, you must have a skill set, in this case in the area of performance management, that allows you to understand the nature of the goal, and the goal must present a large enough challenge for you to remain interested in and committed to accomplishing it.
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Goals should measure outcomes, not activities.
Result-Oriented
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EXAMPLE of RESULT-ORIENTEDBy August 1, 2014, implement a new performance management system for Department A, Department B and Department C using clearly defined processes and guidelines so employees and managers can more competently evaluate performance and develop their careers.
EXPLANATION of RESULT-ORIENTED
The result of this goal is a process that allows employees and managers to more competently evaluate performance and develop their careers, not the individual activities and actions that occur in order to make the goal a reality.
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Goals should be linked to a timeframe that creates a practical
sense of urgency, or results in tension between the current
reality and the vision of the goal. Without such tension, the goal is
unlikely to produce a relevant outcome.
Time-Bound
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EXAMPLE of TIME-BOUNDBy August 1, 2014, implement a new performance management system for Department A, Department B and Department C using clearly defined processes and guidelines so employees and managers can more competently evaluate performance and develop their careers.
EXPLANATION of TIME-BOUND
August 1, 2014 provides you with a time-bound deadline!
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What is our Rating Scale?5 = Outstanding – Exemplary performance with respect to KRA, in terms of the quantum of achievement, meeting of timelines and adherence to quality standards.
4 = Exceeded expectations – Surpassed expectations with respect to the achievement of goals, meeting of timelines and adherence to quality standards
3 = Met expectations – Good performance. Achieved the goals set for the KRA within reasonable limits and adhered to quality standards
2 = Below expectations – Performance marginally failed to meet expectations in terms of quantum of achievement, adherence to timelines or maintenance of quality standards
1 = Unsatisfactory – Performance significantly below expectations in terms of quantum of achievement, adherence to timelines or maintenance of quality standards.
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What Are Weighting Factors?
Weighting factors are estimated values indicating the relative importance or impact of each item in
a group as compared to the other items in the group.
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Weightings in KRAsThe purpose of assigning weightings for KRAs is simple:
They help us establish work priorities.
In the performance appraisal, they are part of
the calculation used to determine an accurate
overall performance rating.
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What is weighting based on?It may be tempting to assign a priority weighting based on the amount of time spent on a particular KRA and in some cases this may be appropriate. However, other parameters should be considered. For example:
• Is this KRA a critical process?
• How important is this KRA to the position, the department, the organization?
• What is the impact and scope of the expected outcomes?
• Who is affected and how by this KRA?
• What are the consequences if this KRA doesn’t happen?
• How much time is spent on this KRA?
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How are KRAs weighted?In the Performance Management System of Wockhardt, KRAs are weighted in terms of
percentage. Therefore the sum of weightings of all the KRAs should be 100. KRAs are weighted in order to account for the difference in importance levels of the different KRAs. Following is a simple example of how KRAs are weighted:
Key Result Areas Weightage
KRA 1 20%
KRA 2 25%
KRA 3 40%
KRA 4 15%
TOTAL 100%
Please note: This is a hypothetical sample calculation
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Obtaining the Weighted RatingThereafter, each KRA is reviewed and rated, based on the Associate’s performance and the organization’s rating scale. The rating scale in Wockhardt’s Performance Management System is from 1 to 5. Weighted Rating is obtained by multiplying the rating and the weightage.
Key Result Areas Weightage Rating Weighted Rating
KRA 1 20% 4 80
KRA 2 25% 3 75
KRA 3 40% 5 200
KRA 4 15% 2 30
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Arriving at the Performance ScoreThe sum of the Weighted Rating is then divided by 100 (since the total of the weightings is 100) in order to get the AVERAGE score. This is the final Performance Score of the Associate. This score will always be between 1 and 5 due to the rating scale in Wockhardt’s Performance Management System.
Key Result Areas Weightage Rating Weighted Rating
KRA 1 20% 4 80
KRA 2 25% 3 75
KRA 3 40% 5 200
KRA 4 15% 2 30
Performance Score (∑ Weighted Rating / 100) 385/100 =3.85
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Introduction to WINGSPart 2
WINGS
Wockhardt’s Initiative for Nurturing Growth and Synergy is Wockhardt’s Performance Management instrument which helps you set objectives in a systematic and focused way to enable you ‘fly higher’ to reach your aspirational goals. WINGS facilitate goal/objective setting and provide opportunity for continuous interaction with and feedback from superiors, and assessment of performance. It also enables development of your competencies. WINGS is the key to MARS/WEVA and annual increment.
MARS
MARS-Management Appraisal and Review System is applicable to all Associates in MT to M3 / RST to R6 / FM3 to FM5 grades and is disbursed bi-annually. The Performance review period for Associates covered by MARS will be April to September and October to March.
WEVA
WEVA-Wockhardt Economic Value Addition is applicable to all Associates in M4 / R7 and above grades. The Performance review period for WEVA will be April to March and payouts are disbursed annually.
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Key Milestones
Activities Responsibility End Date
Self-Assessment All associates 6th April 2015
FLM & SLM (First & Second Line Manager) Assessment All FLMs & SLMs 20th April 2015
Final Rating Submission to HR (post adherence to bell
curve)All Functional/Business/Site Heads 30th April 2015
Increments/MARS/WEVA etc HR 10th May 2015
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Performance Review Guidelines for Appraisee
Part 3
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Guideline # 1Prepare a list of your accomplishments
Make sure you capture the "how" not just "what" you accomplished. Identify any challenges that limited your abilities to succeed, as well as any support you received from others. Don't get caught in the trap of focusing only on the last few months of performance. Look at performance over the whole review period. Think about your audience. What does your manager need to know? What do they already know?
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Guideline # 2Do a self-evaluation
Think about the following:• What knowledge, skills and attitude do you need to be successful? • How do you feel you rate against these requirements? • Quantify your achievements if possible and consider how they have contributed to the
organization's success. • What has helped and what has hindered you? • What can you do better during the next period?
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Guideline # 3Prepare a list of areas for development
Identify any areas where you felt you struggled, or where others may have noted your performance lacked, and make note of these. You should also identify any areas where you would like to expand your skills/experience/expertise. This will enable you to ask for coaching, mentoring, training, or whatever support you need to develop, improve or be more successful.
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Guideline # 4Draft goals for the coming period
Don’t wait for your manager to hand down your goals to you. Take a proactive approach and draft some possible goals based on your job description, your department or the organization's higher level goals, your skills/experience/abilities, etc. You can review and refine these in your meeting with your manager.
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Guideline # 5Keep an open mind!
Often we come to our performance appraisal meeting with our manager feeling a bit defensive. When we're defensive, we don't listen very well. Prepare yourself for your performance appraisal meeting with your manager by trying to relax and let go of any defensiveness you're aware of. Your goal should be to listen deeply to the feedback your manager provides you, as well as the goals and development plans they lay out for you.
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User Manual for PMS in WockhardtYou are required to carefully go through the attached User Manual for Performance
Management System in Wockhardt. The same is also available on
WIRE
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Key Milestones
Activities Responsibility End Date
Self-Assessment All associates 6th April 2015
FLM & SLM (First & Second Line Manager) Assessment All FLMs & SLMs 20th April 2015
Final Rating Submission to HR (post adherence to bell
curve)All Functional/Business/Site Heads 30th April 2015
Increments/MARS/WEVA etc HR 10th May 2015
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Role Play
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