Hi All,
Retention has become very challenging for HR and management, especially in the IT industry where very few people stick with the company for an extended period. We have employees completing 5 years with us, and we are considering rewarding them either in cash or kind.
I have thought of the following options:
1. Cash amount and a gift with the company logo
OR
2. A trip to Mauritius, Singapore, or Malaysia for 2, along with a gift featuring the company logo
In case the second option (travel) is chosen:
- Is the leave granted by the company, or does the employee have to apply for leave from their leave balance?
- What is the minimum and maximum leave granted in both scenarios (company-granted or from leave balance)?
- Does the company provide insurance for the employee and their spouse?
Are there any legal implications if the company provides leave without insurance coverage? Or are there any other legal issues we should be aware of?
I would appreciate your help on this matter.
Regards,
Anu
From India, Bangalore
Acknowledge(0)
Amend(0)
Retention has become very challenging for HR and management, especially in the IT industry where very few people stick with the company for an extended period. We have employees completing 5 years with us, and we are considering rewarding them either in cash or kind.
I have thought of the following options:
1. Cash amount and a gift with the company logo
OR
2. A trip to Mauritius, Singapore, or Malaysia for 2, along with a gift featuring the company logo
In case the second option (travel) is chosen:
- Is the leave granted by the company, or does the employee have to apply for leave from their leave balance?
- What is the minimum and maximum leave granted in both scenarios (company-granted or from leave balance)?
- Does the company provide insurance for the employee and their spouse?
Are there any legal implications if the company provides leave without insurance coverage? Or are there any other legal issues we should be aware of?
I would appreciate your help on this matter.
Regards,
Anu
From India, Bangalore
Acknowledge(0)Amend(0)
Hi Anu,
It is a great initiative, especially in the IT sector, to acknowledge employees who have completed long years of service in your organization. In fact, in my organization, we have a very strong practice of awarding people who have completed 5, 10, 15, or 20 years.
Regarding the 5-year completion, our numbers are pretty high, and hence we award them with a Titan watch upon completion.
The 10-year award would mainly be a desktop crystal item with the company logo, etc. This is something very costly and exquisite.
For 15 and 20 years, we give the employees a sum (which is completely taxable at the hands of the employee) to take a trip abroad. We also give them an additional 5 days' leave besides their regular eligibility, which we have categorically named as additional leave. I don't think my company takes responsibility for travel insurance.
We also have the practice of building a write-up for the employees and putting it up on the intranet. This covers the history of the employee and their photograph at their smiling best.
I am not aware of any other legalities involved in this, but I thought I'd share with you that if you are planning to send employees who have completed 5 years with the company on a trip abroad, this could prove to be difficult for the company in the long run, especially where the numbers are high.
Hope I've been able to help.
Regards,
Khushnum
From India, Bangalore
Acknowledge(0)Amend(0)
1It is a great initiative, especially in the IT sector, to acknowledge employees who have completed long years of service in your organization. In fact, in my organization, we have a very strong practice of awarding people who have completed 5, 10, 15, or 20 years.
Regarding the 5-year completion, our numbers are pretty high, and hence we award them with a Titan watch upon completion.
The 10-year award would mainly be a desktop crystal item with the company logo, etc. This is something very costly and exquisite.
For 15 and 20 years, we give the employees a sum (which is completely taxable at the hands of the employee) to take a trip abroad. We also give them an additional 5 days' leave besides their regular eligibility, which we have categorically named as additional leave. I don't think my company takes responsibility for travel insurance.
We also have the practice of building a write-up for the employees and putting it up on the intranet. This covers the history of the employee and their photograph at their smiling best.
I am not aware of any other legalities involved in this, but I thought I'd share with you that if you are planning to send employees who have completed 5 years with the company on a trip abroad, this could prove to be difficult for the company in the long run, especially where the numbers are high.
Hope I've been able to help.
Regards,
Khushnum
From India, Bangalore
Acknowledge(0)Amend(0)
I think Knushnumk's organization has approached longevity recognition in an appropriate manner. Not too extravagant; not too cheap, especially where a large number of employees are concerned.
I also like the concept of publishing a biographical overview of the employee (and family?).
From United States,
Acknowledge(0)Amend(0)
I also like the concept of publishing a biographical overview of the employee (and family?).
From United States,
Acknowledge(0)Amend(0)
Hi Knushnumk,
Thank you for sharing your views and suggestions. I agree with you that it would be "difficult for the company in the long run where the numbers are high."
Even though ours is a global organization, this reward is applicable for only our business unit with a headcount of 100.
Regards,
Anu
From India, Bangalore
Acknowledge(0)Amend(0)
Thank you for sharing your views and suggestions. I agree with you that it would be "difficult for the company in the long run where the numbers are high."
Even though ours is a global organization, this reward is applicable for only our business unit with a headcount of 100.
Regards,
Anu
From India, Bangalore
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Effective employee retention strategies-BPO. doc