Hi All,
Retention!!! as become very challenging for HR and the Management, especially in IT industry where very few people stick on to the company for some time.
We have people completing 5 years with us and we thought to reward them in cash or kind.
I have thought of the following, options.
Cash Amount and a Gift with Company Logo
OR
A trip to Mauritius, Singapore or Malaysia for 2 and a gift with Company logo
Incase, the 2nd option (travel), is considered
- Is the leave given by the company or employee has to apply for leave from his/her leave balance.
- What is the minimum and maximum leave granted in both the cases (Company or leave balance)?
- Does the company insure the employee and spouse?
Any legal issues if the company provides the leave and if Insurance is not covered?
Or any other leagl issues?
Would appreciate if you could help me on this.
Regards
Anu
From India, Bangalore
Retention!!! as become very challenging for HR and the Management, especially in IT industry where very few people stick on to the company for some time.
We have people completing 5 years with us and we thought to reward them in cash or kind.
I have thought of the following, options.
Cash Amount and a Gift with Company Logo
OR
A trip to Mauritius, Singapore or Malaysia for 2 and a gift with Company logo
Incase, the 2nd option (travel), is considered
- Is the leave given by the company or employee has to apply for leave from his/her leave balance.
- What is the minimum and maximum leave granted in both the cases (Company or leave balance)?
- Does the company insure the employee and spouse?
Any legal issues if the company provides the leave and if Insurance is not covered?
Or any other leagl issues?
Would appreciate if you could help me on this.
Regards
Anu
From India, Bangalore
Hi Anu
It is a great initiative especially in the IT sector to acknowledge employees who have completed long service years in your organisation.Infact in my organisation we have a very strong practice of awarding people who have completed 5,10,15 or 20 years.
With regards to 5 year completion our numbers are preety high and hence we award them with a Titan watch on completion.
10 years award would mainly be a desktop crystal item, with company logo etc. this is somthing very costly and exqusite.
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 additional 5 days leave besides his regular eligibilty which we have categorically named it as additional leave.I dont think my company takes resposnsibilty for the travel insurance.
we also have this practice of building write-up for the employees and putting it up on the intranet this covers the history of the employee and his photograph at smiling best.
Not aware of any other legalities involved in this, but just thought i'd share this with you that if you are planning to give employees who have completed 5 years with a company a travel abroad, this could prove to be difficult for the company in the long run where the numbers are high
Hope i've been able to help.
Regards
Khushnum
From India, Bangalore
1It is a great initiative especially in the IT sector to acknowledge employees who have completed long service years in your organisation.Infact in my organisation we have a very strong practice of awarding people who have completed 5,10,15 or 20 years.
With regards to 5 year completion our numbers are preety high and hence we award them with a Titan watch on completion.
10 years award would mainly be a desktop crystal item, with company logo etc. this is somthing very costly and exqusite.
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 additional 5 days leave besides his regular eligibilty which we have categorically named it as additional leave.I dont think my company takes resposnsibilty for the travel insurance.
we also have this practice of building write-up for the employees and putting it up on the intranet this covers the history of the employee and his photograph at smiling best.
Not aware of any other legalities involved in this, but just thought i'd share this with you that if you are planning to give employees who have completed 5 years with a company a travel abroad, this could prove to be difficult for the company in the long run where the numbers are high
Hope i've been able to help.
Regards
Khushnum
From India, Bangalore
I think Knushnumk's organization has approached longevity recognition in an appropriate manner. Not too extravagent; 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,
I also like the concept of publishing a biographical overview of the employee (and family?).
From United States,
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"
Eventhough ,ours is a global organisation this Reward is applicable for only our business unit with headcount of 100 .
Regards
Anu
From India, Bangalore
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"
Eventhough ,ours is a global organisation this Reward is applicable for only our business unit with headcount of 100 .
Regards
Anu
From India, Bangalore
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Retention quest.doc
Employee-retent ion-plan_1__185 .pdf