Reward Management System
* 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
| + 20 % raise in the salary
| +15% raise in the salary
| +10 % raise in the salary
| +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...
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