Employee Reward and Recognition Policy

for Employees
 

Purpose: reward and recognition policy is designed to

encourage employees whose performance is outstanding
either individually or through teams that contribute to the
overall objective of the organization and also to lay down
guidelines regarding” how to reward employees”.

  

Objective: The objective of reward and recognition policy is to promote motivation in the workplace and
to build up culture that is conducive for achieving organizational objective and to make employees feel
valued and appreciated for their good work done.  It is meant

 To promote reward and recognition of the employees

 To appreciate and recognize value added contribution of the employees.

 To acknowledge individual and team contribution.

 Timely appreciation to foster work quality.

 To award staff appreciation for the good work done

 
       Principle:

     Basic principle followed for reward and recognition policy is           

mentioned below:

1. To promote  Staff appreciation

2. To enhance motivation in the workplace

    3. To design an effective Incentive Programme

4. To  value the effective work done by rewarding work

5. Consistent reward and incentive scheme with a defined

objective.

6. Empowering employees by  rewarding performance

7. Reward to nurture a sense of ownership amidst employees.

Eligibility for Reward and Recognition

Following criteria must be fulfilled before an employee

become eligible for reward and recognition

1. Employee must be a regular employee of the

company

2. Should  be  in service of the company for last 6

months

   

Qualifying outcome for reward and recognition       

1. Exhibition of organisational mission and goals  

while performing the duty
 
2. Exceptional contribution in increasing motivation
 
in the workplace
 3. Efficiency in Process and Practice which leads to
rewarding work

4. Exceptional team building skills

5. Innovative approach towards problem solving

based on organisational values

6. Cost reduction which is essential for an effective

incentive programme

7. Increment in revenue generation

 
8. Excellent customer service
 
9. Contribution in building team members
competencies

10. Excellence in all spheres of work done which

results in Staff appreciation

11. Contribution in employee engagement initiative

12. Contribution  in achieving organisational objective

by performing  service above normal duty

13.  Going out of ways to form positive and inclusive

work environment   
14. Exceptional contribution  in CSR  related activities

15. Developing  new work methods that reduce waste

16. Individual possessing highest  talent are rewarded

17. Going the extra mile by performing duties when

department is short staffed.

18.  Highly efficient in process and practice

 
 Reward and Incentives at the workplace

Reward and incentives are beneficial both for the employee and the
employer. It not only increase motivation in workplace but also
energises employee to work with proficiency. Generally this question
do occupy minds of managers that how to reward employee? 
Rewarding performance is an art. This reward and recognition policy
is designed for employee rewards and recognition programme. Such
Staff appreciation results in increasing employee efficiency and an
increase in sales and productivity. An effective incentive programme
must include both monetary as well as non monetary incentives.
.With rewards and incentive employer and employee enjoy a positive
and productive work environment.  An incentive programme which
recognizes individual achievement in addition to team performance
can provide extra incentive for employees.

  

Ways or Types of reward & incentives:

Monetary Incentive Reward - Various types of monetary

incentive reward includes Variable pay, bonus, profit
sharing and Stock Option. Details on the same are
mentioned below.

Variable Pay:  Variable pay can be tied to the performance of the company, any organisational
accomplishment or an individual performance or both. It is given as one time reward. Still it is one of the
motivational programmes for reward and recognition. Details of variable pay can be referred in
Compensation and benefits policy. 

Bonuses: Bonus is used to reward individual accomplishment. It is one of the most commonly used
types of incentive. By rewarding performance of an employee for previous year, bonus gives motivation
in workplace.

Profit Sharing: In this money is disbursed by taking a certain percentage of employee salary. This is
credited to employee account at the end of financial year.  It is given in Cash form. This employee
reward motivates an employee to work beyond normal duty to improve upon business performance.
However these types of incentive require an employee to vest certain number of years with the
organisation before receiving any money.
Stock Options:  This reward and recognition method is very popular nowadays. In these types of
incentive an employee has the right to buy a specified number of a company’s share at a fixed price for a
specified period of time.  The question does arise on how to reward employees so that they remain
motivated for a long time. Stock option is the answer.

Stock options are authorised by a company’s board of directors and approved by its shareholders.  This
employee reward is given by a certain percentage of the company’s shares outstanding.
Non monetary type of incentive:  Non cash reward programme works better than cash as it promotes
improvement in team work, increasing customer satisfaction and motivation in workplace among other
programmes.  Reward and recognition has a timing element. It is must to occur for staff appreciation. if
High 
rewarding performance continues then reward & incentive can be one of the factor for it. Both reward
& recognition programmes have their place in business. By rewarding performance business will have an
edge in competitive market place. Non monetary incentive reward employee performance with
opportunities other than related to monetary incentive. It includes flexible work hours, training
opportunities and ability to work independently. Such programme motivates employee as there is
learning of new skills and pursuing the advance opportunities

  The Various types of non monetary rewards & incentives:

   

Employee rewards have been divided into following categories.

Branch Level Reward: This includes Individual level Reward and on the spot rewards and given for
rewarding work.

Regional level Reward: This includes rewards given to Best Teams at regional level.

Pan India level Reward: This includes Employee of the year reward, Invention of the year award,
cost saving strategy of the year, most efficient operations award, employee engagement practice
of the year.

Types of Approval Timings of

Criterion Level Purpose Felicitation
Reward Required the Reward

Certificate of Any work Branch To Immediate As and Event organized at

Recognition done by the Level recognize Manager when branch level
employee individual HOD required
exception efforts for quarterly
ally well doing work basis
 extra
ordinarily

To
Individual
recognize
possessing Linked in
Linked in individual Immediate As and
the highest Branch Recommendation
Recommend efforts for Manager When
talent with Level as and when
action doing work HOD Required
extruding required
extra
any skills
ordinarily

“ON THE SPOT “Reward

Timings of
 Types of  Approval
Criterion Level Purpose the Felicitation
Rewards Required
Reward

 
To
Going extra
Company  motivate
mile and
apparels and Immediate
performing Branch  As and when
inspire Manager/HO Instantly
  work Level required
the D
beyond
  employe
own duty 
e
 

          Instantly As and When

required
         

Lunch with     To  
HOD / Senior recognise
Any Branch Immediate
Management employe
Innovative Level Manager/HO
Team e skills 
idea which D
held
  has helped
achieving
 
the given
  task at
hand
 
  

Regional Level Rewards

“Team of the region “

It includes “Employee of the year award “, “Invention of the year award”, “Cost saving strategy of the
year Award ”, “Most efficient operations award ”,  “Employee engagement  practice award “Best safety
practice award”.PAN India level rewards

Timings
Approval
Types of Reward Criterion Level Purpose of the Felicitation
required
Reward

  Excellence in PAN  Recognize Senior Annually PAN India

all spheres of India commitment Managemen event
Employee of the
the work towards t
year award
done setting
excellent
benchmark
by an
 individual

To recognize
Excellent
the initiative
initiative to
that resulted Senior
Invention of the improve PAN PAN India
in  Managemen Annually
year award upon India event
improvement t
Process/
in process/
Practice
practice

Cost  Saving
Strategy of the Cost To recognize
year Award reduction , the strategy Senior 
PAN PAN India
  Improvement that resulted Managemen Annually
India Event
in revenue in cost t
  reduction
generation
 

 
Strategy that
Most Efficient resulted in
operations award To recognize
tangible
the strategy Senior
  benefits to PAN PAN India
that resulted Managemen Annually
the company India Event
  in Operations t
in terms of
efficiency
  operational
efficiency
 

To recognize
practice that
Going out of has resulted
Employee
ways to form in Improved Senior
Engagement PAN PAN  India
inclusive productivity Managemen Annually
practice of the India Event
work due to t
year Award
environment inclusive
work
environment
Process followed for Branch level Reward 

Reporting manager recognize the contribution of the employee

                                                      

Reporting Manager seeks HOD approval on the same

                                                      

Approval Received 

                                                     

Award Shared at an event organised at branch level also shared as and when required in case of
LinkedIn recommendation

Process followed for Regional Reward

Reporting Manager Send Team nomination to HOD, (nomination to be sent in given timeline)

                                                            

HOD Consult with Regional HR committee, Regional committee takes telephonic round of interview,
names of shortlisted candidates shared with Corporate HR for approval
                                                            

Nominations sent to Corporate HR for approval if approved 

                                                             

                          Rewarded in regional level event