Windhoek-The Namibia Students Financial Assistance Fund (NSFAF) has a performance management system in place, implemented for the first time in April 2014 and the first performance agreements for the entire leadership team (executive and middle management) was signed in June 2014.
The first performance appraisals were done in December 2014. Since then, final performance appraisals have been conducted in February each year.
In tandem with President Hage Geingob’s call for improved performance and service delivery, all executives rolled out the agreements within their respective departments with the aim of creating consistency in terms of what is required of them and their direct reports.
This cascading approach was finalised on June 30 and all employees entered into performance agreements with NSFAF effective July 1. This arrangement is in line with the NSFAF philosophy of “pay-for-performance”.
Over the years employees at all levels underwent performance management training aimed at sensitising them to the importance of performance agreements and what role they play in helping the Fund achieve its mandate and strategic objectives. These performance awareness initiatives are ongoing.
With the implementation of the performance management system there is no doubt that the Fund will achieve its strategic objectives of providing financial assistance to all eligible Namibians, optimising the loan book and improving recovery and process efficiency, ensuring financial sustainability and good governance, as well as investing in staff, as set out in the NSFAF Strategic Plan for 2017 to 2020.
At NSFAF, performance management and appraisal are based on a rational process, leading to largely unbiased and objective judgments about how well employees have performed and how they should be rewarded, recognised and developed.
Performance management is the foundation for NSFAF’s effectiveness and employs techniques that communicate performance expectations, provide ongoing feedback, coaching and encourage employees to deliver excellent results.