Performance

Appraisal &
Bonus Policy
Vamstar is committed to supporting every employee to reach their potential and achieve their personal
goals, which in turn will assist the organization to achieve its objectives. The performance appraisal policy
supports the performance appraisal scheme. The scheme is a formal process centered on an annual
meeting of each employee and their line manager to discuss his/her work.

The purpose of the meeting is to review the previous year’s achievements and to set objectives for the
following year. These should align individual employees’ goals and objectives with organizational goals
and objectives.

Performance Bonus: For employees having a performance bonus component in the offer letter, the review
shall happen quarterly / yearly as per the agreed terms on offer by the reporting supervisor followed by the
department head. The percentage of bonus allocated is solely dependent upon the target completed as
per assigned, individual/teams and company’s overall performance.

Performance Appraisal: Every employee upon completion of a certain tenure of 06 months is eligible for
the performance appraisal. Below are the cut off dates:-

For employees who have joined on or before 31st December of each year, the performance appraisal
forms shall be floated in the month of June. The appraisal shall be effective July.

For employees who have joined on or before 30th June of each year, the performance appraisal forms
shall be floated in the month of December. The appraisal shall be effective January.
 Core Principles and Guidelines of the Policy

The appraisal process aims to improve the effectiveness of the organization by contributing to achieving a well-moti-

vated and competent workforce.

Appraisal is an ongoing process with an annual/ bi-annual formal meeting to review progress.

The appraisal discussion is a two-way communication exercise to ensure that both the needs of the individual and of

the organization are being met, and will be met in the next year.

The performance appraisal process provides a means for discussing, planning and reviewing the performance of each

employee. Performance appraisals influence salaries, promotions and transfers, and it is critical that supervisors are

objective in conducting performance reviews and in assigning overall performance ratings.

Processes
The Human Resources department will establish the format and timing of all review processes. The completed evalua-

tions will be retained in the employee's personnel file.It is very critical to meet the deadlines of filling the appraisal forms

both for employees and reporting supervisors set by the Human Resources Department.

In case the deadlines and cut-off dates aren't met the Management and Human Resources Department reserves the

right to skip the appraisal for the employee(s) in the absence of subsequent data’s timely submission.

Salary increase requests must be supported by a performance appraisal for salary change processing. Managers may

not discuss any proposed action with the employee until all written approvals are obtained and or directed by the

Human Resources Department to do so.

HR will review all salary increase/adjustment requests to ensure compliance with company policy and that they fall

within the provided guidelines ensuring the application of salary and salary changes as per the internal Band & Grading

or Market Standards and Company’s requirements.

There is no minimum or maximum appraisal percentage. This is determined by factors like educational background,

work experience, salary drawn, no of appraisals executed in the past, if any, off cycle appraisals have been executed,

tenure of employee in the organization, market rationalization, individual performance, teams and companies

performance overall.

It is expected from all employees to maintain the elements related to salary, performance bonus, appraisal, machine

bonus etc. with utmost confidentiality. Any finance related figures and matters should only be discussed with members

of the Human Resources Team, Payroll and Finance Team, Reporting Supervisor, Department Head and or Founding

Team. Any breach to the above shall be treated with strict disciplinary actions that can even include termination.

Responsibilities of Individual Employees

The responsibilities of individual employees include-

Submission of self-assessment forms by comparing the achievement and work progress against the set objectives

assigned by the company.

Attend appraisal meetings throughout the year

Post-performance review every individual employee should agree to follow the Personal Development Plan (PDP),

suggested by the appraiser or HR Department of the company.

Providing evidence of learning process followed throughout the year

Completion of training program/courses as per PDP designed previous year (or soon after joining).
Responsibilities of Team Manager / Project Manager /
Appraisers

The manager or appraiser plays an important role in the execution of performance management policy. The

responsibilities of appraisers include-

To conduct regular meetings to discuss the performance and development of team members.

To provide feedback on performance, achievement, and progress throughout the year.

To identify the successor for critical positions in the organization and implement PDP for the employees.

To promote the importance of personal health and well-being of the employees.

To ensure the healthy communication between team members and create a supportive working environment.

To follow a fair performance appraisal process and provide a deserved grade to the team members.

Our guidelines mentioned above describe how we coach, evaluate and reward employees. We base our performance

management systems on constructive feedback and open communication between managers and team members.

Vamstar is continuing towards providing its employees with the best possible reward standards. Wishing you a

rewarding career ahead!