Reward and Recognition Policy

8/8/2019 Reward and Recognition Policy

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Alston TechnologiesPolicy : Reward & Recognition Version: 1.0

Effective Date : 1st August 2009 Approved by : Director

Objective/ Purpose

To encourage & recognize the excellent performance and achievement ofemployees through the use of rewards those are creative, flexible, andmeaningful.

To enable recognizing and rewarding in immediate response to specificaccomplishments.

To Contribute to our ability to attract, retain, develop and motivate theright people

Scope

The Reward and Recognition Policy will be applicable to all employeesand will be disbursed based on set parameters

Motivation & Positive competition on-the-moveThe Policy

1. The Reward and Recognition Policy will acknowledge performance andinitiatives at Company, team and individual levels.

2. Reward methods will be used to align individual performance andcorporate objectives.

3. Rewards will be designed to encourage individuals to behave in ways thatsupport corporate values e.g. teamwork, individual recognition.

4. The reward system will be underpinned by objective methodology for judging the best on each parameter, and thus reinforce a performanceculture.

5.The Management reserves the right to terminate or make changes to thispolicy at any time.

Definitions

Reward - One-time cash or non-cash award for significant outstandingperformance on areas identified and defined.

Guiding Principles

1. Rewards should be given for significant outstanding performance thatadvances the departmental goals, and should be tied to a specificaccomplishment.


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Alston Technologies2. Rewards are most effective when they are meaningful to the individual.3. Care should be taken in communication and distribution of rewards so

that they are not viewed as entitlements.

4. Care should be taken in communication and distribution of rewards sothat they are not viewed as subjective

5. Rewards are not adjustments to base salary, Special Allowance, orvariable pay programs (such as bonus, incentives etc).

6. Spontaneous recognition and rewards would be in the form of anappreciation letter.

Reward & Recognition Committee

There will be a Reward & Recognition committee and will be comprised of allconcerned Functional Head.

Administration of the Policy

1.The HR will be responsible for the administration and maintenance of thepolicy and ensuring the adaptation of best practices within the program.

2.The Office of Human Resources will: Provide guidelines regarding reward structure and processes.

Invite Nominations as per period defined. Review all nominations for the month selecting the award winners,

subject to approval by the Management Team.

Initiate and/or review changes to the Reward and Recognition Policy,subject to approval by the Management team.

Propose and manage the annual budget for the reward andrecognition schemes

Serve as consultants to all departments in developing rewardstrategies.

Oversee the use of reward programs. Serve as a clearinghouse for best practices. Process payroll taxes for cash and taxable non-cash awards.

3. Initiator :

Reporting officer of the employee Initiator will be required to provide information on the

nature of contribution made by the employee and the resulting benefits from it to the

company


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Awards

1.To ensure both fair and consistent application, a core set of rewards andrecognition programs has been developed

2. The various Reward and Recognition Programs to be awarded are aslisted in

3.They are typical of recognition programs identified as best practices andinclude both planned and immediate employee recognition programs.

4. Additional recognition programs may be added as the Company becomesmore accustom to their use.

5. The listing will be subject to review every year or based on Businessneeds

6.The Awards would be both monetary as well as non-monetary kindsAward Categories

1. Promising New Comer Award:

CriteriaCriteria for nominating employees for this award would be multifarious

pertaining to every aspect of professional conduct of an employee in the

organization including his/her attitude, behavior, performance and potential.

These criteria have been detailed in the New joinee Assessment form

Minimum overall rating to qualify to be nominated in this award category is 4 ona scale of 1-5 where I is the lowest rating

InitiatorReporting officer of the employee would initiate the process by filling the

relevant form and submitting it to HR after seeking approval from the

concerned function Head.

2. Excellence in Quality Award

Criteria


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Criteria for nominating projects/employees for the awards mentioned above would beas follows.

a) Attaining an average score of 3& above when evaluated on the followingparameters on a scale of 1-5 where 1= never does 2= rarely,3= sometimes

,4=most of the times 5,=always

(1) Best project of the Quarter

Parameters Weightage

* Process adherence 20%

* Effectiveness of reviews and approvals 20%

* Time sheet entries 10%

* Participation in process improvement 20%

* Participation in CMM activity 25%

* Effective communication 5%

All nominators would be required to justify the nominations by giving illustrations

(wherever possible)in support of the ratings awarded against the parameters mentioned

above .

(2) Exceptional contribution in the area of quality in individual capacityParameters Weightage

a) Process adherence 20% b) Spreading process awareness across the organization 30%

c) Turn around time to close Non-compliance 20%

d) Effective audit and value addition 20%

e) Identifying process gaps and filling them 10%

All nominators would be required to justify the nominations by giving illustrations

(wherever possible) in support of the ratings awarded against the parameters mentioned

above

3. Rewarding Exceptional Contribution in the Area of Team workCriteria


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Alston TechnologiesCriteria for nominating team members for this award would be as follows.

a) Attaining an average score of 4& above when evaluated on the followingparameters on a scale of 1-5 where I = never does,2= rarely ,3 =sometimes ,4=

most of the time ,5= always

Parameters

Cooperates and functions well with others in the pursuit of team objectives Leads by example in the pursuit of excellence in performance and delivering

value to the organization

Inspires team members to achieve high standards of performance Actively looks for synergies and fosters cooperation across other functions Interacts with others in a sensitive manner and shows respect for their views and

values

Is self motivated and undertakes initiatives Is receptive to feedback Shares knowledge and gives credit Is open to new knowledge and ideas.

b) Making a significant contribution towards the achievement of team objectivesduring the specified nominating manager would be required to justify the

nomination of the person by specifying any such Achievement of his ,wherein histeam spirit is strongly reflected .

4. Rewarding Innovation and Creativity

Criteria

Criteria for nominating team members for this award would be.

Proposing any innovative idea or solution which is approved for implementation andwhich would lead to improvement in any of the following areas:

Company Culture Company policies Functional Processes Inter/Intra Functional Team Functioning Areas pertaining to individual Role & Responsibilities

5. Rewarding outstanding performance

Criteria


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We take pride in our outstanding performers .They are the major force behind oursuccess .Criteria for nominating employees for this award would be exceptional

performance in a given role by an employee resulting in significant contribution

to the company in terms of savings/revenues/growth /technologicalinnovation/improvement in the functioning of the organization etc

Cash Award/ Monetary Awards

One-time cash rewards are disbursed as additional pay during thenormal payroll cycle

Non-monetary Awards

Non-monetary recognition awards include: non-refundable gift certificates;meals; trips; plaques; trophies; certificates; desk items; cups and mugs;personal items of clothing such as caps, shirts, and sweatshirts; and otheritems such as tools, electronics, radios, sports equipment and timepieces.

Tax Law Compliance

The Reward and recognition activities must be in compliance with all applicabletax laws.

Process:

Planned Employee Recognition

This approach is characterized by scheduled ways of acknowledgingcontributions and accomplishments of an individual or team. This approach isless formal and provides more frequent opportunities to recognize employees.

1. The nomination process: The nomination is called from all departmentsbased on the schedule of disbursement

2. The nominations must be submitted to the HR department committeewith the appropriate documentation for all monetary awards, giftcards/certificates for any amount and non-monetary awards.

3. The approval process: Nominations reviewed by designated committeeand recommendation made to the Management team; the ManagementTeam gives the go ahead.

Policy Interpretation


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Alston TechnologiesThe HR Head is responsible for official interpretation of this policy. Questions

regarding the application of this policy should be directed to the HRdepartment.

The Management reserves the right to revise or eliminate this policy.

Documents

Reward and Recognition Policy