Increment Policy 2008-09 PPT.ppt
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- The company's overall annual increment policy will remain the same with some minor changes effective January 2009. - Increments will be based on individual employee grades, company financial performance, order book position, and industry trends, taking into account recession and inflation. - Increment percentages will remain tied to performance grades, with the highest increments going to employees rated A+ and the lowest or no increments for grades C and below. - Actual increments can be 120% of eligible amounts if company exceeds targets, 100% if targets are met, or 80% if targets are not achieved, as determined by the company board.
Increment Policy 2008-09 PPT.ppt
- 1. Introduction The overall policy will remain the same, with only some minor changes Better increments based on company overall progress to encourage people to perform better All performance grade of employees and the eligible ratings & their increment slabs will remain the same The changed policy will be applicable with effect from Jan09 annual Increments The assessment of all employees will remain the same with no changes
- 2. Increment Policy 2008-09 Revised Policy with effect from January09 Increment Policy Company Performance Industrial salary Standards Orders Undertaken by Company Recession & Inflations Employee Grades
- 3. Standard Increment based on: Company achieving targeted turn over and profit margin Higher increments for exceeding turnover/profits targets on decided by the board Correction for under performance of the organization on the whole
- 4. Annual Increment is based on the following parameters: Based on Individual Grades Company financial performance during the financial year Order Book Position during financial year Last years Industry annual increment trends Recession of Economy
- 5. Increment slabs remain the same Performance grade of employee Up to INR 25000 per month Between INR 25001 to 50000 per month Above INR 50000 per month Grade A+ 50% 35% 25% Grade A 40% 25% 20% Grade B+ 25% 17.5% 12.5% Grade B 20% 12.5% 5% Grade C+ 5% 5% Nil Grade C Nil Nil Nil
- 6. Actual Meaning of the Grades Grade A+ 95 - 100 pts (Outstanding) Performance far exceeds expectation resulting in cost and time saving instances, also in having significantly contributed in new products or execution of projects and creation of patentable IPs / marketable products that are quantifiable and demonstrable in the presence of a Committee Grade A 90 94 pts (Excellent) Performance is above expectation resulting in cost and time saving instances and also in having significantly contributed in new products or execution of projects that are quantifiable and demonstrable in the presence of a committee Grade B+ 85 - 89 pts (Good) Performance in line with expectation and demonstrable in the presence of a committee, if called for Grade B 80 84 pts (Satisfactory) Performance is satisfactory but needs improvement Grade C+ 75 - 79 pts (Average) Performance below expectation, must improve Grade C 70 74 pts (Below average) Performance below expectation, needs lot of improvement Grade D < 70 points (Poor) Not suitable for the current task
- 7. Increment Process 120% of Eligible Increment 100% Increment as per the Actual Grade Ratings 80% of Eligible Increment You may be here! Or here!
- 8. Increment process with Eg. Eg:1. Company exceeding turnover/profit margin targets, Board decides on 20% additional increments. i.e. Increments = 120% on eligible increment Eg:2. Company achieves expected targets, No additional Increment declared by Board. i.e. Increments = 100% on eligible increment Eg:3. Company fails to achieve expected targets, Board recommends 20% reduction Increment i.e. Increments = 80% on eligible increment
- 9. Thank You For any queries & suggestions please feel free to contact at e-mail: Jagdishraoc@gmail.com
Editor's Notes
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