Abstract

The Concept of Performance Appraisal started in the early 20th Century. This is the process of obtaining, analyzing and recording information about an employee to evaluate and improve their performance. There are different methods of Performance Appraisal used based on the type of organization, size of the organization and also the period when it is used. Performance Appraisal is evaluated in terms of Quality, Quantity, Time and Cost and also analyses the value, which the employee adds to the goals of the organization. Before 720-degree appraisal the companies were using 360-degree system. This appraisal system has started from 90-degree to the 720-degree till date.rn720-degree Performance Appraisal is one of the most recently introduced concepts. As the name suggests, 720-degree performance appraisal an Integrated Method, where the employee’s performance is evaluated from 360-degree (Management, Colleagues, Self and Customers) and timely feedback is given. The performance is evaluated against the set targets. Therefore, we can state 720-degree appraisal as twice 360-degree appraisal. The major setback in the previous methods of appraisal was that it did not guide the employee after the appraisal. Hence 720-degree appraisal was introduced when the employee’s performance is measured, analyzed and targets are set in the first appraisal and after a short period his performance is measured again and proper feedback and guidance is given to ensure that the employee achieves the target. rnIn this paper, we are going to evaluate the awareness of the 720-Degree Performance Appraisal in the Organizations, which is an extended version of 360-Degree Feedback and not limited only within the organization, but also outside the organization including shareholders, customers, vendors, etc. This study is targeting the requirement and significance of 720-degree Performance appraisal within the fashionable business world and conjointly differentiates this new rising technique from the 360-degree Performance appraisal. The method of 720-degree Performance appraisal developed through totally different stages from 90-degree, 180-degree, 360-degree, 540-degree appraisal to 720-degree appraisal.