Hello All,
I have joined an organization as HR, and I need suggestions on how to provide a justified appraisal to employees. We currently provide a fixed 15% annual bonus based on the basic salary. I want to determine an amount that will fulfill the employees' wishes and make them happy, while also ensuring that the employer is content and in agreement with the decision.
Please provide your suggestions on this matter.
Regards,
Monika
From India, Delhi
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19I have joined an organization as HR, and I need suggestions on how to provide a justified appraisal to employees. We currently provide a fixed 15% annual bonus based on the basic salary. I want to determine an amount that will fulfill the employees' wishes and make them happy, while also ensuring that the employer is content and in agreement with the decision.
Please provide your suggestions on this matter.
Regards,
Monika
From India, Delhi
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Ms. Monika,
I presume that the annual bonus being paid as a statutory benefit is as per the calculation under the Payment of Bonus Act, 1965. The other payment could also be made based on individuals' contributions, say in the form of Variable Performance Pay. The system is very objective and widely recognized by many futuristic corporations.
If you need any assistance in this regard, you can write separately to my address below.
Regards,
From India, Delhi
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I presume that the annual bonus being paid as a statutory benefit is as per the calculation under the Payment of Bonus Act, 1965. The other payment could also be made based on individuals' contributions, say in the form of Variable Performance Pay. The system is very objective and widely recognized by many futuristic corporations.
If you need any assistance in this regard, you can write separately to my address below.
Regards,
From India, Delhi
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Annual return Bonus Act.pdf