Dear all,
I am preparing bonus policy for my company which is into GIS (Geograpihc information system). It also shows the features of IT company.
As I was going through Bonus act 1965 which does not relate to management level. in such case what need to be done and how to frame the policy.
Is there any incentive rules which can be followed in such industries.
I also need your help to find the referecne .
Hoping for some best suggetions and references.
Regards,
From India, Bangalore
I am preparing bonus policy for my company which is into GIS (Geograpihc information system). It also shows the features of IT company.
As I was going through Bonus act 1965 which does not relate to management level. in such case what need to be done and how to frame the policy.
Is there any incentive rules which can be followed in such industries.
I also need your help to find the referecne .
Hoping for some best suggetions and references.
Regards,
From India, Bangalore
Dear!! Saw this unreplied mail. Thought I will share my ideas.
All our employees are beyond the bonus bracket, so we have worked out an incentive plan which is uniform throughout the company and the amount remains same for all. We calculate 'Special Incentive' on a basic monthly pay of Rs 4500/_. An additional incentive is also added depending on the overall performance of the company. The rate of payment is decided in agreement with the unions. In this process a five figure amount is paid to all employees in the company sometime around end October/early november.(say around deepavali) Hope this information, though reaching you belatedly, heps Regards Nair KK
From India, Bhopal
199All our employees are beyond the bonus bracket, so we have worked out an incentive plan which is uniform throughout the company and the amount remains same for all. We calculate 'Special Incentive' on a basic monthly pay of Rs 4500/_. An additional incentive is also added depending on the overall performance of the company. The rate of payment is decided in agreement with the unions. In this process a five figure amount is paid to all employees in the company sometime around end October/early november.(say around deepavali) Hope this information, though reaching you belatedly, heps Regards Nair KK
From India, Bhopal
hello!!!!!
this site is a great help .....i am glad to be a part of this..
i am student of PGDBM i am working on te project performance apparisal as te summer intership project ...for IT comapany( mobile games) to be specific ..i would like to knw te best practices followed for te appraisal .
hope i get replies from te seniors as well as from te experts
thanking you.
this site is a great help .....i am glad to be a part of this..
i am student of PGDBM i am working on te project performance apparisal as te summer intership project ...for IT comapany( mobile games) to be specific ..i would like to knw te best practices followed for te appraisal .
hope i get replies from te seniors as well as from te experts
thanking you.
Hello Sakina,
Performance appraisal is done to evaluate the performance (i.e.,work rate, work quality, behavior, attitude, coordination with the superiors and subordinates, attendance, team work, etc) of the employees. Based upon the appraisal, the employee’s receive all the benefits (incentives, rewards, recognition, hikes, promotions, etc).
Currently most of the companies are using one of the following Performance Appraisal Methods:
1).360 Degree Appraisal Method
2).Rating Scale Method
3).Management by Objective Method
Under the 360 Degree appraisal method the employee is rated from all angles i.e, by the superiors, subordinates, peers, suppliers, distributors, customers and clients.
Under the Management by Objective method the employee goals are set mutually by the employee's and the management. And the employees are rated based on the accomplishment of these goals.
Under the Rating Scale method each employee trait or characteristic is rated on a scale that usually has several points ranging from "poor" to "excellent" (or some similar arrangement).The traits assessed on these scales include employee attributes such as work quality,cooperation, initiative, punctuality and technical competence, etc. The selected traits should be in some way relevant to the appraisee's job.
Here, I am attaching a performance appraisal form with 7 performance factors/ employee traits (i.e, Job Knowledge, Work Quality, Work Rate, Communications, InterpersonalSkills, Policay Compliance and Attendence), wherein each factor is to be rated on a scale of 1 to 5 (1-very poor, 2-poor, 3-Competent, 4-Good, 5-Exceptional ). Based upon the rating an employee can be rewarded.
Hope it is useful to you
Regards,
Venkat
From India, Hyderabad
Performance appraisal is done to evaluate the performance (i.e.,work rate, work quality, behavior, attitude, coordination with the superiors and subordinates, attendance, team work, etc) of the employees. Based upon the appraisal, the employee’s receive all the benefits (incentives, rewards, recognition, hikes, promotions, etc).
Currently most of the companies are using one of the following Performance Appraisal Methods:
1).360 Degree Appraisal Method
2).Rating Scale Method
3).Management by Objective Method
Under the 360 Degree appraisal method the employee is rated from all angles i.e, by the superiors, subordinates, peers, suppliers, distributors, customers and clients.
Under the Management by Objective method the employee goals are set mutually by the employee's and the management. And the employees are rated based on the accomplishment of these goals.
Under the Rating Scale method each employee trait or characteristic is rated on a scale that usually has several points ranging from "poor" to "excellent" (or some similar arrangement).The traits assessed on these scales include employee attributes such as work quality,cooperation, initiative, punctuality and technical competence, etc. The selected traits should be in some way relevant to the appraisee's job.
Here, I am attaching a performance appraisal form with 7 performance factors/ employee traits (i.e, Job Knowledge, Work Quality, Work Rate, Communications, InterpersonalSkills, Policay Compliance and Attendence), wherein each factor is to be rated on a scale of 1 to 5 (1-very poor, 2-poor, 3-Competent, 4-Good, 5-Exceptional ). Based upon the rating an employee can be rewarded.
Hope it is useful to you
Regards,
Venkat
From India, Hyderabad
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