8/9/2019 Rewards Recognition Policy

1/4

REWARDS & RECOGNITION

Purpose:

To reduce Attrition Rate and improve Employee Loyalty & Motivation

Objectives:

To provide guidelines to recognize specific, unique, value added and criticalperformance incidents within or beyond expected & predefined performanceobjectives

To align employee performance and achievements in line with Companys ValueCharters & Mission Objectives

To reward these performance incidents in monetary or non-monetary termsindicating organizational recognition and appreciation towards the employees

Scope Applicability:

All employees

General Rules:

Nomination: (Individuals / Teams / Groups):All Managers / Department Heads (along with inputs from Immediate Superiors /Reporting Authorities wherever applicable) can nominate employees/teams who haveshown reward-worthy performance, behavior, skills or competence.

Periodicity:Assessments and recommendations can be done on Quarterly / Half yearly / Yearlybasis and one employee can be nominated multiple times in different quarters.Further spot achievement awards can be recommended during shorter terms ofquarterly basis. For ongoing performance achievements these awards can beassessed either half yearly or yearly basis.

Performance Management Link:A special consideration and weightage can be given in PLI (Incentives/Bonus) foremployees winning Rewards & Awards in Appraisal year. This can be an additional5% to 10% Incentives increase over and above the recommended PLI by Appraisersduring yearly Appraisal process.

Benchmarking Reward-worthy Performance/Behavior/Competence

In order to align employee performance to Companys Values & Mission Objectives,the standards can be set against the 4 value & mission objectives. Employeeshowcasing exceptional examples of following up these values can be considered forRewards & Recognition Program.

8/9/2019 Rewards Recognition Policy

2/4

The 4 Values are

Customer Focus

Innovation

Accountability

Teamwork

Assessment Parameters

Some of the parameters can be listed as under.

EOQ- Employee of Quarter

The Employee of the quarter Award publicly recognizes a staff employee for superior

performance. Have an exceeds rating or better on performance evaluation at the

time of nomination. Have specific or sustained accomplishments that exceed normal

expectations.

Reward & Award:

Cash Reward (Rs.5000)

Certificate of Appreciation (by President)

EOY- Employee of year

Should have been nominated as EOQ atleast twice during the assessment year and

should have been selected atleast once during the assessment year.

Reward & Award:

Cash Rewards (Rs.15000)

Certificate for Appreciation (by President)

Lunch / Dinner with President

Print on the business card for one year as EOY.

Plaque as EOY.

Spot Excellence Award

Contribution beyond expected deliverables / Key Responsibility Areas which benefits

the organization.

Reward & Award:

Gift Vouchers (Rs.2500)

Certificate of Appreciation (by President)

8/9/2019 Rewards Recognition Policy

3/4

OI Outstanding Innovation

Finding out a creative and innovative ways to improve the

Reward & Award:

Sponsorship for Pleasure Trip.

Certificate of Appreciation (by President)

CAP - Customer Appreciated Performance

Based on mutual or case-to-case basis customer feedback on issues resolved,

comfort level with customer, support provided or any such incidents / behaviors

bringing in significant impact on customers perception and Companys image

building etc.

Reward & Awards:

Gift Vouchers (Rs.500 to Rs.1500)

Certificate for Appreciation (by President)

Sponsorships for specific seminars / exhibitions / trade fares /

conferences etc.)

TOY-TEAM OF YEAR

Based on customer feedback on issues resolved, comfort level with customer,

support provided or any such incidents / behaviors bringing in significant impact on

customers perception and Companys image building etc.

Reward & Award:

Team Trophy (for individual members as well as whole team with each

team members name embossed on the trophy)

Team Lunch / Dinner with President

8/9/2019 Rewards Recognition Policy

4/4

BAY- BEHIND THE SCENE AWARDS OF YEAR

Based on the Extra-Ordinary Performance of functional support employees (HR,Finance, IMG and Administration functions)

Reward & Award:

Gift Vouchers (Rs.5000)

Certificate for Appreciation (by President)

Sponsorships for specific seminars / Trainings.