Hi Everybody,
I wanna know about the hike or structure of appraisal process.I will give a scenario to make it easy to understand:
An employee is working for more than 2 years and performance is also rated good,
say he is getting CTC 2.4 lak . In this case what hike should we give?
If the same employee performance is Average what shld be hike given?
Please Explain me the current trend wht industry is following.
I wanna know about wht role Performance Bonus & CTC or Basic Salary will play in appriasal or hike?
Thanks in advance
Hari Prasad.
From India, Madras
I wanna know about the hike or structure of appraisal process.I will give a scenario to make it easy to understand:
An employee is working for more than 2 years and performance is also rated good,
say he is getting CTC 2.4 lak . In this case what hike should we give?
If the same employee performance is Average what shld be hike given?
Please Explain me the current trend wht industry is following.
I wanna know about wht role Performance Bonus & CTC or Basic Salary will play in appriasal or hike?
Thanks in advance
Hari Prasad.
From India, Madras
Hello Prasad. Your question should not be answered in isolation. The performance and reward system needs to be designed in its totality. Answers to specific questions will then drop out. In designing the system, some questions to ask and answer are:
How much money is available each year for distribution?
Will distribution be contingent upon a certain minimum level of profit?
Will rewards be in the form of salary increase, one off bonus, or a combination of both?
How will financial rewards align with other non-financial incentives?
How will rewards be distributed according to appraisal ratings?
Answers to these questions will vary from company to company and will depend on each company’s objectives for its rewards system.
Vicki Heath
Human Resources Software and Resources
http://www.businessperform.com
From Australia, Melbourne
6How much money is available each year for distribution?
Will distribution be contingent upon a certain minimum level of profit?
Will rewards be in the form of salary increase, one off bonus, or a combination of both?
How will financial rewards align with other non-financial incentives?
How will rewards be distributed according to appraisal ratings?
Answers to these questions will vary from company to company and will depend on each company’s objectives for its rewards system.
Vicki Heath
Human Resources Software and Resources
http://www.businessperform.com
From Australia, Melbourne
Hi Prasad,
As Vicki has mentioned in the mail that Budget is an important factor for rewards nd increment.
Apart from that, you will have to keep in mind the Industry pattern of salary hikes and increments, studying the industry patterns will make it easier for you to retain employees and lower attrition rates.
Cheers
Archna
From India, Delhi
As Vicki has mentioned in the mail that Budget is an important factor for rewards nd increment.
Apart from that, you will have to keep in mind the Industry pattern of salary hikes and increments, studying the industry patterns will make it easier for you to retain employees and lower attrition rates.
Cheers
Archna
From India, Delhi
Hi Prasad,
I am in total agreement with Vicki & Archana as the budget & the Industry pattern knowledge are essential for the Appraisal.
Along with that the profile of the nee ie the capacity in which he is working with the organisation are equally imp. as the industry of an HR & SW engineer can be same the amount of increment will vary depending on the profile rather than the Industry trend..
Let me know if you have any questions will let you my opinion on the same.
Warm Regards
Geeti
From India, Bangalore
I am in total agreement with Vicki & Archana as the budget & the Industry pattern knowledge are essential for the Appraisal.
Along with that the profile of the nee ie the capacity in which he is working with the organisation are equally imp. as the industry of an HR & SW engineer can be same the amount of increment will vary depending on the profile rather than the Industry trend..
Let me know if you have any questions will let you my opinion on the same.
Warm Regards
Geeti
From India, Bangalore
Hi Prasad,
I agree with everyone out here. one most important thing is how much value he is adding to the organization. what are the competencies he has developed over the year & how much he is far off from the next promotion.
Manoj Minocha
I agree with everyone out here. one most important thing is how much value he is adding to the organization. what are the competencies he has developed over the year & how much he is far off from the next promotion.
Manoj Minocha
Hi Manoj, Thanks for the input, but in general how do we evaluate competency and competenices for the s/w people can you give me an idea for this,so that it will be helpful for me Cheers Hari Prasad
From India, Madras
From India, Madras
Hi Vicki,
How much money is available each year for distribution?
Will distribution be contingent upon a certain minimum level of profit?
Will rewards be in the form of salary increase, one off bonus, or a combination of both?
How will financial rewards align with other non-financial incentives?
How will rewards be distributed according to appraisal ratings?
Question above which you asked im giving few answers:
1)Will distribution be contingent upon a certain minimum level of profit?
yes,distribution will be based on profit,but it will be on the basis of performance bonus quaterly.
2)Will rewards be in the form of salary increase, one off bonus, or a combination of both?
Yes, it will be based on both for senior members will be added in CTC anually.
3)How will rewards be distributed according to appraisal ratings?
we have competencies & competency based eval system based on that appraisal rating is decided.
Cheers
HariPrasd
From India, Madras
How much money is available each year for distribution?
Will distribution be contingent upon a certain minimum level of profit?
Will rewards be in the form of salary increase, one off bonus, or a combination of both?
How will financial rewards align with other non-financial incentives?
How will rewards be distributed according to appraisal ratings?
Question above which you asked im giving few answers:
1)Will distribution be contingent upon a certain minimum level of profit?
yes,distribution will be based on profit,but it will be on the basis of performance bonus quaterly.
2)Will rewards be in the form of salary increase, one off bonus, or a combination of both?
Yes, it will be based on both for senior members will be added in CTC anually.
3)How will rewards be distributed according to appraisal ratings?
we have competencies & competency based eval system based on that appraisal rating is decided.
Cheers
HariPrasd
From India, Madras
Hi Archna,
How do we update ourself the salary hikes and increments according to industry patterns?
Can you help me on this?
I wanna make S/W eng & Sr.S/W eng 3 months once review and TL & Managers as Annual increment.
and i wanna know yearly increment is better or quaterly is better for appraisal. diffrentiate both and let me know which is the best, and which i can apply and how?
Cheers
Hari Prasad
From India, Madras
How do we update ourself the salary hikes and increments according to industry patterns?
Can you help me on this?
I wanna make S/W eng & Sr.S/W eng 3 months once review and TL & Managers as Annual increment.
and i wanna know yearly increment is better or quaterly is better for appraisal. diffrentiate both and let me know which is the best, and which i can apply and how?
Cheers
Hari Prasad
From India, Madras
A new method of Performance management and total reward system is followed by modern companies since 1990s. This include : compensation; benefits; work experience; performance recognition; and career development opportunities. Could any one tell me- how this new concept can be translated into hari prasad s case ?
cherish mathew
cherish mathew
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Employee Appraisal Form new.doc