Employee Recognition and Reward Policy Example
This policy aims to recognize and reward performing employees throughout the organisation. We want to not just hire the best talent, but retain them too and therefore this policy will work towards appreciating and rewarding employees through their tenure with us.
This policy is in place only for full time employees and requires written documentation of outstanding performance meriting an award from his or her reporting officer.
This policy is for anyone who’s employed full time by the organisation during this financial year. Staff that’s applying for awards and recognition should go through this policy.
Types Of Rewards
These are a list of rewards that can be given during the financial year 2019-2020 to employees who suit the requirements listed.
- More than 5 years of service to the company
- Excellent customer service
- Outstanding performance, by achieving more than a target
- High level of skill usage displayed
- Performance award (more details below)
- Perfect attendance
- Undertaken research leading to a favourable outcome
We encourage nominations throughout the year to provide recognition at time of delivery. Some awards are quarterly and some maybe annually, this decision will be taken by the regional director of that area.
All awards will be overlooked by the Chief Employee Engagement Advisor, to ensure that the awards are made fairly, transparently and in accordance with strategic values.
There is no limit on the number of recognition awards an employee can receive through the year. If the nominating manager or staff wish to give multiple awards to the same person, they should discuss it with the regional director of the area, to ensure fairness and equity in approach and delivery.
Method Of Delivering The Reward
- Monetary incentive: These are incentives such as merit pay, bonus pay, stock options, perks, vouchers and benefits upto a maximum of INR 50,000.
- Non-monetary incentive: These are incentives that are meant to be morale-boosting and as a form of recognition. We believe that these are also important for self-esteem and actualization needs.
To ensure there is transparency and honesty within the reward and recognition program, blind voting will be carried out. The process for the awards where consensus might be required, the below process will follow
- Complete the nomination form with your employee ID
- Provide an explanation and an example
- Submit your vote to the team lead/HR responsible for this reward
- The panel with selected people will look, deliberate and collate the votes accordingly
Level 1 – This is the first level to recognize exemplary work on a project or task. Recognition is for anything that improved the workflow/ work process or customer service.
For this, the recognition is up to INR 5000, to be given in cash/gift card. Alternatively, the full-time employee can take 3 days off for recognition leave.
Level 2 – This is the second level to recognize sustained, an outstanding achievement on a project or task. Recognition is for anything that improved the workflow/ work process or customer service.
For this, the recognition is up to INR 2000, to be given in cash/gift card. Alternatively, the full-time employee can take 1.5 days off for recognition leave.
For full-time employees, in one year, the cash limit is set at INR 15,000. Total monetary and non-monetary rewards should not exceed INR 25,000 in one fiscal year.
Employee Appreciation Day
Employee appreciation day is a semi-holiday wherein we recognize employees for their contribution towards success and long-term growth. We celebrate this day with small company-funded events like barbecues, office parties, or with fun decorations!