INTERAMERICAN has developed and implements a comprehensive Performance Management System that is associated with the vision and strategic objectives of the Company and maximizes the outcome of individual efforts, given that:
- It defines in a clear manner what constitutes business success for the Company and hence, helps set specific, measurable and challenging targets.
- Enables the alignment of personal goals with the Company's business plans and, also, the possibility of opening the so-called "performance dialogue" between superiors and subordinates.
- Focuses on acts and actions important for business success, giving priority to areas of actual value.
- Offers to all employees the opportunity to develop the appropriate skills and professional conduct in order to produce the expected results.
The Performance Management System implemented at INTERAMERICAN places Dialogue at its core and is characterized by a fully structured mode of implementation. Furthermore, the systemic manner of evaluating the parameters of the individual performance enhances the employees' sense of participation and acknowledgement.
INTERAMERICAN Performance Evaluation System implements the evaluation system developed by Hay Group, an internationally acclaimed company specializing in Human Resources services.
INTERAMERICAN Evaluation System is closely intertwined with other basic Company policies and procedures:
- Competency Framework
- Grading System
- Reward Scheme
The Performance Evaluation System consists of the following three stages:
1. Targeting - Target review
2. Annual Evaluation Recognition
The employee reward policy is an important part of the overall Performance Management System at INTERAMERICAN. As far as the recognition and reward of its employees, the company has developed a Reward Policy, based on the following principles and values:
- The reward should focus on performance.
- The Company's performance should be linked with the reward of the individuals.
- There should be a significant reward variation between "satisfying" and "excellent" performance.
- Provide incentives aiming at individual development.
- Enhance the employee's appreciation for the "total reward package".
- Encourage teamwork by rewarding team performance.
The reward for each employee is defined along three guidelines:
- The reward should reflect and correspond to the measured contribution of each employee towards the Company and depends both on the performance of the employee and the acknowledgement of his qualifications, skills and experience.
- The reward should be competitive compared to the labor market and particularly to the speciailization department of each employee.
- The reward should be related to the financial ability of the Company.