UNVEILING THE FACTORS TO SUCCESSFUL 360-DEGREE PERFORMANCE APPRAISAL: A CASE STUDY OF ABC COMPANY

Abstract

1. Introduction In today's dynamic business world, employee performance evaluation is crucial for a successful business. Against this backdrop, 360-degree performance evaluation has gained recognition for its holistic approach, involving feedback from various stakeholders. This recognition has prompted the scientific community and practitioners to investigate the implementation of 360-degree performance systems across various industries, due to the limited literature on the factors contributing to their successful deployment. This study aims to bridge knowledge and contextual gaps by exploring the successful factors for effectively implementing a 360-degree performance appraisal system at ABC Company in Sri Lanka’s banking and finance industry. 2. Research Methodology Using a case study strategy under an inductive research approach, this qualitative research study focuses on a Sri Lankan company in the financial industry that has successfully implemented a 360-degree evaluation system. Eight managers experienced in the system's implementation were interviewed from different organizational levels. Data collection was conducted through semi-structured interviews, and thematic analysis was used for data analysis. 3. Findings and Discussion The study identified critical success factors essential for an effective 360- degree evaluation system. Findings confirm established insights, such as the importance of strategic leadership style and a shared vision, while also revealing new factors specific to this research context: a flat organizational structure, strategic congruence, and value-driven culture. 4. Conclusion and Implications This research offers valuable insights for professionals seeking to implement 360-degree evaluation systems, emphasizing alignment with a value-driven culture and a learning-oriented organizational approach. Additionally, it enriches the existing body of knowledge with findings unique to the studied context, including the importance of a flat organizational structure and strategic congruence