Reward and Recognition Policy
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The document outlines a reward and recognition policy aimed at attracting and retaining talent while promoting a positive workplace culture. It details the importance of systematically recognizing employee efforts through both monetary and non-monetary incentives, and includes guidelines for creating effective reward programs. The nomination and selection process for awards involves both managers and HR, ensuring a structured approach to employee recognition.
Reward and Recognition Policy
- 1. Reward and Recognition policy
- 2. 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
- 3. 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.
- 4. 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
- 5. Who all it includes? Employees all regular It includes
- 6. How to create an effective reward system? Evaluate the program me Target the audience Choose the Target Know your budget Determin ing the criterion Commun icate Choose the type of award
- 7. Why to reward employees? Increase in productivity Boost employee morale Greater employee satisfaction Better retention Reduce stress Reduces wastage More engaged employees Higher Loyalty Better Teamwork Lesser absenteeism
- 8. How to reward employees? • Monetary incentives • Non Monetary Incentives
- 9. Monetary Incentive Merit Pay Profit sharing plan Pay and allowance Commission Stock option Bonus Suggestion Plan Perks Fringe Benefits
- 10. Non monetary Incentives Formal Rewards Career advancement diamond star Employees participation Year of service award job enrichment Celebration chart Formal letter of appreciation
- 11. 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
- 12. Nomination Process Immediate Manager • Discuss with HOD that they wish to nominate employee/team for a reward HOD • 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. HR • Review nomination. If valid, process request including setting the monetary amount. If not valid notifies immediate manager of non inclusion with rationale
- 13. Continue....... Immediate Manager • Discuss with HOD that they wish to nominate employee/team for a reward HOD • 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. HR • Review nomination. If valid, process request including setting the monetary amount. If not valid notifies immediate manager of non inclusion with rationale
- 14. 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.