Reward and Recognition policy
Index • • • • • • • •
Aim of the Policy Why we need reward and recognition policy? Who all it includes? How to create an effective reward programme? Why to reward employees? How to reward employees? Types of incentive Nomination and selection
Aim of the Policy
• The major aim of reward and recognition policy is to attract and retain the best talent • To retain talent, it becomes important to recognize the efforts put in by the employee in terms of performance, attitude, and achievements • To build up an organizational culture where good work done by employees is valued
• Tremendous efforts are recognized.
Why we need reward & recognition policy? • To have a systematic approach towards the appreciation of rewards, there is a need for reward and recognition policy. • In attracting and retaining talent within the organization • Acts as a morale booster • Promotes 3 P's i.e. Productivity, Positivity, and Promotion
• Builds up motivation in the workplace
Who all it includes?
It includes
all regular
Employees
How to create an effective reward system?
Evaluate the programme
Choose the type of award
Target the audience
Choose the Target
Communicate
Determining the criterion
Know your budget
Why to reward employees?
Increase in productivity
How to reward employees?
• Monetary incentives
• Non Monetary Incentives
Monetary Incentive Merit Pay
Commission
Suggestion Plan
Profit sharing plan
Stock option
Perks
Bonus
Fringe Benefits
Pay and allowance
Non monetary Incentives Formal Rewards Career advancement diamond star Employees participation Year of service award
job enrichment Celebration chart Formal letter of appreciation
Some more non monetary Incentives
Team Trophy
Lunch with CEO
Framed letter of appreciation
Team Jersey
Dedicated corner in company's newsletter
Team Training
Peer to peer recognition
Nomination Process
Immediate Manager
HOD HR
• Discuss with HOD that they wish to nominate employee/team for a reward
• • •
Discuss with immediate manager, make recommendation for the employee If valid make recommendation for the employee and gives approval, if not valid discuss rationale with manager. If valid process to HR.
• Review nomination. If valid, process request including setting the monetary amount. If not valid notifies immediate manager of non inclusion with rationale
Continue.......
Immediate Manager
HOD HR
• Discuss with HOD that they wish to nominate employee/team for a reward
• • •
Discuss with immediate manager, make recommendation for the employee If valid make recommendation for the employee and gives approval, if not valid discuss rationale with manager. If valid process to HR.
• Review nomination. If valid, process request including setting the monetary amount. If not valid notifies immediate manager of non inclusion with rationale
Selection • Selection Criteria: Selection criteria must be documented as part of the Employee Reward and Recognition Program. The Finance department may designate an individual or committee, working in conjunction with the Human Resources Representative, to develop specific award standards and selection criteria, and to nominate or select award recipients.