Employee Reward System - conversation rate of 25 points =1 rupee

Hello Seniors, I have proposed an employee Reward System. I searched the topic on Citehr & found many useful resources. I have made a format which I am going to propose to my organization. Please check and let me know if the format is correct or I can add or remove some points.

Summary:
Min Points should be 50000 for the conversion. The conversation rate is 25 points =1 rupee

Please tell me, the parameters indicated by you in your appraisal, such as reaching office on time and leaving office on time and do nothing in between or just pretending to be busy all the time. How these parameters are going to help improve your organisational performance. Your parameters should directly or indirectly contribute to the revenue growth of the organisation. You should draw Key Result Areas for scoring points. KRAs can be measured through Key Performance Indicators. Measurement could be in terms of more sales in numbers, less complaints from customers, in numbers, adding more customers, more production, more productivity.... What you are doing is just a feel good system. Will you promote somebody who has been attending office regularly for the past 10 years to Managerial position ? Am sorry I may sound discouraging but the fact of the matter is your criteria should focus on growth for the employee and organisation. Best wishes

Dear N.K. SUNDARAM Sir ,

I understand your point Sir and I absolutely agree with you . This reward system will promote the punctuality and discipline. But the management wants me do something so that the employees follow the working hours. Sending regular emails to the employees and sending messages in groups to ask them to follow the working hours is hectic for me.

Few companies deduct half day salaries for 3 late comings, which I feel a negative approach to make the employees follow the working hours .

So I came with the solution with the reward system.

From the Excel sheet, the principal activity of your organisation is not clear. The point system looks too vague as the rater can give any value unless there are clear indicators for each slab. The description of the item renders it highly subjective.
If the problem is punctuality and attendance at workplace, rows 3-5 are taking care of it, beyond that the other criteria has to be deeply evaluated after knowing the nature and magnitude of your operations.

You can introduce "Award for Best Attendance" for ensuring best attendance & punctuality in company. Eligible candidate shall receive a certificate (with his photo) and a cash award (say, 1500/- to 2500/-) so that he will be motivated as also other employee.

Similarly, you can invite suggestions for improvement (in any field) by instituting a Suggestion Committee which will hold meeting once in a month or quarter and instituting an Award for Best Suggestion.

Other points related to employee's performance, you may devise a Performance appraisal form
(to include all points as Mr Sundaram explained) and thus you can manage and contribute to the success of your organization

Hi,

The Member is referring to Reward System which he is planning to implement and not Appraisal parameters.

It is a good initiative to have some reward system in place. But the parameters needs to redefined.

By virtue of maintaining daily stipulated hours ( 9 hours) all employees will become eligible for 100 points on a day to day basis by default. But what was accomplished efficiently by the employee in terms of work during the working hours is important which is productivity related. Same logic applies to points for completing of 6 months/1 year with the Company.

While the proposal to have a reward system in place is good I suggest to modify the whole proposal with proper evaluation system in place. Reward points should not be given for routine task.