Employee Recognition and Reward policy is an official statement on behalf of the company that says that employees/teams who deliver exceptional performance and contribute to the company’s well-being. The policy entails that such employees must be recognized in a proper form, which is inspirational to them and their colleagues. It will develop a lively competition among the employees that will indirectly benefit the company’s status. The policy outlines that company must not promote any favoritism as it will only lessen their dignity amongst the employees. On the contrary, well-defined appraisal programs will promote a healthy culture for the company to attract more candidates.
The policy develops best practices to set the high-performance standard every time an employee is rewarded for some category. As the employees will be motivated to achieve high targets, the company’s market value will improve and increase. Grow a positive and enthusiastic working environment for your company with our Employee Reward and Recognition policy template.
‘Name of the Company’ believes that every employee who has an excellent performance must be encouraged and appreciated in an equal and helpful manner. The rewards, company passes on to the employee may be anything but creative, unique, or useful. The responsible team will choose when and for what reason to appreciate employees with rewards.
Under this policy, every employee who has performed excellently for the (time) with a defined proof of the same will be rewarded in any way that the ‘Name of the Company’ feels suitable and worthy.
The purpose of rewarding employees is to stimulate and trigger a spark in employees to perform greater and greater every time. The regular recognition of employees without any alteration will help encourage team efforts, increase organizational value, promote a better culture, and improve peers’ behaviors.
The Scope of this policy expands to every employee who is on a full-time employment basis with the company.
‘Name of the Company’ believes that every employee is equal to them, and every employee must be gifted equally without favoritism. The company will not allow and tolerate any kind of bias for employees.
The company will strive to take action against the individual/team who promotes favoritism and guarantees employees to maintain equality.
‘Name of the Company’ supports the reward category within the listed performance requirements as follows:
The rewards and recognitions distributed by the ‘Name of the Company’ are categorized according to the following chart:
|Reward Value||Approval Needed||Frequency per person/team||Taxability|
|Non-monetary reward||Manager||No frequency||NA|
|Up to ₹100||Manager||One per year||Yes|
|From ₹100 to ₹1000||HOD||One per year||Yes|
|₹1000 and onwards||HOD||One per year||Yes|
‘Name of the Company’ encourages distributing the rewards through a fair means, and practices are made to collect nominations from every employee of the staff to maintain equity and quality.
The unit specially formed to look after the employee engagement will take care that awards are delivered fairly and transparently. They will collect the nominations throughout the year, analyze them, and distribute them regardless of favoritism.
To ensure a transparent reward system in the company, ‘Name of the Company’ promotes blind voting. The methodology will be carried out as follows:
‘Name of the Company’ defines various programs other than just monetary and Non-monetary rewards for recognitions of its outstanding employees. Special Employee Appreciation Day is celebrated which expresses our trust towards their roles and efforts they have put to make the company stand on a higher platform.
Some of the examples of other Employee Appreciation Programs include:
At ‘Name of the Company’ we believe that recognition is not limited to monetary rewards, we happily appreciate our employee through innovative and unique ways which are different based on the achievements.