Are you ready for a verdict on your performance?
For many employees in corporate India, late March, which coincides with end of the financial year, is when they find out if they'll get the raise or promotion they have been hoping for.
But what if your performance review fails to meet your expectations? It may upset you - and may even make you want to quit - but that could do more harm than good.
Instead, it's best to keep your cool and consider the following steps when dealing with a poor review:
Prepare, Prepare, Prepare: In advance of the annual appraisal meeting, it's a good idea to maintain a log of your achievements and failures throughout the year. This can save you from becoming a victim of critical appraisal just because you didn't perform well in a recent project.
If needed, bring a list -- along with any documentary evidence -- to support your accomplishments to the meeting. The appraisal meeting 'is a time for you to highlight (your) successes,' says Debbie Meech, people director at information and technology services firm Cable&Wireless Worldwide Plc.
As much as possible, you should 'highlight the achievements that have had the maximum impact on the company,' says Veena Padmanabhan, general manager at Wipro Technologies Ltd., an information technology firm.
Analyze: In case your company provides you a written review in advance of the meeting, read it thoroughly and calmly. If it includes some criticism of your work which you don't agree with, first try to understand why the reviewer has made that criticism.
Although we may think we are doing a great job, it's important to be critical of our own performance and aware of our shortcomings. 'Try to be more objective,' says Ms. Padmanabhan.
Have a clear idea of what your performance has been like, before trying to convince your bosses.
At the meeting: On the day of the appraisal meeting it's essential that you come prepared and bring a calm, receptive mind. Be sure to hear out your manager fully, before saying anything.
If you realize that you've made a mistake or could improve your performance, own up to that. But if you feel you are being wrongly criticized, than you should stand up for yourself.
Some companies have two appraisal meetings. This allows you some time to prepare your case. But if your company has only one meeting, you'll have to think of your defense pretty quickly.
It's best to stick to facts when arguing you deserve a better review. 'Do not be defensive, as that can be detrimental,' saysNirmal Rana, head of human resources at Ozone Group, a firm providing healthcare products.
Whatever you do, don't lose your cool and don't react with 'hostility or anger, as that will not go down well with the management,' says Bhasker Bhandary, director human resources at Acer India Pvt., a firm providing information technology services.
If you feel like you didn't make a good case for yourself, you could try going back to your manager within the next day or two.
What's next? You've made your case, but your performance review stands. What should you do next - live with it, or hand in your resignation?
Don't make this decision immediately after the appraisal meeting. A critical review might leave you upset and emotionally charged, which is not the best state of mind in which to take decisions on your future.
Remember that quitting is not always the ideal answer, because there's no guarantee you'll get better recognition at your next job. 'Moving from one place to another reflects (poorly) on the career of the person,' says Mr. Rana of Ozone. 'So, you should try and work it out first.'
Give yourself time to absorb the feedback. 'Step back and let yourself ponder over it for a week or ten days,' says Ms. Padmanabhan. 'Time mellows down reactions'
New targets: If you have decided to stay at your company, make the best of the feedback you received from your bosses.
Talk with your manager about a list of targets you need to achieve in the coming year, and how to go about achieving them. Maybe you need to upgrade your skills. It's important to keep building your soft skills and your relationship with your manager.
'Communicate often to get a clear idea of what the manager expects,' says Mr. Rana. Developing this regular feedback system can not only help you achieve your goals but also help you get a better performance review next time around.
Sunday, April 10, 2011
Wednesday, April 6, 2011
Big Deals Roar Back As Spirits Rebound
The deals market is back in a big way.
In just the past 48 hours, new mergers popped up across the globe -- including Texas Instruments' $6.5 billion purchase of venerable National Semiconductor, an unsolicited $6.5 billion offer by a state-owned Chinese mining company for a Canadian-Australian firm, KKR's $2.4 billion deal for a Pfizer unit, and a consortium of Japanese metal companies paying $680 million for Kentucky-based Arco Aluminum.
So far this year, companies around the world have announced $784.1 billion worth of deals, up from $637.9 billion over the same period in 2010, according to Dealogic. That marks the largest year-to-date volume since 2007, when $1.1 trillion worth of transactions were announced in the same stretch.
The deals show a renewed confidence by corporate executives and private-equity firms -- many in the developing nations of Asia -- who are sitting on $2.4 trillion in cash. With rates held low by the U.S. Federal Reserve, financing rates remain at some of the cheapest on record. The deals also reflect the unleashing of years of pent-up demand, as mergers across the globe largely came to a halt at the end of 2007, and worries that inflation might pick up, boosting rates.
All this has happened while evidence mounts that mergers often fail. Nonetheless, a change in psyche has pushed corporations to make deals -- if only for fear that a rival may strike first. Nowhere is that more clear than in the financial-exchanges business, where seven global players -- in the U.S., Germany, Canada, England, Singapore, and Australia -- are fighting for primacy of the world's financial markets. 'There are certain situations if you don't act now, you've lost your chance,' said Bruce Evans, head of Americas M&A at Deutsche Bank.
Deal makers may be further encouraged by stockholders, who are tending to reward companies that make acquisitions, pushing shares higher after deal announcements. Typically, shareholders punish companies that make big deals. Shares of Nasdaq OMX Group, for instance, rose 9% on Friday, after it announced an unsolicited $11.3 billion for NYSE Euronext Group last week.
Chip maker Texas Instruments on Monday announced its all-cash purchase of rival National Semiconductor, bringing together two big makers of devices used in cell phones, industrial equipment and consumer electronics. The price represented a nearly 80% premium over what National shares traded at on Friday.
The scope of this year's deals has been larger than in years past, with three so far valued at more than $15 billion each, compared to four at those heights in all of 2010, said Antonio Weiss, Lazard's global mergers-and-acquisitions chief.
The latest deals are bypassing traditional hot spots in the U.S. and Europe. In nearly a third of all deals last year, at least one party came from an emerging market, Mr. Weiss said. Emerging-markets deals are at their highest ever, says Dealogic, at around $210 billion during 2011.
China is now the third-most active nation for cross-border deals, with volume about one-third that of the U.S. and more than half that of the United Kingdom, according to Dealogic. Chinese firms have targeted oil and gas deals most avidly, followed by mining and chemicals.
One of the boldest moves this week came from China's Minmetals Resources Ltd., which said Monday it was making a $6.5 billion bid for Canadian-Australian Equinox Minerals Ltd. Minmetals is part of a Chinese state-owned mining conglomerate, whose previous interest in Canadian companies in 2004 received widespread derision among Canadian politicians at the time. Sentiment in Canada has changed since then, as politicians view Chinese deals as a necessary part of raising capital for new natural-resources investment.
The proposed deal represents China's largest acquisition bid since China Petrochemical offered $7.1 billion for a 40% stake in Repsol Brasil last October, according to Dealogic.
Despite turmoil in the Japanese economy, companies there haven't shied away from transactions. On Monday, Japan's Sumitomo Light Metal Industries announced it was leading a group of Japanese firms to buy Kentucky-based Arco Aluminum from BP PLC for $680 million.
Companies and private equity firms see the next several months as a window of opportunity, especially if inflation picks up. Private equity firms also need to put money to work as funds wind down and they embark on new fundraising rounds.
On Monday, Pfizer Inc. announced it was selling its Capsugel unit, which makes hard capsules, to Kohlberg, Kravis & Roberts in a $2.4 billion deal. Also, private equity firm Apax Partners announced it was acquiring Epicor Software Corp. and Activant Solutions Inc., both software providers, in deals totaling about $2 billion.
In just the past 48 hours, new mergers popped up across the globe -- including Texas Instruments' $6.5 billion purchase of venerable National Semiconductor, an unsolicited $6.5 billion offer by a state-owned Chinese mining company for a Canadian-Australian firm, KKR's $2.4 billion deal for a Pfizer unit, and a consortium of Japanese metal companies paying $680 million for Kentucky-based Arco Aluminum.
So far this year, companies around the world have announced $784.1 billion worth of deals, up from $637.9 billion over the same period in 2010, according to Dealogic. That marks the largest year-to-date volume since 2007, when $1.1 trillion worth of transactions were announced in the same stretch.
The deals show a renewed confidence by corporate executives and private-equity firms -- many in the developing nations of Asia -- who are sitting on $2.4 trillion in cash. With rates held low by the U.S. Federal Reserve, financing rates remain at some of the cheapest on record. The deals also reflect the unleashing of years of pent-up demand, as mergers across the globe largely came to a halt at the end of 2007, and worries that inflation might pick up, boosting rates.
All this has happened while evidence mounts that mergers often fail. Nonetheless, a change in psyche has pushed corporations to make deals -- if only for fear that a rival may strike first. Nowhere is that more clear than in the financial-exchanges business, where seven global players -- in the U.S., Germany, Canada, England, Singapore, and Australia -- are fighting for primacy of the world's financial markets. 'There are certain situations if you don't act now, you've lost your chance,' said Bruce Evans, head of Americas M&A at Deutsche Bank.
Deal makers may be further encouraged by stockholders, who are tending to reward companies that make acquisitions, pushing shares higher after deal announcements. Typically, shareholders punish companies that make big deals. Shares of Nasdaq OMX Group, for instance, rose 9% on Friday, after it announced an unsolicited $11.3 billion for NYSE Euronext Group last week.
Chip maker Texas Instruments on Monday announced its all-cash purchase of rival National Semiconductor, bringing together two big makers of devices used in cell phones, industrial equipment and consumer electronics. The price represented a nearly 80% premium over what National shares traded at on Friday.
The scope of this year's deals has been larger than in years past, with three so far valued at more than $15 billion each, compared to four at those heights in all of 2010, said Antonio Weiss, Lazard's global mergers-and-acquisitions chief.
The latest deals are bypassing traditional hot spots in the U.S. and Europe. In nearly a third of all deals last year, at least one party came from an emerging market, Mr. Weiss said. Emerging-markets deals are at their highest ever, says Dealogic, at around $210 billion during 2011.
China is now the third-most active nation for cross-border deals, with volume about one-third that of the U.S. and more than half that of the United Kingdom, according to Dealogic. Chinese firms have targeted oil and gas deals most avidly, followed by mining and chemicals.
One of the boldest moves this week came from China's Minmetals Resources Ltd., which said Monday it was making a $6.5 billion bid for Canadian-Australian Equinox Minerals Ltd. Minmetals is part of a Chinese state-owned mining conglomerate, whose previous interest in Canadian companies in 2004 received widespread derision among Canadian politicians at the time. Sentiment in Canada has changed since then, as politicians view Chinese deals as a necessary part of raising capital for new natural-resources investment.
The proposed deal represents China's largest acquisition bid since China Petrochemical offered $7.1 billion for a 40% stake in Repsol Brasil last October, according to Dealogic.
Despite turmoil in the Japanese economy, companies there haven't shied away from transactions. On Monday, Japan's Sumitomo Light Metal Industries announced it was leading a group of Japanese firms to buy Kentucky-based Arco Aluminum from BP PLC for $680 million.
Companies and private equity firms see the next several months as a window of opportunity, especially if inflation picks up. Private equity firms also need to put money to work as funds wind down and they embark on new fundraising rounds.
On Monday, Pfizer Inc. announced it was selling its Capsugel unit, which makes hard capsules, to Kohlberg, Kravis & Roberts in a $2.4 billion deal. Also, private equity firm Apax Partners announced it was acquiring Epicor Software Corp. and Activant Solutions Inc., both software providers, in deals totaling about $2 billion.
Subscribe to:
Comments (Atom)