Dear all,
I am preparing a bonus policy for my company, which is in the field of GIS (Geographic Information System). It also involves the features of an IT company.
As I was reviewing the Bonus Act of 1965, I found that it does not specifically address management-level bonuses. In such cases, what steps should be taken and how should the policy be formulated?
Are there any incentive rules that are typically followed in such industries? I also need your assistance in finding relevant references.
I am looking forward to receiving some valuable suggestions and references.
Regards,
From India, Bangalore
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I am preparing a bonus policy for my company, which is in the field of GIS (Geographic Information System). It also involves the features of an IT company.
As I was reviewing the Bonus Act of 1965, I found that it does not specifically address management-level bonuses. In such cases, what steps should be taken and how should the policy be formulated?
Are there any incentive rules that are typically followed in such industries? I also need your assistance in finding relevant references.
I am looking forward to receiving some valuable suggestions and references.
Regards,
From India, Bangalore
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Dear!! Saw this unreplied mail. Thought I will share my ideas.
All our employees are beyond the bonus bracket, so we have worked out an incentive plan which is uniform throughout the company, and the amount remains the same for all. We calculate 'Special Incentive' on a basic monthly pay of Rs 4500/-. An additional incentive is also added depending on the overall performance of the company. The rate of payment is decided in agreement with the unions. In this process, a five-figure amount is paid to all employees in the company sometime around the end of October/early November (say around Deepavali).
Hope this information, though reaching you belatedly, helps.
Regards,
Nair KK
From India, Bhopal
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208All our employees are beyond the bonus bracket, so we have worked out an incentive plan which is uniform throughout the company, and the amount remains the same for all. We calculate 'Special Incentive' on a basic monthly pay of Rs 4500/-. An additional incentive is also added depending on the overall performance of the company. The rate of payment is decided in agreement with the unions. In this process, a five-figure amount is paid to all employees in the company sometime around the end of October/early November (say around Deepavali).
Hope this information, though reaching you belatedly, helps.
Regards,
Nair KK
From India, Bhopal
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Hello! This site is a great help. I am glad to be a part of this. I am a student of PGDBM working on the project of performance appraisal as the summer internship project for an IT company (mobile games) to be specific. I would like to know the best practices followed for the appraisal. I hope to get replies from the seniors as well as from the experts.
Thank you.
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Thank you.
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Hello Sakina,
Performance appraisal is done to evaluate the performance (i.e.,work rate, work quality, behavior, attitude, coordination with the superiors and subordinates, attendance, team work, etc) of the employees. Based upon the appraisal, the employee's receive all the benefits (incentives, rewards, recognition, hikes, promotions, etc).
Currently most of the companies are using one of the following Performance Appraisal Methods:
1).360 Degree Appraisal Method
2).Rating Scale Method
3).Management by Objective Method
Under the 360 Degree appraisal method the employee is rated from all angles i.e, by the superiors, subordinates, peers, suppliers, distributors, customers and clients.
Under the Management by Objective method the employee goals are set mutually by the employee's and the management. And the employees are rated based on the accomplishment of these goals.
Under the Rating Scale method each employee trait or characteristic is rated on a scale that usually has several points ranging from "poor" to "excellent" (or some similar arrangement).The traits assessed on these scales include employee attributes such as work quality,cooperation, initiative, punctuality and technical competence, etc. The selected traits should be in some way relevant to the appraisee's job.
Here, I am attaching a performance appraisal form with 7 performance factors/ employee traits (i.e, Job Knowledge, Work Quality, Work Rate, Communications, InterpersonalSkills, Policay Compliance and Attendence), wherein each factor is to be rated on a scale of 1 to 5 (1-very poor, 2-poor, 3-Competent, 4-Good, 5-Exceptional ). Based upon the rating an employee can be rewarded.
Hope it is useful to you
Regards,
Venkat
From India, Hyderabad
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Performance appraisal is done to evaluate the performance (i.e.,work rate, work quality, behavior, attitude, coordination with the superiors and subordinates, attendance, team work, etc) of the employees. Based upon the appraisal, the employee's receive all the benefits (incentives, rewards, recognition, hikes, promotions, etc).
Currently most of the companies are using one of the following Performance Appraisal Methods:
1).360 Degree Appraisal Method
2).Rating Scale Method
3).Management by Objective Method
Under the 360 Degree appraisal method the employee is rated from all angles i.e, by the superiors, subordinates, peers, suppliers, distributors, customers and clients.
Under the Management by Objective method the employee goals are set mutually by the employee's and the management. And the employees are rated based on the accomplishment of these goals.
Under the Rating Scale method each employee trait or characteristic is rated on a scale that usually has several points ranging from "poor" to "excellent" (or some similar arrangement).The traits assessed on these scales include employee attributes such as work quality,cooperation, initiative, punctuality and technical competence, etc. The selected traits should be in some way relevant to the appraisee's job.
Here, I am attaching a performance appraisal form with 7 performance factors/ employee traits (i.e, Job Knowledge, Work Quality, Work Rate, Communications, InterpersonalSkills, Policay Compliance and Attendence), wherein each factor is to be rated on a scale of 1 to 5 (1-very poor, 2-poor, 3-Competent, 4-Good, 5-Exceptional ). Based upon the rating an employee can be rewarded.
Hope it is useful to you
Regards,
Venkat
From India, Hyderabad
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Performance Appraisal Policy.pdf
Performance Development Plan.doc