As part of our commitment to applying GCG principles, and in particular, the principle of accountability, we manage employees’ performance accountability through an Employee Performance Management System in accordance with corporate policy KD.66/2006. In line with the intentions and objectives of this policy, the principles of objectivity and transparency are applied with reference to guidelines on responsible performance measurement and assessment in the management contract mechanism, determination of performance indicators in line with the scope of duties and role of the units and individuals in the organization and the setting of agreed targets that refer to the company’s performance targets as stipulated in the corporate plans.
Performance targets are formulated on the basis of the corporate plan and are broken down to the unit, sub unit and employee level with due attention to SMART principles (specific, measurable, achievable, realistic, and time-related), and are evaluated regularly (daily, weekly, monthly, quarterly, or annually) according to the performance indicator measured in the management review mechanism, which is supported by various on line applications.
The implementation of management contracts is determined on the basis of a balanced scorecard which is used to assess the accountability of the performance of the Directors, top leaders, senior leaders/units and employees and is then used as a reference in the determination of remuneration. Management contracts are evaluated every quarter using a performance dashboard.
In 2011 this system will be maintained and regularly updated and improved.
Posted on January 11, 2012