The Securities and Exchange Board of India (SEBI) is contemplating changes to its employee evaluation system by breaking the link between key result areas (KRAs) and annual performance assessments.
Sources indicate that Pandey has been actively engaging with employees at all levels to gain insights into their challenges. One of the proposed changes involves shifting towards a more qualitative approach rather than a purely quantitative one in the appraisal model.
“A shift towards a more qualitative approach seems to resonate well with employees who appreciate the new leadership’s efforts to redefine targets and enhance the workplace culture,” said a source familiar with the discussions.
Currently, the appraisal process at SEBI ties employee evaluations to departmental success metrics. This performance data is then documented in SEBI’s management information system (MIS), which in turn influences their annual appraisals.
The existing system has faced criticism from employees for its heavy emphasis on quantitative measures, which often fail to capture qualitative work and other valuable contributions. Sources suggest that the employees’ MIS system has recently been updated to delink KRAs from appraisals.
The reassessment of performance metrics follows internal tensions that arose last October when SEBI employees voiced concerns about the KRA processes. A letter outlining their grievances led to a SEBI press release dismissing the concerns as influenced by external factors—an assertion that was later retracted following internal backlash.
Since then, the regulator has been working diligently to address these issues, with top officials engaging in direct dialogues with employees. With the change in leadership, an evolution in the organization’s approach to employee management is anticipated.
