I have recently joined E -commerce company, now have to present reward policy to MD, so if i get some interesting points from Experience and senior person that will help.
From India, Mumbai
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From India, Mumbai
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Dear friend,
Rewards are given on two counts. One is outstanding performance, and the second one is doing something innovative on one's own. As far as the former is concerned, how do you quantify the performance? Unless you measure the performance, it will not be possible to compare one employee's performance with another. When it comes to doing something, it could be related to process improvement, cost reduction, customer delight, etc.
Therefore, please provide me with a little more information about your company. Above all, when measuring performance, do you measure what deserves to be measured? I ask this question because many times employees are rewarded; however, certain vital business performances are never measured. Therefore, rewarding employees should not come at the expense of the organization. This could be the essence of your policy.
Thanks,
Dinesh Divekar
From India, Bangalore
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8036Rewards are given on two counts. One is outstanding performance, and the second one is doing something innovative on one's own. As far as the former is concerned, how do you quantify the performance? Unless you measure the performance, it will not be possible to compare one employee's performance with another. When it comes to doing something, it could be related to process improvement, cost reduction, customer delight, etc.
Therefore, please provide me with a little more information about your company. Above all, when measuring performance, do you measure what deserves to be measured? I ask this question because many times employees are rewarded; however, certain vital business performances are never measured. Therefore, rewarding employees should not come at the expense of the organization. This could be the essence of your policy.
Thanks,
Dinesh Divekar
From India, Bangalore
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Thank you, Sir,
We belong to the e-commerce industry dealing with loyalty business. We are a startup company with an employee strength of 20. Currently, we are in the process of creating a new HR policy. I would like some input from all of you to make the policy easy and innovative.
From India, Mumbai
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We belong to the e-commerce industry dealing with loyalty business. We are a startup company with an employee strength of 20. Currently, we are in the process of creating a new HR policy. I would like some input from all of you to make the policy easy and innovative.
From India, Mumbai
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Dear friend,
If you are a startup e-commerce company, then your focus should be on the measurement of ratios related to warehouse and inventory management. Please do not forget that when Big Bazaar started, they just relied on bringing economies of scale. However, beyond a point, the bargaining power resulting from volume does not matter. What matters is inventory analysis or demand analysis. Big Bazaar incurred losses because of this. Therefore, the challenge to you is not to repeat the mistakes of Big Bazaar.
As far as e-commerce companies are concerned, many of them have shut shop even before they could take off properly. Therefore, employee rewards are fine, but the parameters on which those rewards are based matter most. For further queries, feel free to contact me.
Thanks,
Dinesh Divekar
From India, Bangalore
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If you are a startup e-commerce company, then your focus should be on the measurement of ratios related to warehouse and inventory management. Please do not forget that when Big Bazaar started, they just relied on bringing economies of scale. However, beyond a point, the bargaining power resulting from volume does not matter. What matters is inventory analysis or demand analysis. Big Bazaar incurred losses because of this. Therefore, the challenge to you is not to repeat the mistakes of Big Bazaar.
As far as e-commerce companies are concerned, many of them have shut shop even before they could take off properly. Therefore, employee rewards are fine, but the parameters on which those rewards are based matter most. For further queries, feel free to contact me.
Thanks,
Dinesh Divekar
From India, Bangalore
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Reward policy is good to keep the employees motivated and perform their best. However, the criteria for rewards must be analyzed and proven to gauge that it should not be a mere cost to the company but focused towards long-term gains out of such policies. We find organizations nowadays snatching the talent and performing employees, while on the other hand, job hops increase due to overconfidence and ego of performing employees. Under such circumstances, the right advice given by Mr. Dinesh Divekarji is very valuable to all of us. Rewards are good; however, on what parameters those rewards are based matters the most.
From India, Vadodara
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From India, Vadodara
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RnR is a good practice to keep motivated employees. You can introduce the RnR practice to your MD in many ways -
1. You can set a monthly RnR practice to tag the employee with the title of the best performer of the month or employee of the month. Arrange a trophy for internal use (officially) and give it to the monthly performer for the whole month so that he/she can put this trophy in their sitting area until the announcement for the next performer of the month.
2. Arrange a notice board at the point of maximum visibility area and analyze the performance and work activity of all employees. Choose the top 5 employees with their ranking and place their names with pictures on the notice board. You can arrange a tea-snacks party and a motivational speech by the MD and announce the top 5 employees of the month.
3. You can arrange the RnR on a quarterly basis to track and analyze the work record and performance of employees for the last three months and then choose the employees of the quarter.
4. Set a particular day like the last Wednesday or Friday of the month or as your company accords to celebrate the birthdays, anniversary, and RnR on this day - to celebrate this day, you can arrange a cake, some snacks, lunch, and a good motivational speech by the MD, Managers, TL, or even any of the employees who want to share his/her views for the company's growth.
If you don't want to spend on tea-snacks or lunch, you can invite all your employees for a potluck lunch. Ask all employees to bring lunch from their homes and share it in one place with all the company staff, including top management. It creates a positive connection between employees and management.
Thanks,
Rani
Manager - Human Resource, IT Company
From India, Noida
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1. You can set a monthly RnR practice to tag the employee with the title of the best performer of the month or employee of the month. Arrange a trophy for internal use (officially) and give it to the monthly performer for the whole month so that he/she can put this trophy in their sitting area until the announcement for the next performer of the month.
2. Arrange a notice board at the point of maximum visibility area and analyze the performance and work activity of all employees. Choose the top 5 employees with their ranking and place their names with pictures on the notice board. You can arrange a tea-snacks party and a motivational speech by the MD and announce the top 5 employees of the month.
3. You can arrange the RnR on a quarterly basis to track and analyze the work record and performance of employees for the last three months and then choose the employees of the quarter.
4. Set a particular day like the last Wednesday or Friday of the month or as your company accords to celebrate the birthdays, anniversary, and RnR on this day - to celebrate this day, you can arrange a cake, some snacks, lunch, and a good motivational speech by the MD, Managers, TL, or even any of the employees who want to share his/her views for the company's growth.
If you don't want to spend on tea-snacks or lunch, you can invite all your employees for a potluck lunch. Ask all employees to bring lunch from their homes and share it in one place with all the company staff, including top management. It creates a positive connection between employees and management.
Thanks,
Rani
Manager - Human Resource, IT Company
From India, Noida
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