Seeking Feedback on My Employee Reward System Proposal: Is My Format on the Right Track?

Hello Seniors, I have proposed an employee Reward System. I searched the topic on Citehr and found many useful resources. I have created a format that I am planning to propose to my organization. Please review it and let me know if the format is correct, or if I should add or remove some points.

Summary:
The minimum points should be 50,000 for the conversion. The conversion rate is 25 points = 1 rupee.

Please tell me the parameters indicated by you in your appraisal, such as reaching the office on time and leaving the office on time, and doing nothing in between or just pretending to be busy all the time. How are these parameters going to help improve your organizational performance? Your parameters should directly or indirectly contribute to the revenue growth of the organization. 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, fewer 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 the office regularly for the past 10 years to a managerial position? I am sorry I may sound discouraging, but the fact of the matter is your criteria should focus on growth for the employee and organization. Best wishes.

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

Some companies deduct half-day salaries for three late comings, which I feel is a negative approach to ensuring employees follow the working hours.

Therefore, I have come up with the solution of implementing a reward system.

From the Excel sheet, the principal activity of your organization 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 the workplace, rows 3-5 are taking care of it. Beyond that, the other criteria have to be deeply evaluated after knowing the nature and magnitude of your operations.

You can introduce an "Award for Best Attendance" to ensure the best attendance and punctuality in the company. Eligible candidates shall receive a certificate (with their photo) and a cash award (e.g., 1500/- to 2500/-) to motivate them and other employees.

Similarly, you can invite suggestions for improvement in any field by instituting a Suggestion Committee. This committee will hold meetings once a month or quarter and establish an Award for Best Suggestion.

Regarding other aspects of employee performance, you may devise a Performance Appraisal Form (to include all points as Mr. Sundaram explained). This way, you can effectively manage and contribute to the success of your organization.

Hi, the member is referring to the reward system that he is planning to implement, not appraisal parameters. It is a good initiative to have some reward system in place, but the parameters need to be 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. However, what was accomplished efficiently by the employee in terms of work during the working hours is important, which is productivity-related. The same logic applies to points for completing 6 months/1 year with the company.

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