Performance based variable pay, incentives, bonus (that may be monthly, quarterly, half yearly or annual) or even longer term rewards.
Employees kindle gift center at these workplaces are less likely to decide to move on, and are more likely to recommend their workplaces to their social and professional circles.
Lastly the manager is the key player in making it successful.
In the growth phase, the organization is busy in an effort to sustain operational stability and celebrating successes is pushed to the back seat.Click To Tweet Other posts in this series.It is an integral part of the strategy to socialize the total rewards as a part of the R R communication and allowing for feedback.Greater differentiation based on performance indicated by the fact that fixed is lower and variable, as well as maximum increment percentages are higher for the Top.Those that are beyond the statutory mandates.The Top 15, than in the other organizations.Why Recognition Matters in India Recognition is a critical part of talent management in India, says the Wall Street Journal India.This sector also uses a fair amount of high value cash or gifts to show appreciation.
In cute halloween prizes todays competitive market for talent, organizations across the board realise that it is important to reward long tenure, as a symbol of an employees loyalty towards the organization.
Some factors continue to be areas that all organizations could look into.
Molinsky-type framework for cultural variables: Indian Business Culture in a Nutshell.Indias Best Companies to Work For, conducted by Great Place to Work Institute India and The Economic Times, is the largest study of its kind in India.India is a patchwork of micro-cultures, and strictures around gift giving are significant.Such practices are of more intrinsic value to employees as most often, they are carried out with no attached monetary value.The data used for the study relies on what organizations have shared.
It is interesting to note that a higher percentage of the other participating organizations (58) use high value gifts or cash as recognition.
The previous study also reported that it was important to involve employees in decisions on the various ways in which rewards and recognition can be provided.