Successfully reported this slideshow.
--------------------------------------------------- LIMITED ‘-------------------‘ EMPLOYEES REWARDS AND RECOGNITION POLICY PREPARED BY P.B.S. KUMAR MANAGER-HR
---------------------------------------------------------------- LIMITED EMPLOYEES’ REWARDS , RECOGNITION & SUGGESTION POLICYPurpose:To reduce Attrition Rate and improve Employee Loyalty & MotivationObjectives:To provide guidelines to recognize specific, unique, value added and criticalperformance incidents within or beyond expected & predefined performanceobjectivesTo align employee performance and achievements in line with Company’s ValueCharters & Mission ObjectivesTo reward these performance incidents in monetary or non-monetary terms indicatingorganizational recognition and appreciation towards the employeesScope Applicability:Whole of employees / divisions / functions or regions (define as it suits andorganization needs it)General Rules:Nomination: (Individuals / Teams / Groups):All Managers / Department Heads (along with inputs from Immediate Superiors /Reporting Authorities wherever applicable) can nominate employees/teams whohave shown 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) foremployee’s winning Rewards & Awards in Appraisal year. This can be an additional15% to 20% Incentives increase over and above the recommended PLI byAppraisers during yearly Appraisal process.Benchmarking Reward-worthy Performance/Behavior/CompetenceIn order to align employee performance to Company’s 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.
The 4 Values areCustomer FocusInnovationAccountabilityTeamworkAssessment ParametersSome of the parameters can be listed as under.CIP - Critical Incident Performance – During floods, political issues, lack ofresources/manpower, higher deadline pressures a special performance andaccountability is showcased by an individual or teamIP - Innovative Performance – Finding out a creative and innovative ways to solveany customer issues or technical issues or any other problemsDMP - Deadline meeting Performance – Achieving performance targets within or onstipulated deadline thereby showing high caliber individual as well as teamperformance.TOP - Target Oriented Performance - Over achieving targets, exceedingexpectations, very excellent performance.CAP - Customer Appreciated Performance – Based on mutual or case-to-case basiscustomer feedback on issues resolved, comfort level with customer, AT and TOCsreceived from customer, support provided or any such incidents / behaviors bringingin significant impact on customer’s perception and Company’s image building etc.Rewards & Awards Options:Rewards DescriptionsCash Rewards (can be Rs.5000 to Rs.20000/-Cash Reward + Certificate for Appreciation (by Chairmen / MD / Director)Cash Reward + Certificate for Appreciation (by MD / Dir ) + Lunch / Tea with MD / DirectorCertificate for Appreciation (by MD / Dir )Certificate for Appreciation (by MD / Dir ) + Lunch / Tea with MD / Director HRTeam Trophy (for individual members as well as whole team with each team member’s nameembossed on the trophy)Team Trophy (for individual members as well as whole team with each team member’s nameembossed on the trophy) + Lunch / Tea with MD / DirectorCash Reward for Team (with freedom to use on their own)Team Parties / Picnic / Tours / Holiday Package etc.) (Only Domestic)Individual Holiday Package (National / International) with familyGift Vouchers (between Rs.5000 to Rs.15000/-)Business + Pleasure Trips (sponsorship for special trainings / exhibitions / seminars / conferences +one night-out sponsored in a pub/disco etc. (for teams or individual)Sponsorships for specific seminars / exhibitions / trade fares / conferences etc.)Sponsorship for specific Technical / Functional Certification CoursesSponsorship for customized Management / Business Schools Programs with reputed institutes.POB Award – for small on the spot achievements, special letter from immediate superior or HODwith nominal cash amount.Annual Outstanding Employee Award.Best Idea Award (based on cost & time effectiveness parameters along with validations or idea-evaluation panel ;ZProject Specific Awards (on completion or over achievement of specified assignment with cash orcertificate or both)
Suggestion SchemeManagement is pleased to announce a Suggestion Scheme with effect from ---------------.OBJECTIVES• Foster " Total Employee Involvement " by encouraging participation from all employees towards continuous improvement in their work areas.• Evolve an orgainsed channel through which ideas leading to improvements in work place and products can be given & implemented.• Recognize employees with creative ideas, and motivate them to contribute for the growth and prosperity of the organisation.• Promote Teamwork, Ownership and Accountability at all levels.ELIGIBILITY• All employees other than Managers are eligible to give suggestions.• Suggestions are invited from all areas of operations.• There is no restriction in the number of suggestions that an employee can give.WHAT IS A GOOD SUGGESTION?Any suggestion that is practical, implemental and will result in saving or improvementof operations will be treated as a good suggestion.Specific areas applicable for suggestion Scheme:• Productivity enhancement• Cost saving• Reduction of cycle time, machine setting, inspection or through put time.• Process standardization.• Improvements of tools/fixture• Waste elimination• Quality improvement and Defect prevention.• Improvements in industrial safety, material handling, house keeping, operational efficiency, packing and transportation.• Conservation of energy, water and other resources.• Inventory reduction• Any other innovative ideas.
Specific areas not applicable for suggestion Scheme:• Govt. Rules/ Regulations• Company Policy• Personal grievance• Pertaining to routine work and correction of an obvious error.Benefits for the Suggestor:• Participation in improvement.• Appreciation• Growth• Achievement• Self-respect• Problem solving capability• Besides, Cash Award/GiftBenefits of the Scheme at the work place:• Reduce fatigue• Avoid rejections• Safety Improvement• Quality improvement• Process time / Cost reduction.How does Suggestion Scheme operate?• Suggestion forms will be available with all HODs and HR department.• The forms should be filled up legibly in all respects and should be counter-signed by the immediate supervisor or HOD. This is to confirm that the suggestion is practical.• The signed Suggestion Form to be dropped into any one of the suggestion boxes located at various points in the factory. The suggestion will be considered as invalid if the form is not properly filled or if it is not signed by the suggestor or counter signed by his supervisor/HOD.• The suggestion boxes will be cleared once a week by the HR department. HR department will issue the acknowledgement slip to the suggestor after making a note of it in the Suggestion Register and allotting an Identification Number.• The original copy of Suggestion Form, with allotted number, will be forwarded by the Co-ordinator to Department Heads whose comments are required for evaluation of the Suggestion.• The duplicate copy of the Suggestion Form is to be kept under the custody of the Co-ordinator for any future reference.
• The Suggestion committee shall meet once in 15 days and take up Suggestions received for evaluation. A Clear decision is to be taken whether the suggestion is accepted or not. Either way, the decision should be recorded in the Suggestion Form and Register.• If the idea is accepted, an Action Plan for implementation of the Suggestion is to be finalized and idea originator will be a part of the implementation.• Feed back regarding the Suggestion will be given with in 15 days.• If two suggestions with same idea are received by the committee, the suggestion received first will be considered for processing.• Joint Suggestion or ideas that are submitted by two or more employees as a group are also eligible. In such cases the Award if any, will be equally distributed.• Successful suggestors will be given a personal letter thanking them for their creative idea and informing about the status of award.• Employees whose suggestions are not accepted will also be given a personal letter thanking them for their efforts and explaining in detail about the reasons for rejection.• It is the responsibility of the Suggestion Co-ordinator to maintain constant track of each Suggestion, update the Suggestion Committee regularly regarding the status and ensure speedy implementation of accepted Suggestions.• It is also the responsibility of the Suggestion Co-ordinator to monitor visual display with the updated statistics on accepted Suggestions, implemented suggestion etc.,REWARDSCash award up to Rs.1000 will be given for implemented suggestions in proportion tothe benefits derived. Decisions of the committee will be final.Awards will be given monthlyChairmans Award:Suitable annual awards/prizes will be given during Ayudha Pooja Celebrations for• Best Suggestions implemented during the year.• Maximum number of Suggestions given by a person during the year
COMMITTEECommittee consists of the following members.• Sr.Vice-President - Operations• Vice-President - Finance & Accounts• Vice-President - Production• Manager - Human Resources (Suggestion scheme Co-ordinator)• Manager-Maintenance, TPM/Special ProjectsRole of Co - Ordinator• Ensures Suggestion Forms are available in sufficient quantity.• Allots the suggestion running serial number to each Suggestion.• Maintains a log book for recording the details of Suggestions, especially suggestion, No. and date of receipt and its status.• Hand over the suggestion form to the committee for evaluation.• Reviews the status of pending Suggestion and follow up with concerned persons on weekly basis.• Co-ordinates with the members and ensures speedy evaluation.• Communication to concerned employees in writing regarding non- feasibility of Suggestions.• Communicates to concerned employees in writing regarding accepted Suggestions.• Ensures for speedy implementation of suggestions.• After implementation, sends the report to Director, /President/ and arrange for a Certificate to be issued to suggestor for this purpose.• Files the Suggestion from after implementation.• Monitors Visual display with updated statistics. YZ