Definition

Performance Appraisal
Performance Appraisal system adopted IFFCO Company Profile
Tokio General Insurance
• IFFCO-Tokio General Insurance Company Limited was incorporated in 2000, as a
joint venture between the Indian Farmers Fertilizer Co-operative Limited (IFFCO),
which is the world’s largest fertilizer manufacturer, and Tokio Marine Group, which
is one of the largest insurance groups in Japan.
• IFFCO holds 51 percent in the company and the remaining 49 percent is held by
Tokio Marine Group.
• The company offers a comprehensive product bouquet of all lines of business such
as Car Insurance, Two-wheeler Insurance, Health Insurance, Travel Insurance and
Home Insurance, including corporate policies such as property insurance and
liability insurance.
• IFFCO-Tokio has a wide presence in rural areas and Tier 2, 3 and 4 towns, too. It is
the first private insurer to establish Bima Kendras, which are single-person operated
centers, to increase insurance penetration in rural areas at the customer’s doorstep.

Service rendered by IFFCO-Tokio Introduction

• IFFCO Tokio GENERAL INSURANCE is one of the India’s Largest
Insurance providers.
• IFFCO Tokio is an organization with a qualified team of professionals
working together, sharing views and ideas with passion to accomplish a
common goal “To be an industry leader in India”.
• The business environment they work in is dynamic with a high degree
of competition.
• To achieve their goal in such a situation, they must constantly challenge
themselves to higher levels of individual and group performance.
 Challenges
• Their performance management content was inconsistent, i.e. the goals varied
individual to individual. The guidelines were there but could not be adhered with
excellence on papers.
• The process consumed a lot of time discouraging the employee to participate, and Saigun Technologies and Empxtrack
they would come up with creative excuses every time.
• The new age employees who were accustomed to computers hated and avoided
writing papers. Some of them used Word Document, but it also created a mess.
• Reporting was cumbersome for HR and the management. Digging out simple
intelligence out of the system required mammoth efforts. The answer to some
performance questions could never be answered.

• Saigun is a technology group focused on designing HR Management solutions. Solution

• Saigun pioneers development of integrated, flexible and on-demand solutions for
management of human capital. It provides technology to some of the Fortune 500
companies for various requirements like healthcare , retirement choices, decision
support kits and compensation planning.
• Saigun’s flagship product Empxtrack is a next generation solution for Human
Resource and Talent Management
• The leader among integrated solutions for HR, Empxtrack is powerful enough to
handle all 18 functions of HR department through its single window interface and
provides comprehensive analytics for critical decision making
• Create Company Goals and cascade them to all employees and ask them to create
their goals which contribute to Company’s Growth.
• Empxtrack helped IFFCO Tokio develop set of SMART Goals for all employees at
all levels. Employees could copy these standard goals and modify to meet their
specific needs. Thus, goals across the organization were standardized.
• HR could initiate the Goal Setting Process and all employees communicated via e-
mails. The Goal Setting Completion reports were automatically generated and
forwarded to concerned managers. Frequent reminders were sent to employees to
finish the task in time.
 Solution
• Goal tracking allowed employees and managers to keep a watch on the progress on a
regular basis. The manager would easily mark the corrective actions and coaching
notes for employees to take action.
• After the performance period was over, annual appraisal could be initiated
automatically for all employees with an email.
Outcome Results
• Goal Setting Process Completion: IFFCO Tokio team could complete the Goal
Setting Process for all employees across the country within 15 days. The average
time taken by the employee and manager to complete the process is now reduced to
3 hours. Earlier this time was more than 2 days.
• Appraisal Process Completion: In the same way, the time taken by the IFFCO
Tokio to complete the entire Appraisal was 30 days which has now reduced
significantly.
• Employee Performance Improvement: Employees who have used Empxtrack for
more than two years saw a significant jump in their appraisal scores. The average
appraisal scores in the organization have jumped from 4.3 to 4.7.

Outcome Results
• Employee Satisfaction: The objectivity and transparency has not only improved
the employee’s confidence in the organization but also improved overall
employee experience.
• Management Reports: The time taken to create management reports for HR has
reduced from 2 weeks to 1 day for all the required reports
• Objective Compensation & Career Growth: Management is now able to use the
Appraisal & Goal Achievement Scores for compensating top performers as well as
identifying the leaders for tomorrow