* It will be linked on performance, be a fair and transparent system
* Rewarding the employees for their contribution to the growth of the organization in alignment with the strategic organizational goals
* Rewarding their achievements as well as their contribution to their teams
* Motivating individuals by indicating their position in the organization structure.
* Motivate the employees in order to increase their efficiency
* Foster a healthy employment relationship and commitment.
Use – This system will be a vital component of the performance appraisal process as it will interpret the evaluation of the entire process and route the end result to a more meaningful conclusion for the appraise and the appraiser. It system will be used to build trust in the employee that diligence, perseverance and hard work is acknowledged and rewarded by the organization. This will ensure the best of the employees to come up and contribute to the overall growth of the organization. Frequency – Annually, March – April every year after the initial stages of performance appraisal process have concluded. Responsibility- The appraiser will have the authority to recommend the appraiser for the incentives and rewards. This will be further evaluated by the concerned the Head HR of the project and then of the Unit and approved. Format –
Reward System will consist of financial as well as non-financial incentives. 1) Financial Incentives
a. Merit and performance based incentives
It is a tangible form of recognition and motivates employees to achieve more in the tryst of achieving and producing worthwhile results. Based upon the bracket to where the employee scores on the final evaluation of the performance appraisal system, the employee can be rewarded performance incentives in the following way – Rating| Incentive – Salary hike|
Excellent(5)| + 20 % raise in the salary|
Very Good(4)| +15% raise in the salary|
Good (3)| +10 % raise in the salary|
Average (2)| +5 % raise in the salary|
The rating will be based on the objective scores of the final evaluation based on statistical calculation and the range of these will be defined precisely and clearly.
A. Team based incentives
* The team successfully completing the project before the deadline, * complying with the business standards of the organization, * fulfilling all the contractual obligations and expectations of the client * Providing a innovative solution that surpasses the stated expectations of the client Will ensure a 5 % hike in the salary of the team members known as Team Bonus. For every successful implementation of the project by the team on the client end, the team will be eligible of additional 7% profit share generated by the project implementation. This incentive will be disbursed among the team equitably. B. Competency and skill based incentives
This component will reward those employees which showcase exceptional level of competencies inclusive of the behaviours and attribute of the appraise and the KSAs for their job level i.e. knowledge of the domain working in, interpersonal skills of the individual, team management skills and other defined competencies important for the job level. The reward will be +2% raise for each competency in which the employee is exceptionally outstanding.
2. Non-Financial incentives –
A. Publication of achievements in the online journal of the organization
Achievements of the employees for developing an innovative solution, path breaking discoveries will be published in the online journal of the organization.
B. Inclusion in the hall of fame
The employees will be included in the Hall of Fame for doing research and publishing their findings in the International Journals of high recognition. C. Best Team player award of the month
This award will be nominated by the team members and recommended by the Team Lead and if the condition exists that no one is eligible for it in a particular month then it can be omitted too for that month. It will be published on the online portal of the company and will include an exclusive company sponsored dinner for the employee and his/her family. An employee can receive this award a maximum of 4 times a year only.
D. Best Team player award of the year
This award will be based on the overall feedback of all the employees based on the comprehensive performance appraisal report. Every team can recommend maximum of 2 members for this award. The review committee constituted for every location will further evaluate the contenders for the position and based on these parameters the award will be given. The other incentive related with this award will be 3 day – 4 night company sponsored holiday for the employee and spouse.
E. Star team of the year
This award will be based on the targets achieved by the team, compliance with the standards set by the organization, timeliness, team cohesiveness (which will be inferred from the performance appraisal of all the members of the team) and based on the recommendation of the DC Project Head. A star team will get an additional bonus of 5 % for that year.
Performance Improvement Plan (PIP) The Performance Improvement Plan – (PIP) is designed to facilitate constructive discussion between the appraisee and appraiser and to clarify work performance to be improved. It is implemented at the discretion of the appraiser. Once the appraisee has developed the plan, the document is reviewed by the appraiser to determine if the activities outlined will help the employee to attain the desired level of performance.
The supervisor will monitor and provide feedback to the employee regarding their performance and may take additional disciplinary action, if warranted. The below form needs to be filled by the appraisee during the Performance Appraisal Process: Performance to be improved| The employee lists the activities they will initiate to improve performance – including skills to be improved and changes made to meet work performance expectations. (List short and long term goals to be accomplished as applicable.)| Targeted date for improvement – by when?| Expected results| Dates reviewed by employee and supervisor| | | | | |
The appraiser should jointly review the form above and the following 6 items needs to be answered with the appraisee when using the document.
1. State performance to be improved (be specific and cite examples). 2. State the level of work performance expectation and that it must be performed on a consistent basis. 3. Specify the support/resources you will provide to assist the employee. 4. Communicate your plan for providing feedback to the employee (meetings, with whom and how often). 5. Specify possible consequences if performance standards are not met.
Please complete the following Appraisal of Potential for your employee. This Appraisal concentrates on other types of tasks, or other greater responsibility the employee is capable of doing, and in what direction their personal interests lead them. * In your opinion, what skills, knowledge talent, qualities should be developed or strengthened? Please be specific. * What is he/she personally doing to become more proficient in his/her assignment, and to prepare for more responsibility? * What are your plans and recommendations for a development program for this employee? Be specific. * What do you see as this employee’s next step positions?
* What specific performance results were achieved during this review period (include all quantitative measures)? * Indicate major performance results achieved in the supervision of others. Include such items as staffing, delegating, motivating, resolving conflict, and development of staff. * Describe how well performance results were achieved compared to position standards and specific performance requirements. * Comment on the methods and approach used by the employee in performing the job.
Rate the employee on the following characteristics or how does the employee fair on following behavioural characteristics:
* Decision making
* Confidence towards the job
* Handling stress and pressure
* Inter-personal skills, both with superiors and subordinates
* Leadership, motivating and conflict handling
Courtney from Study Moose
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