Awards and recognition in an organization

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  • 1. 1 “Awards and Recognition in an Organization” SUMMER INTERNSHIP REPORT A report submitted in partial fulfillment of the requirement for the Bachelors Degree in Business Administration course of Amity University Submitted by Bibhav Pal (A3906411091) Under the Guidance and Support of Mr. Rajesh Kumar Yadav Faculty Amity School of Business AMITY SCHOOL OF BUSINESS AMITY UNIVERISTY, UTTAR PRADESH
  • 2. 2 CERTIFICATE OF ORIGINALITY This is to certify that the project report entitled Awards and Recognition in Organization Submitted to Amity University, Uttar Pradesh in partial fulfillment of the requirement for the award of the degree of Bachelors of Business Administration (BBA), is original work carried out by Mr. Bibhav Pal with enrolment no. A3906411091 under the guidance of Ms. Deepa Arora. The matter embodied in this project is genuine work done by the student and has not been submitted whether to this University or to any other University / Institute for the fulfillment of the requirement of any course of study. ………………………. ...……………………. Signature of the Student: Signature of the Guide Date… Date: ………………… Name and Address Name, Designation Of the student and Address of the Guide: ……………………….. ……………………….. ……………………….. ……………………….. ……………………….. ……………………….. ……………………….. ……………………….. Enrolment No: A3906411091
  • 3. 3 Acknowledgement A summer project is a golden opportunity for learning and self development. I consider myself very lucky and honored to have so many wonderful people lead me through in completion of this project. Ms. Madhuri Mehta, HR Department monitored my progress and arranged all facilities to make life easier. I choose this moment to acknowledge her contribution gratefully. Prof. Mr. Rajesh Kumar Yadav, whose patience I have probably tested to the limit. He was always so involved in the entire process, shared his knowledge, and encouraged me to think. Thank you, Dear Sir. I would like to thanks Dr. Himanshu Mohan, Director, ASB for his efforts and help provided to me to get such an excellent opportunity. Last but not the least there were so many who shared valuable information that helped in the successful completion of this project. (Bibhav Pal)
  • 4. 4 Table of Contents Page cover 1 Certificate 2 Acknowledgement 3 Table of content 4 Preface 5 Objective 6 Introduction of Dalmia Cement 7-10 Introduction of the Topic Employee Rewards and Recognition 11 Rewards vs. Recognition Distinguish Reward from Merit Pay and Performance Appraisal 12 Design a Reward Program 13 Category of Reward Program 14-18 Recognition Program Procedure of Reward and Recognition A path for Developing 24 How to Begin Reward and Recognition 25-27 Real World Reward Stories 28 Literature Review 29 Research Methodology 30 Findings 31-36 Conclusion 37 Bibliography 38 Annexure 39-40
  • 5. 5 Preface This project is specially designed to understand the subject matter of Awards and Recognition of an Organization through various companies. This project gives us information and report about company’s Awards and Recognition. Throughout the project the focus has been on presenting information and comments in easy and clear manner. The purpose of the training was to have practical experience of working in an organization and to have exposure to the various management practices in the field of HR. This training has also given me an on the job experience of this project is very useful for those who want to know about company and awards and Recognition of the company. Bibhav Pal
  • 6. 6 Objective To know effectual reward systems help an association be more competitive, retain key employees. Competition to attract and keep the best employees is intense. To know the improper use of rewards can have a debilitating effect on employee performance. To know the employee’s personal intention regarding rewards and recognition. To know the criteria to qualify the reward.
  • 7. 7
  • 8. 8 Introduction of
  • 9. 9 Who They Are As the other leading companies, Dalmia is also one of the renowned company in India. Dalmia is the foremost and leader in innovation for the last seven decades. Its growth story of their people and their management. They believe in contributing a friendly and open-door culture with the opportunities to work in the best areas as well as explore the capacity of the organization and ones own potential. Dalmia’s journey started from 1935 and it was founded by Jaidayal Dalmia with a cement division which was established in 1939. In 70 years they diverted themselves all over country in many fields for e.g. sugar, travel office, magnetite, obstinate and electronic agency. Vision & Mission Vision To discharge the potential of everyone we touch. Mission To be in top 2 in all over businesses on the strength of our people and innovation. Footprints Dalmia Bharat Group has captured the entire South India through its cement business, and in the northern part of the country as a result of its sugar business. The Dalmia group is headquartered in Delhi.
  • 10. 10 What They Do Their hard efforts in sustaining growth with responsibility have merited them in many notable awards for Energy Conservation & Efficiency, Safety, Health & Environment issues from the Government and other reputed agencies. In 2004, Dalmia became an ISO 14001 Certified company. Today, they stand as one of the most profitable players in the industry, with sustainable high margins and strong financial backing our efforts. Dalmia Cement In cement division they have captured a market of southern states of Tamil Naidu (Dalmiapuram & Ariyalur) and Andhra Pradesh (Kadapa), with a capacity of 9 million tonnes per annum. They also hold a stake of 45.4 % in OCL India Ltd., a major cement Player in the Eastern Region. Recently they have acquired the brands Adhunik Cement & Calcom Cement in the North East and the group now controls an expandable cement capacity of 21.8 million tonnes including the new project incubated at Belgaum in Karnataka. Dalmia Sugar Sugar business was made in mid-Nineties and first unit of 2500 TCD was set up at Village Ramgarh in Sitapur district of U.P. in 1994. During 2006-07, company embarked on a major growth path by setting up two Greenfield plants at Jawaharpur (Dist. Sitapur, U.P.) and Nigohi (Dist. Shahjahanpur, U.P.) and expanding existing facilities at Ramgarh unit. The total cane crushing capacity of the company is now 22500 TCD which makes us one of the leading sugar producers in the country. They are now a fully integrated player with 79 MW of cogeneration capacity & a distillery of 80 KLPD. They also have facilities for processing of raw sugar.
  • 11. 11 Dalmia Power The power business of Dalmia Bharat Group started with the need to meet power requirements of their cement and sugar plants reliably and cost effectively. Accordingly the company developed captive power projects with a total generating capacity of 151 MW, that are supplying power not only to their cement and sugar plants, but also exporting to the State Grid. In a bid to encourage green energy, the group also developed wind power project of 17 MW capacities in the state of Tamil Nadu. Dalmia Refractory Shri Nataraj Ceramic and Chemical Industries Limited (SNCCIL), is a pioneer in Alumino-Silicate refractory products, with about 40 years of operations. It is the market leader with about 50% share in Alumina bricks for Cement Industries in India. All major cement houses are our satisfied customers. SNCCIL is one of the oldest and foremost suppliers of refractories to cement plants in India, which happens to be the world's No.2 cement producing country. (Another Group Company OCL, has facilities to manufacture 1 lac tonnes of refractories per annum in Orissa, and caters mainly to the steel and glass industries). In FY11, the Group Turnover of Dalmia refractory business was INR 4,600 Mn (US$ 100 Mn).
  • 12. 12 Employee Reward and Recognition Systems In a competitive market, more business owners are looking at development in quality while reducing costs. This system deal with the assessment of relation job values, the plan and management of pay arrangement, performance management, paying for performance, competence or skill, the provision of employee benefits and pensions. Importantly, reward and recognition system is also concerned with the development of appropriate managerial cultures, foundation core values and increasing the motivation and commitment of employees. Reward system processes cover both financial and non-financial rewards. REWARD VS. RECOGNITION Although these terms are often used interchangeably, remuneration and appreciation systems should be careful separately. Employee reward systems refer to programs set up by a company to reward performance and motivate employees on individual and/or group stage. They are usually considered separate from salary but may be monetary in nature or otherwise have a cost to the business. While previously considered the area of big companies, small businesses have also begun employing them as a tool to lure top employees in a competitive job market as well as to increase employee performance. As noted, although employee recognition programs are often combined with reward programs they retain a different idea altogether. They are planned to provide a psychological—rewards a financial—benefit. Though many elements of scheming and maintaining reward and recognition systems are the similar, it is helpful to keep this disparity in mind, particularly for business owners interested in motivating staffs while observance costs low.
  • 13. 13 DISTINGUISH REWARDS FROM MERIT PAY AND THE PERFORMANCE APPRAISAL In the process of designing a reward system, a business owner needs to differentiate their salary or merit pay system from the reward system. Some financial rewards, basically those given on a regular basis example: bonuses, profit sharing, etc., should be joined to an employee's or a group's activities and should be measured "pay at risk" in arrange to reserve them from salary. After doing all, a manager can avoid a sense of power on the part of the employee and ensure that the reward emphasizes excellence or achievement rather than basic competency. Merit pay increases, then, are not part of an employee reward organization. Normally, they are an augment for inflation with additional percentages separating employees by capability. They are not predominantly motivating as the difference that is usually made between a good employee and an average one is comparatively small. In adding together, they augment the fixed costs of a company as opposed to variable pay increases, such as bonuses, which have to be "re-earned" each year. Lastly, in many businesses teamwork is a crucial element of a successful employee's job. Merit increases usually evaluate an individual's job performance, without effectively taking into description the performance within the circumstance of the group or trade.
  • 14. 14 DESIGN A REWARD PROGRAM Some points have to keep in mind: Recognition of business or group goals that the reward program will support. recognition of the preferred employee performance or behaviors that will emphasize the company's goals Purpose of key measurements of the presentation or actions, based on the person or group's previous achievements Purpose of suitable rewards Communication of program to employees In order to collect reimbursement such as increased output, the entrepreneur designing a reward program must recognize company or group goals to be reached and the behaviors or performance that will contribute to this. While this may seem apparent, companies often make the mistake of rewarding behaviors or success that either fail to further business goals or in fact disrupt them. If teamwork is a business goal, a bonus system rewarding persons who improve their output by themselves or at the expenditure of another does not make sagacity. Likewise, if quality is an important issue for an industrialist, the reward system that he or she designs should not accentuate rewarding the quantity of work accomplished by a business unit. Appropriately measuring performance ensures the program pays off in conditions of business goals. Since rewards have a real cost in provisions of time or money, small owners need to verify that performance has in fact enhanced before reward it. Frequently this entail measuring something other than monetary returns: reduced defects, happier customers, more quick relief, etc. When increasing a rewards program, an industrialist should believe matching rewards to the ending result for the firm. Perfect attendance might worth a different reward than saving the company $10,000 through improved contract concession. It is also important to think about rewarding both individual and group activities in order to sponsor both individual proposal and group cooperation and performance.
  • 15. 15 Lastly, in order for a rewards program to be successful, the particulars need to be clearly spelled out for every employee. Motivation depends on the individual's skill to understand what is being asked of her. Once this has been done, emphasize the unique message with regular meetings or memos promoting the program. CATEGORY OF REWARD PROGRAMS There are a numerous types of reward agenda aimed at both person and team performance. -Variable Pay Variable pay or pay-for-performance is a reward program in which a segment of a person's pay is measured "at risk." Variable pay can be joined to the performance of the company, the penalty of a business unit, an individual's activities, or any mixture of these. It can take many forms, as well as bonus programs, stock options, and one-time awards for important accomplishments. Some companies decide to pay their employees less than competitors but effort to motivate and reward employees using a variable pay program as a substitute. Good incentive pay packages provide an optimal confront, one that stretches employees but remains in attain. If too much is necessary to arrive at the goal, the program will be unnoticed. -Bonuses Bonus programs have been used in American business for some time. They regularly reward individual achievement and are regularly used in sales organizations to give confidence salespersons to create additional business or higher income. They can also be used, however, to be familiar with group activities. Indeed, increasing information of
  • 16. 16 businesses have switched from individual bonus programs to one which reward aid to business presentation at set, departmental, or company-wide stage. According to some experts, small businesses involved in long-term reimbursement should probably consider another kind of reward. Bonuses are usually short-term motivators. By satisfying an employee's presentation for the preceding year, they give confidence a short-term viewpoint quite than future-oriented accomplishments. In adding, these programs require to be carefully structured to ensure they are rewarding accomplishments above and beyond an individual or group's essential functions. Otherwise, they run the threat of being obvious of as entitlements or usual merit pay, slightly than a reward for exceptional work. Proponents, however, compete that bonuses are a perfectly lawful means of rewarding terrific performance, and they dispute that such compensation can in fact be a powerful tool to give confidence future top-level efforts. -Profit Sharing Profit distribution refers to the approach of creating a pool of duty to be disbursed to employees by attractive an affirmed percentage of a company's profits. The amount given to an employee is typically equal to a percentage of the employee's salary and is expending after a business closes its books for the year. The reimbursement can be provided either in actual cash or via charity to employee's 401(k) plans. An advantage for a company contribution this type of reward is that it can keep set costs low. The idea after profit sharing is to reward employees for their charity to a company's achieved profit goal. It encourage employees to stay put because it is normally structured to reward employees who stay with the company; most profit distribution programs have need of an employee to be vested in the program over a number of years before in receipt of any money. Unless well managed, profit distribution may not properly motivate individuals if all receive the share anyway. A team strength (everyone pulling together to achieve that profit) can oppose this—especially if it arises from the employees and is not just management misinformation.
  • 17. 17 -Stock Options Beforehand the territory of upper organization and large companies, stock option have develop into an gradually more popular method in recent years of satisfying middle management and other employees in both grown-up companies and start-ups. Member of staff stock-option programs give workers the right to buy a particular number of a company's share at a fixed price for a particular period of time (usually around ten years). They are usually authorized by a company's board of directors and accepted by its shareholders. The number of option a business can award to employees is frequently equal to a sure percentage of the company's shares marvelous. Like profit sharing plans, stock options usually reward employees for sticking around, portion as a long-term motivator. Once an employee has been with a business for a certain era of time (usually around four years), he or she is completely vested in the program. If the employee foliage the company previous to being fully vested, those options are lost. After an employee becomes fully vested in the agenda, he or she can obtain from the company a chosen number of shares at the hit price (or the fixed price originally agreed to). This purchase is known as "exercising" stock options. After purchase the stock, the employee can either keep hold of it or sell it on the open market with the disparity in strike price and marketplace price being the employee's gain in the worth of the shares. Contributing additional stock in this manner presents risks for both the company and the employee. If the option's hit price is upper than the market price of the stock, the employee's option is valueless. When an employee actions an option, the company is necessary to issue a new share of stock that can be widely traded. The company's market capitalization develops by the market price of the share, rather than the hit price that the employee purchases the stock for. The option of decrease of company income (impacting both the company and shareholders) arises when the company has a greater number of shares exceptional. To keep in front of this likelihood, earnings must augment at a rate equivalent to the tempo at which exceptional shares increase. Otherwise, the business must repurchase shares on the open market to decrease the number of exceptional shares. One advantage to offering stock options is a company's aptitude to take a tax deduction for reimbursement expenditure when it issues shares to employees who are exercising their alternative. Another advantage to contribution options is that while they could be considered a portion of recompense, present accounting methods do not require businesses to show options as an expenditure on their books. This be inclined to inflate
  • 18. 18 the value of a company. Companies should believe carefully about this as an advantage, however. If accounting rules were to turn out to be more conservative, business earnings could be impacted as a consequence. GROUP-BASED REWARD SYSTEMS As more small businesses use team structures to reach their goals, many entrepreneurs look for ways to reward cooperation between departments and individuals. Bonuses, profit sharing, and stock options can all be used to reward team and group activities. A capitalist can decide to reward individual or group contributions or a mixture of the two. Group-based reward scheme are based on a measurement of players performance, with person’s reward received on the basis of this performance. While these systems encourage individual efforts toward common business target, they also be inclined to reward under-performing employees along with average and above-standard employees. A remuneration program which recognizes individual achievements in addition to team performance can provide extra incentive for employees. RECOGNITION PROGRAMS For small business owners and other managers, a appreciation program may appear to be just extra effort on their part with few real returns in terms of worker performance. While most employees definitely appreciate monetary awards for a job well complete, many people just seek appreciation of their tough work. For a capitalist with more initiative than cash available, this presents an opportunity to motivate employees. Nor will the entrepreneur be far off the mark. As Patricia Odell reported, writing for Promo, "Cash is no longer the final motivator." Odell quote data from the Forum for People Performance Management and Measurement at Northwester University—which had discovered that non-cash awards tend to be more effective; the exception was rewarding rising sales. "The study establish," Odell inscribe, "that non-cash
  • 19. 19 awards programs would work better than cash in such cases as reinforcing organizational values and traditions, improving cooperation, increasing customer approval and motivating specific behaviors among other programs." In order to develop an effective recognition agenda, a business owner must be sure to divide the program from the company's system of satisfying employees. This make sure a center on distinguish the efforts of workers. To this end, though the recognition may have a monetary value (such as a luncheon, gift official document, or sign), money it is not given to be familiar with performance. Recognition has a timing element: it must occur so that the performance documented is still fresh in the brains. If high performance maintain, recognition should be normal but carefully timed so that it doesn't become routine. Furthermore, like rewards, the technique of recognition needs to be appropriate for the attainment. This also ensures that those procedures which go farthest in supporting corporate goals receive the most notice. However, an capitalist should remain flexible in the methods of appreciation, as diverse employees are motivated by different forms of appreciation. Finally, employees require to clearly understanding the behavior or action being documented. A small owner can ensure this by being specific in what actions will be recognized and then reinforcing this by communicating exactly what an employee did to be recognized. Recognition can take a diversity of forms. Prearranged programs can include usual recognition events such as banquet or breakfasts, worker of the month or year appreciation, an yearly report or yearbook which features the activities of workers, and section or company appreciation boards. Casual or impulsive recognition can take the form of privileges such as functioning at residence, starting late/departure early or long lunch break. A work well done can also be documented by providing additional support or empowering the employee in ways such as greater choice of coursework, augmented authority, or identification the employee as an internal consultant to other employees. Symbolic appreciation such as plaque or chocolate mugs with inscriptions can also be efficient, provided they imitate sincere appreciation for firm work. These final terminologies of gratitude, however, are far more likely to be received positively if the source is a small business owner with limited monetary capital. Workers will look less gently on owners of thriving businesses who use such inexpensive items as centerpieces of their reward programs.
  • 20. 20 The Way Of Thinking About Total Rewards Pay Base pay Annual bonuses Long-Term incentives Shares Profit sharing Benefits Pensions Holidays Perks Flexibility Learning and Development Training On-the-job learning Performance management Career development Succession planning Work Environment Organization Culture Leadership Communications Involvement Work-life balance Non-financial recognition
  • 21. 21 Procedure of Reward and Recognition. This section provides step-by-step procedure to assist managers in the development and assessment of recognition programs that are beneficial and meaningful to your employees. Step One – Target Your Audience When managers and supervisors think about appreciation, they may repeatedly suppose that one plan fits all. Although each organization has tactical goals to achieve, each work component within the organization has distinct groups of employees who generally require different motivational plan. First, you require deciding which part of your work unit or agency that needs to be motivated by achieving goals within the work environment. Step Two – Choose the Goal Once you have finished this step, carefully skill a declaration regarding the purpose of the program that can be clearly understood by employees. Decide an appropriate name for the program that is compatible with the work unit and/or agency culture. Step Three – Build a Budget When increasing your budget believe the following items in your estimate: · The costs of the promotional resources · The potential number of recipients · The costs of the awards · The presentation type (formal/informal; location) · The number of citizens expected to attend the reward presentation · The expenses of foodstuff, facilities, streamer, equipment , etc.
  • 22. 22 Step Four – Develop Criteria These are the standard, frequently written, that participants need to meet to succeed in the program. Be precise about the timeframe for which the target must be completed. Create a measurement system that is understood by employees, viewed as fair, and quantifiable. Consider how often progress is reported (daily, weekly, monthly, quarterly). Send reports on a regular basis to keep interest levels high. Step Five – Choose the Awards Choosing awards is one of the most important steps in the success of your plan. If the reward selected does not motivate or inspire employees to achieve the affirmed goal, the agenda may have less contribution and not achieve the level of success expected. By intriguing into deliberation input from the supervisors, employees, and/or the besieged spectators, you should be able to decide the rewards that do or do not have connotation. Diversity is significant because beneficiary have varying tastes and interests. There are a broad variety of awards that include financial awards, non-financial awards, and recognition leave. Step Six – Communicate the Program Program communication is necessary from the start up and should be continuing. By connecting employees and supervisors in the growth of the program, you already are well on your way. Mystery is a huge way to attract the interest of your employees. Throughout the plan, offer status updates via mail, E-mail or Intranet tothe employees.
  • 23. 23 Step Seven – Present the Awards Make sure your presentation matches the significance of the appreciation. You may prefer to use formal or informal means of appreciation. However, as a manager, you need to believe the additional financial impact of a formal presentation. Make your presentation to the employee worthy of the reason that you are recognizing the employee. Step Eight – Evaluate the Program It’s important to measure the success of your recognition program by considering both tangible and insubstantial results. Ask for comment from upper management, and your supervisors and employees (participants and non-participants). Share out an employee appraisal survey prior to and during the program initiative also may be valuable. Also, appraisal income rates and attendance/delayed records should provide some indication of success of your agenda as well. Consider demeanor a survey of your customers that may indicate the success of your agenda. Official surveys or casual customer criticism can provide the basis for your evaluation.
  • 24. 24 Recognition Policy in Service-Sector Organization Corporate Level Local Level Distribution To highest performers against key criteria. To as many as possible, so long as criteria met. Frequency Annual Fast and as frequent as possible, so long as criteria met. Size Significant, but non- financial as well as financial recognition. Low value but still meaningful, e.g. letters, vouchers. Currency Reasonable financial reward with high recognition attached. As varied as possible to address individual motivation. Purpose Reinforce importance of demonstrating core values and achieving key goals, illustrate highest performance possible, e.g. best team performance, best customer service award etc. Provide general broad- based recognition and thanks for good performance and significant efforts beyond the norms. Operations Organization-wide centrally controlled Developed as far as possible. Proportion of spend 20% 80%
  • 25. 25 A Pathway For Developing An effective reward strategy is a living process and the way in which you develop, change, implement and operate it is absolutely critical to its success and one of the most important parts of the process. Roles and Responsibilities It’s a regular consultation and communication through these work phases, you should specify work roles and particularly decision making responsibilities on any reward strategy project. Reward work combine major business and cultural impact with incredibly detailed and intricate design and operating issues. The policy group would be formed of executives responsible for managing the organization and for signing off the reward strategy, changes and any related costs. They would meet at the start and end of each phase to agree key outcomes and subsequent work plans. Their time commitment is not typically very significant, but their understanding and buy-in is essential for reward schemes to have a strategic impact. The group also plays a key facilitation and overseeing role throughout the project. The project design team obviously comprises relevant HR staff and undertakes the bulk of analysis, design and preparatory work on the project.
  • 26. 26 How to Begin an Employee Recognition Awards Program Everyone likes to be recognized for the hard job that they do. An member of staff recognition award program can create a positive occupation environment, increase morale and foster a spirit of healthy competition by honoring the dedication of worthy employees. This, in revolve, will increase productivity within your company as coworkers strive to qualify for an award. Steps Create the Objective - First, you need to figure out what the program's scope and goals will be. You desire to describe the objective of the plan. These should be objectives that you can with no trouble to understand. For example, you want to create a better working atmosphere and more team players by promoting those that do well and give them appreciation. You also might set goals for your program such as improving the safety of the place of work, or acknowledging those who have worked for you the best. The goals of your program should be modified to fit your needs exactly. Set the Budget - After you have decided upon the goals for your program, it is important to set up a budget. Talk to any higher-ranking officials or any department who’s in charge of petty cash or purchasing to get clearance for funds. Keep in brain that this type of program can run on any with modest to no cost. See the guidelines section for award ideas. Set Program Guidelines - The next step in developing this sort of program would be to establish some program strategy. It is crucial careful thought and consideration is put into begin strategy. Make sure that the criteria you are choosing matches your overall goals for the plan. The award credit should be spark motivation and motivate employees to achieve the goals or emulate the behavior associated with the kind of award. For example, if your program goals include increasing sales and increasing pride in the corporation, you crave to have your criteria be along these same lines.
  • 27. 27 Choose Your Prizes - In order to have an excellent program, you must be convinced that you have the right types of award to give you. Be sure that you are wishing your awards with your financial plan in mind, but also with the desires and wants of your workers in mind. Often, you can deal some advertising to a different company in order to get perquisite, such as free lodge rooms, or something else and you can use these for your reward. Don't be inadequate by the same old thoughts, use your thoughts. The awards that you give should be genuine, as well as flexible, meaning that they can work for all members of the job place. They should also be applicable, and should tie into the goals of the program. Tell About the Program - Tell your employees concerning the program. This can be done during promotional materials, bulletin posts, email or the intranet. It is significant that employees are conscious do the program and each award category that will be documented. Keep recruits abreast of deadlines. Present the Award - The presentation is very important to the thought and consideration after the award. Presentations can be official or unofficial. For example, there may be a business dinner in honor of many employees or the award can be presented one-on-one to the employee in front of the workplace. The category of presentation is determined by the type of award and the budget set for the program. Tips Think about any of the following ways to recognize: Personal thank you notes or emails Letters of recommendations Free dress-down day Hold a recognition lunch Company logo apparel Desk clocks Cash Month of free parking
  • 28. 28 Things You'll Need Someone assigned to manage the program Great statement of the program The potential number of award receiver in a set time frame; The types and following costs of the awards; Costs linked with the presentation of the awards; The expenses of promotional and informational resources; Administrative costs; and Expenses linked with the training of managers and supervisors.
  • 29. 29 Real World Reward Stories Hewlett-Packard Idea Generation The Golden Banana Award is one of Hewlett-Packard's most prestigious honors for creative employees. It began when a company engineer burst into his manager's office with the answer to a problem they'd been struggling with for weeks. The boss searched his office for a way to mark this triumph, but all he came up with was a leftover banana from dine. Still, he handed over the banana and said "Well done! Congratulations!" AT&T Employee Recognition At AT&T Universal Card Services in Jacksonville, Florida, paper is the key component for World of Thanks, one of their most admired programs. The program help out create a culture of recognition and higher performance in a simple way: anyone in the company can write a message of thanks to someone also and send it. To make it official, employees use a sheet from a globe-shaped pad of dyed document. In four years, employees at AT&T have written further than 130,000 thank you notes. Walt Disney World Employee Recognition There are 180 different employee recognition programs at Walt Disney World in Orlando, Florida. One of the most popular is the Spirit of Fred Award. It's named for Fred, who sophisticated from an hourly to salary position by exemplifying the values necessary for success at Disney: gracious, resourceful, excited and dependable. Fred makes each award (a certificate mounted on a plaque) as well as The Lifetime Fred Award, a bronze sculpture of Mickey Mouse given to multiple recipients of the Spirit of Fred Award. Pharmaceutical Merger Reward Program During the merger of two pharmaceutical giants, a duty power was charged with creation the transition a level one. Associate worked nonstop further than six months, preparation how to merge operations of the two corporations. The group was rewarded for its sacrifices with gift cards that were, accurately, the gift of time. The personalized cards were hand-delivered with a letter from the mission leader, and gave beneficiary their choice of services: housecleaning, turf care, carpet cleaning, nuisance control, and extra.
  • 30. 30 Literature Review Fritz Heider, author of The Attribution Theory, concluded that people credit their behavior and successes toward personal factors while blaming failures on systemic causes (D. Meyers, 1996). The implications, therefore, are that when an organization experiences success, its members feel that their abilities and skills were instrumental in the outcome. When employees do not receive feedback on their performance, they become skeptical about whether they are sharing equitably in the success that they feel they have created (Nelson, 1994). Despite their disclaimers, people want to be acknowledged, and even a small symbolic reward is a cause for positive celebration and reinforcement of one’s self-efficacy (Henry, 1995). Increasingly, U.S. employees are feeling that their intensified efforts in response to corporate downsizing and increased job insecurity are going unrecognized, according to a survey of 2,500 employees conducted by Towers Perrin, a management consultancy. (Bolger, 1997). The appreciation of recognition is not unique to U.S. workers. The International Survey Research Company, which specializes in employee attitude surveys in the UK, reports that although 70% of the workers rate recognition as important to them, only 37% are satisfied with the amount of recognition they receive (Syedain, 1995).
  • 31. 31 Research Methodology Research Methodology is the study of Research method and rules for doing research work. To do a research it is essential to anticipate all the steps, which must be undertaken. It consists of inter related activities such as identifying the research problem, description of research design, sources of collecting data sampling. Etc SOURCES OF DATE COLLECTION Data Collection Primary Data The data was being collected through Visiting heads of marketing department. Discussions Survey Secondary Data The data was being collected through The reference material given by the manager. Books, Articles Internet Previous research papers conducted in the organisation. TOOLS AND TECHNIQUE OF ANALYSIS Simple statistical methods and techniques like, pie charts are used. LIMITATIONS The study is conducted in just 60 days that is not enough to get in to an accurate analysis. It is only possible to collect the primary data through questionnaire. Only a small group of urban population was targeted hence results may not be exact but evaluative data can be examined for the conclusions of the report.
  • 32. 32 Finding 1. Which managerial level they belong? Most of the employees belong to Middle Level. These employees are well versed with the senior management and the junior department. They know how to get work from the junior and how they have pressure from the administration.
  • 33. 33 2. Rating of overall satisfaction with Rewards and Recognition Program Through this pie chart, we got to know that more number of employees is categorized in Neither Satisfied nor Dissatisfied. Then they categorized in Very Satisfied. There is not anyone who is Dissatisfied with their Reward and Recognition.
  • 34. 34 3. Ever nominated someone for an Award? There are 50% of people who nominated someone for an Award like for HOD, for someone’s work like best work etc. There are another 50% of people who never nominated someone for an Award.
  • 35. 35 4. Have they ever received any Award from Organization? Half of the employees saying yes, where they get awards like Teamwork, Professional of the Year, Best Smile, Young Leader award etc.
  • 36. 36 5. How important they are? 1. Receiving formal recognition for your efforts in making a difference? 2. Being recognized by management for your efforts. 3. Being recognized by peers and co-workers for your efforts 4. Receiving recognition for your team accomplishment 5. Feeling a spirit of teamwork and cooperation and co-workers 6. Feeling that your work is valued and appreciated 7. Independence and freedom to influence work content and methods 8. Bonuses and other financial incentives 9. Provision for advanced work tools 10. Possibility to achieve promotion 11. Challenging work tasks. Through this graph I got to know that all points are playing important role in the organization so that the number of employees marks on Extremely Important.
  • 37. 37 6. Rate the criteria as qualification for an award? 1. Outstanding performance 2. Focus on innovation 3. Consistently doing a job 4. Exceeding performance objective 5. Achieving cost savings 6. Exceeding service expectations 7. Demonstrated teamwork 8. Outstanding customer service Through this graph, I got to know that most of the employees focus on their growth. They gave most of rating to extremely important.
  • 38. 38 Conclusion After doing this project I got to know certain things related to Employee Rewards and Recognition. I have conducted a survey in 4 companies, where I found people are happy with their HR systems. They timely get the rewards and recognition. They are happy with their corporate activities. They are more flexible on a specific metric and initiative taken by organization. Employees are satisfied with their rating scale. In survey some of the employees from Entry, Middle and Senior Management but most of the employees from Middle level dept. from the different function. Most of the employees received a formal recognition for their effort. They were recognized by their colleague by influenced their work whatever they did for the organization. Employee’s main objective in an organization to get promotion and in a survey most of the employees have same thinking. In a survey I asked one more point that following criteria as a qualification for an award. Most of the employees marked on employee’s outstanding customer service. They somewhere feel after all companies made for customer service, if they feel satisfied, we employees would get recognition because of their satisfaction.
  • 39. 39 Bibliography Hand book of Reward Management by Duncan Brown Award Strategies by Michael Armstrong and Helen Murlis http://voices.yahoo.com/the-importance-benefits-employee-rewards-and-12150118.html http://intelispend.com/employee-rewards-recognition/
  • 40. 40 Annexure Questionnaire 1. Name of the employee: ____________________________________________ 2. Name of the Company and location: _____________________________________ _____________________________________ 3. Industrial Sector:  Telecom  Insurance  Banking  Hotel  FMCG  Retail  Financial Institution  Hospital  Airlines  Construction  IT (Information Technology)  Electronics  Other If other, specify: _____________________________________________________ 4. Departmental Function:  HR  Technical  Support  Call Centre service Finance & Accounts  Marketing & sales  other If other, specify: _____________________________________________________ 5. To which managerial level do you belong?  Entry level  Junior level  Middle level  Senior Management 6. How important are the following to you? Not at All Some Extremely Important Importance Important - Receiving formal recognition for your efforts in making a difference - Being recognized by management for your efforts - Being recognized by peers and co-workers for your efforts - Receiving recognition for team accomplishments - Feeling a spirit of teamwork and cooperation among co-workers - Feeling that your work is valued and appreciated - Independence and freedom to influence work content and methods - Bonuses and other financial incentives x
  • 41. 41 - Provision for advanced work tools (Computer, software) - Possibility to achieve promotion - Challenging work tasks 7. How would you rate your overall satisfaction with the current rewards and recognition programs offered by the organisation?  Very Satisfied  Neither Satisfied nor Dissatisfied  Not Satisfied 8. Have you ever received an award from organisation?  Yes  No (If yes, describe) __________________________________________________________________ 9. Have you ever nominated someone for an award?  Yes  No (If yes, describe) ____________________________________________________________ 10. Please rate the importance of the following criteria as qualification for an award: Not at all Average Extremely Important Importance Important Outstanding performance    Focus on innovation    Consistently doing a good job    Exceeding performance objectives    Achieving cost savings    Exceeding service expectations    Demonstrated teamwork    Outstanding customer service    Thank you for completing the survey! x