Free «Most Insurance» Essay

Most Insurance

Improve Performance Evaluation

Recommendation

Implementation

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Some of the misconstrued understandings of planning and implementing a 360 Degree Feedback program include, but are not limited to, the lack of understanding that the exercise takes longer to complete, and the due process involves more tasks than expected. The formal feedback process endeavors to formalize the ordinary observation process among the employees. The formalization arises from the briefing raters that conceptualize the employees in a sentient and organized manner, usually attained by completing questionnaires. The data acquired is then analyzed and presented in an official report detailing the employees raters’ insights articulated in the statistical tools including numbers and graphs. The formal report’s content constitutes the worker’s feedback. These five stages accounts for the major parts of the Most Insurance performance evaluation scheme. Therefore, the company will have to initiate the performance evaluation program by identifying the key players during the exercise in accordance with the highlighted stages. The 360 Degrees action plan developed for the Most Insurance includes the detailed discussions of each of the implementation steps. The project’s cycle is developed to evaluate the staff headed by the three managers and a small number of employees.

Action Plan

The implementation of Most Insurance’s 360 Degree Feedback project will involve determining the project’s key players including participants and managers, establishing the variables for the evaluation exercise, and designing the questionnaire.

The major participants of this project include the whole organization; thus, incorporating all the employees and managers. For the case of peer evaluation, team member appraisers would be targeted in order to rate employee performances, while the manager’s evaluation will use both manager and employee raters. All the managers will participate in the program, so as to determine any managerial deficiencies, if any. Three employees from each of the three Most Insurance departments will be chosen to participate in the survey. The evaluation tool will be administered by an internal expediter; preferably, the human resource manager, and it will be given on an individual basis. The human resurce manager will assume the role of managing the 360 Degree Feedback exercise. In addition, loyal customers, on confidential terms, will be asked to participate in the survey as well in order to enable the company to see its progress in terms of providing customer satisfaction. The evaluation process is to be conducted every financial quarter, so that the necessary strategies can be formulated in order to improve on the reported company performance.
The second step in 360 Degree Action Plan involves the determination of the precise variables to be measured during the exercise. Most of the performance indices that this project will measure revolve around individual behavioral patterns. The patterns would include time management, customer response, and team work. These, among others, would assist in determining an individual’s suitability of performing their duties, as perceived by colleagues. In addition, variables quantifying the employee’s competencies and the corresponding rating levels will form the major part of the survey tool.

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After the identification of the key variables for performance evaluation, the three different questionnaire forms will be designed and will correspond to the appraisers expected from the parties. Generally, the questionnaire will contain at most 40 questions, since it is prudent not to overlook the participant’s ability to complete questions; especially in Most Insurance case, where they will have to evaluate several people. The customers’ questionnaire will fixate on the accommodation distribution efficacy, whereas the ones for the employees will fixate on individual performance and skills that match the company’s primary strategic goals. In addition, the employee’s evaluation questionnaire would include appraisal for the three managers (Fleenor & Prince, 1997). The managers, on the one hand, will evaluate each other, and, on the other, will evaluate their employees, paying particular attention to the employees’ compliance with the company’s objectives. Each of the three questionnaires will be tailored to mirror the performance of all Most Insurance key stakeholders. The forms will be electronic in nature, since Most Insurance is a technological savvy agency. Additionally, they have a small number of employees, regardless of the limited number of customers, who they can send the form to through the electronic means. As a result, hardcopies of the customer evaluation forms, which can be sent to the physical addresses, will be produced and administered appropriately.

The feedback data will be collected using the above mentioned forms, and since Most Insurance lacks the capacity to process the data, they would have to outsource an independent contractor to perform the analysis for them. The collection of the data will commence with registering targeted participants prior to the actual process, then briefing the appraisers and raters to the actual data collection. Executing these phases within the stipulated time periods will enhance the project’s adherence to the delegated timescale.

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Cost Analysis

The designing of the three survey forms will cost Most Insurance Company approximately $500. The tools for designing the forms include, but are not limited to, Adobe software for creating forms, online tools, such as Grapevine, and Adobe InDesign. The project supervisors, including senior Most Insurance management, cannot design the forms due to the lack of experience. Designing these forms requires specific computer graphic design competencies and in most cases this is done by the expert companies. Due to this technology division in designing and consequent analyzing the collected data, Most Insurance will contract Grapevine Evaluations to construct the forms. The implementation of the program will cost the company approximately $2000 inclusive of the cost of the form design. The administration of the questionnaire will be conducted by the internal facilitator at subsidized fee. Moreover, additional expenses will be incurred in the processes of preparing the targeted groups for the procedure, including training. Some of these activities will demand external intervention; hence, might force Most Insurance to hire the necessary experts. It is imperative to alert the employees, as well as managers, of the impending evaluation exercise and offer effective training to avoid failure of the program (Ward, 2006). Each of the steps of implementation of the action plan might require different inputs from the different sectors of the company and in case of deficiency force it to outsource. The prosperity of the project relies upon the precision of its execution and the available resources (Aderhold, 2001). Even most importantly, Most Insurance will have to invest into the appropriate services that will aid in the process of engraining the feedback results into the company. All these process will require financial and personnel support to guarantee success of the program.

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