<Company Name>
HR Policy
Rewards and
Recognition Policy
Policy Effective Date: <DD/MM/YY>
No part of this documentation may be reproduced or transmitted in any form or by any means, electronic
or mechanical, including photocopying or recording, for any purpose without express written permission of
the CEO of <Company Name Here>.
© 2021, <Company Name Here>. All Rights Reserved
Revision History
Ver Change Description Prepared By Reviewed By Approved Date
No. By
Table Of Contents
1
Table Of Contents 3
1. Objective 4
2. Scope and Applicability 4
3. Definition/Glossary 4
4. Policy / Process 5
4.1. Eligibility & Criteria 5
4.2. Equal Opportunity 5
4.3. Principles 5
4.4. Procedure 6
4.5. Types of Rewards 6
5. Special Circumstance and Exception 7
6. Non-compliance and Consequence 7
1.Objective
The objective of reward and recognition policy is to recognize the skill, talent and
contribution of an employee to the <Company Name>. It is also a mode to attract
and retain the best talent.
2.Scope and Applicability
This policy is applicable to all regular employees of <Company Name Here>.
The purpose of the rewarding performance is to build up an organizational culture
where good work performed by employees are valued and their tremendous efforts
are duly and timely recognized.
This policy is owned by <Name of the Person> and reachable @ <Contact Number>
and <email address>
3.Definition/Glossary
Term / Abbreviation Definition / Expansion
4.Policy / Process
4.1. Eligibility & Criteria
The scheme applies to all regular employees of <Company Name Here>. This
policy applies for achievements of individual employees or a group of employees
or a whole team. The Manager should recognise & recommend any of the
following achievements from the employee’s performance to be able to meet the
criteria for a reward or recognition:
● Out-of-the-box thinking that significantly improved a process or a product
● Over achieved a given target or project
● Created new marketable products or inventions out of own interest or with limited
guidance
● Consistent performance that is highly appreciated by either internal or external
clients
● Displaying leadership qualities in taking ownership and responsibility in an event
or project in the true spirit of the Company’s vision & culture
● Participated in events that brought value to the organisation while managing own
activities with no or minimum disruptions
4.2. Equal Opportunity
<Company Name Here> is committed to ensuring that a universal thought
process is adapted in the development and implementation of any policy,
process or procedure, including fitment to <Company Name>’s business vision
and culture.
This policy has been developed in accordance with the terms of <Company
Name Here> Equality, Diversity and Inclusion Strategy and the Equality Impact
Assessment procedure.
4.3. Principles
The procedure is based upon the following principles:
√ All employees should be rewarded fairly according to their sustained
contribution, including the application of new skills and expertise
developed over time on the job.
√ Assessment of objectives / performance standards achieved should be
clearly related to departmental / organisation objectives, recognise
achievements and reward competencies and activities which are likely to
contribute to the future success of the Organisation.
√ Objectives / performance standards must be applied fairly and
consistently.
√ Judgements should be demonstrably based on objective evidence and
where appropriate, recognise initiative, leadership and/or contribution to
teamwork.
√ Access to contribution points should be communicated to all employees by
the Manager in a way that it makes clear how the policy operates and the
part that they play in its application.
√ Managers are encouraged to consider all the staff under their remit and
consider nominating an individual who has made a substantial
contribution(s) to the work of the department.
4.4. Procedure
Respective Managers will recognise an achievement, document it for evidence
and also take feedback in support of the recognition, wherever feasible and
required. The recommendation will be sent to the Reward Panel set up by HR for
this purpose.
Members of the Reward Panel are as follows:
√ <Two> Members of HR
√ Departmental Heads
The Reward Panel will monitor, review & recommend to the Head of HR on the
operation of the Reward and Recognition policy on an annual basis.
The Panel will consider each application for an award based on the agreed
criteria. A decision will be reached on the basis of the evidence submitted.
The Panel will assume that the nominating department has considered the
financial impact of any award on its budget prior to submitting any application(s).
The Panel will not take into account any financial impact when making its
decision.
Human Resources will communicate the outcome of a reward application to each
applicant and to the relevant Manager, on behalf of the Panel.
4.5. Types of Rewards
Rewards and Recognition can comprise of a Certificate or Cash award or Salary
Revision or Promotion depending on the scale of achievement.
Certificate will be signed by Manager, Head of Department & CEO.
Cash Reward will consist of a gift voucher of appropriate denominations. This is
a taxable component in the hands of the employee.
Salary revisions & Promotion recommendations will be managed internally by HR
and informed to the employee post appropriate approvals from Management.
Certificates and gift vouchers will be handed over to the Managers on Quarterly
basis.
5.Special Circumstance and Exception
Any Deviation to this policy has to be approved by HR. Any changes to the policy
has to be approved by Legal and Compliance.
6.Non-compliance and Consequence
Non compliance of this policy like misuse or falsification of facts by any party
within the organisation will be viewed seriously by HR and appropriate action will
be taken including revoking the recognition and upto termination of employment
contract.
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