Performance Management System of Infosys
Reward Management System
Purposes: – * It will be linked on performance, be a fair and transparent system * Rewarding the employees for their contribution to the growth of the organization in alignment with the strategic organizational goals * Rewarding their achievements as well as their contribution to their teams * Motivating individuals by indicating their position in the organization structure. * Motivate the employees in order to increase their efficiency * Foster a healthy employment relationship and commitment.
Use – This system will be a vital component of the performance appraisal process as it will interpret the evaluation of the entire process and route the end result to a more meaningful conclusion for the appraise and the appraiser. It system will be used to build trust in the employee that diligence, perseverance and hard work is acknowledged and rewarded by the organization. This will ensure the best of the employees to come up and contribute to the overall growth of the organization.
Frequency – Annually, March – April every year after the initial stages of performance appraisal process have concluded.
Responsibility- The appraiser will have the authority to recommend the appraiser for the incentives and rewards. This will be further evaluated by the concerned the Head HR of the project and then of the Unit and approved.
Format –
Reward System will consist of financial as well as non-financial incentives. 1) Financial Incentives
a. Merit and performance based incentives
It is a tangible form of recognition and motivates employees to achieve more in the tryst of achieving and producing worthwhile results. Based upon the bracket to where the employee scores on the final evaluation of the performance appraisal system, the employee can be rewarded performance incentives in the following way – Rating | Incentive – Salary hike | Excellent(5) | + 20 % raise in the salary | Very Good(4) |
Purposes: – * It will be linked on performance, be a fair and transparent system * Rewarding the employees for their contribution to the growth of the organization in alignment with the strategic organizational goals * Rewarding their achievements as well as their contribution to their teams * Motivating individuals by indicating their position in the organization structure. * Motivate the employees in order to increase their efficiency * Foster a healthy employment relationship and commitment.
Use – This system will be a vital component of the performance appraisal process as it will interpret the evaluation of the entire process and route the end result to a more meaningful conclusion for the appraise and the appraiser. It system will be used to build trust in the employee that diligence, perseverance and hard work is acknowledged and rewarded by the organization. This will ensure the best of the employees to come up and contribute to the overall growth of the organization.
Frequency – Annually, March – April every year after the initial stages of performance appraisal process have concluded.
Responsibility- The appraiser will have the authority to recommend the appraiser for the incentives and rewards. This will be further evaluated by the concerned the Head HR of the project and then of the Unit and approved.
Format –
Reward System will consist of financial as well as non-financial incentives. 1) Financial Incentives
a. Merit and performance based incentives
It is a tangible form of recognition and motivates employees to achieve more in the tryst of achieving and producing worthwhile results. Based upon the bracket to where the employee scores on the final evaluation of the performance appraisal system, the employee can be rewarded performance incentives in the following way – Rating | Incentive – Salary hike | Excellent(5) | + 20 % raise in the salary | Very Good(4) |