News: Performance Management

Banking sector 'could benefit from performance management training'

15 May 2009

The financial services sector should adopt a more holistic approach to appraisals, an organisation comments, highlighting the need for performance management training.

Charles Cotton, reward advisor at the Chartered Institute of Personnel and Development (CIPD), responding to the House of Commons Treasury Select Committee report into the banking crisis, says a change in culture is needed.

He states: "There must be a more holistic approach to how people are managed and rewarded, including good management and appraisal systems and organisational culture with an appropriate attitude to risk."

Among the areas he suggests banks look at are its top talents' performances, values, attitudes and behaviours.

Mr Cotton states that these individuals' performance levels must be accessible by shareholders, in order to inform their investment decisions.

Angela Baron, organisation and resourcing adviser for the CIPD, recently highlighted the importance of performance management training, saying that executives often get this badly wrong despite being part of the bread and butter activities of this role.

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