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Rewards and Recognition Policy Sample Template - Pazcare

This policy outlines the Rewards and Recognition program to motivate employees through monetary and non-monetary awards. Awards are given for work anniversaries, innovations, perfect attendance, and employee of the year. Eligibility requires 6 months of service and good performance reviews. Nominations are made by supervisors and approved by department heads. Rewards under ₹1000 require approval while higher amounts require consultation with HR. Both monetary and non-monetary awards are given to recognize exceptional individual and team contributions.

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Ridhi Rajput
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252 views

Rewards and Recognition Policy Sample Template - Pazcare

This policy outlines the Rewards and Recognition program to motivate employees through monetary and non-monetary awards. Awards are given for work anniversaries, innovations, perfect attendance, and employee of the year. Eligibility requires 6 months of service and good performance reviews. Nominations are made by supervisors and approved by department heads. Rewards under ₹1000 require approval while higher amounts require consultation with HR. Both monetary and non-monetary awards are given to recognize exceptional individual and team contributions.

Uploaded by

Ridhi Rajput
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Rewards And Recognition Policy

Purpose of the Policy


The Rewards and Recognition Policy of [Your Company Name], is designed to motivate and
acknowledge the exceptional efforts of our employees, particularly those in field positions,
whose individual or team performances significantly contribute to the company's overall
objectives.

This policy introduces a variety of awards, encompassing both monetary and non-monetary
recognitions, tailored to the significance of the contributions.

Objectives
The objectives of the awards are:
1. To acknowledge the substantial and impactful contributions made by employees in
fulfilling their responsibilities, despite facing various challenges.

2. To promote behaviours that support personal, team, and organizational objectives in


alignment with our mission and business goals.

3. To establish "role models" within the company for others to emulate and exceed.

4. To set high-performance benchmarks and foster a team-centric work culture.

5. To provide prompt recognition to enhance employee productivity and work quality.

Eligibility criteria
Candidates for awards must satisfy the following criteria:
1. The employee should be a regular staff member, excluding those on consulting
assignments.

2. The employee should have completed at least six months of service with the Company.

3. The employee should not have any formal disciplinary actions recorded within the past
12 months.

4. The employee must have written documentation of outstanding performance, endorsed


by their direct supervisor.
Criterion and Categories
The awards are categorized as follows:
1. Work Anniversary/Loyalty Bonus: This award is for employees who demonstrate
sustained loyalty to the Company, marked at 1, 3, and 5-year milestones. It recognizes
high productivity, innovation, creativity, efficient resource utilization, and exceptional
results. Specific examples demonstrating these behaviours are required.

2. Paternity/Maternity Bonus: This award acknowledges the Company's commitment to


family values, including Paternity Leave of 10 days and Maternity Leave as per
Company policy. A discretionary bonus may also be awarded by the management.

3. Employee of the Year: This award recognizes employees who maintain an excellent
level of performance despite various challenges. Criteria include commitment beyond
regular duties, embodying honesty, integrity, and respect, advocating for process
improvements, demonstrating perseverance and dedication, and celebrating team
achievements and personal milestones.

4. Innovation and Creativity: This category rewards employees who recommend or


implement process improvements, revenue-generating ideas, cost-saving initiatives, or
enhancements to organizational efficiency. The evaluation is based on the difficulty and
magnitude of the effort.

5. Perfect Attendance: This award is for the employee with the highest attendance record,
who also fulfils all other eligibility criteria.

Reward Guidelines
Rewards are categorized as follows:
1. Non-monetary rewards require manager approval, have no frequency limit, and are not
taxable.

2. Rewards up to ₹100 require manager approval, are limited to once per year, and are
taxable.

3. Rewards from ₹100 to ₹1000 require Head of Department approval, are limited to once
per year, and are taxable.

4. Rewards of ₹1000 and above require Head of Department approval, are limited to once
per year, and are taxable.

5. Monetary rewards necessitate consultation with department heads and HR.


Nomination and Selection Process
The nomination and selection process is as follows:
1. Nominations are open to all but the selection is primarily the responsibility of the
reporting officer.

2. Reasons for selection or non-selection must be documented and maintained by the HR


department.

Non-monetary Awards
Non-monetary awards will be given to nominees who did not make the final list but deserve
recognition. These include an appreciation letter or a complimentary gift.

Award Amount
The monetary awards will be decided before the announcement process. For team-based
awards, the amount will be distributed equally among team members. These awards shall not
be added to the employee’s Gross Pay.

Documentation
Upon selection for an award, the Nomination/Approval form will be filed in the employee's
personnel file, and appropriate recognition and announcement will be made through company
channels.

Note
This policy is subject to periodic review and amendments as necessary to align with the
company's evolving goals and objectives.

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