720 Degree performance appraisals: An effective tool to efficiency of modern employees

“Take away all my wealth, take all my machines but leave my men alone and I will become Hendry Ford again” said Henry Ford. These words of Henry highlight and uphold the `human resource' as a prime resource before all other resources. It's in fact true that the well utilized human resource never leads to disparity or failure. In this line, the role of performance appraisal has a tremendous role to play in developing the effectiveness and efficiency of employees. “For a man the unexamined life is not worth living”, said the Greek philosopher Socrates. Similarly, an employee whose performance is not examined and enhanced does not lead to fruition. Throughout the Globe the performance appraisal system has been utilized as a method of evaluating an employee's job performance. It is rightly said that, “Encouraged people achieve the best; Dominated people achieve second best; neglected people achieve the least.” as recognition and reward at the right time is the best encouragement. From the time Human beings have evolved they have employed different methods to appraise the performance starting from the traditional comparison method to the modern 720 degree appraisal method. 720 degree appraisal method aims at monitoring, measuring, giving feedback and encouraging the employees to achieve the goal and for the Organization in turn.