Performance Management System Policy
| Ver No. | Change Description | Prepared By | Reviewed By | Approved By | Date | | 1st | | HR Executive | HR Manager | Director | |
Objective
The objective of this policy is to provide guidelines to Managers and employees alike on the Performance appraisal process. There are many reasons to use performance reviews. Some of the most important include:
Evaluating employee performance in a systematic way
Increasing motivation and productivity
Improving communication with employees
Improving employee retention and development
Identifying areas for improvement
Scope and Applicability
All full and part-time employees are provided monthly performance review and consideration for merit pay increases or promotion as warranted.
This policy is owned by HR Department and reachable @ 0261 6725557 and hr@jainam.in
Definition/Glossary
| Term / Abbreviation | Definition / Expansion |
|---|---|
| Mentor / Reporting person | Mentor is a person who is immediate reporting head to anyposition |
| Reviewing Person | Advisor is a person who is immediate review head to anyposition |
| Division head | A person who heads division that are created immediatelyafter creation of core. |
| Core head | Person at highest position in that respective core or personat position of c suite in that core. |
Policy & Process
Performance Review meeting Schedule & Performance Rating
In the beginning of the year (in 1st quarter – before 30th April) each Divisional head / reporting person need to communicate KRAs – Job profile – KPIs to their all employees who are fall under their division.
In case of new joinees, after completing their probation period, reporting person has to
communicate their KRAs – KPIs.
For yearly Performance appraisal (Salary appraisal) of all team members, Reporting person or divisional head need to do Review meeting on Monthly basis, two monthly accelerate meet and Quarterly town hall meeting.
In Monthly review meet, individual performance will measure. In each review meet employee has to submit their performance report / MIS report on each KPIs for measuring their performance.
In each monthly review meeting, employees has to feel the Review meeting form, which contents KRA (job profile), KPIs and departmental Goals etc. Employee will give the self-rating on each KRAs out of 0 to 5 and after review meet, reporting person has to give his rating according to the employee’s performance evaluation on basis of their reporting.
In accelerate meet Division related performance will be discussion
In Town hall meeting core team members will be there and discuss about the core Goals, next quarter action plans and Motivate the team for their betterment/ growth. Here Core head can conduct meeting outside the office premises too before prior permission of HR head / Director. Any cost related to outside meeting like Food etc. will be pay by the company. Per person 200 to 250 rupees cost is decided for Town hall meeting.
Every quarterly Strategic meeting will be also there between Directors and Core heads. In this meeting company goals, new strategy development for future business expansion or any topic related to company will take and discus on that. This meeting can also be arranged outside the office premises and cost will be pay by the company itself. Per person Rs 750 to 1000 cost is decided for Strategic meeting.
Meeting schedule is as under.
| Sr. | Name ofMeeting** | Description | Frequency | Date | MeetingHost** | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | StrategicMeet** | Meeting Between Founder/ Director and Core heads | Quarterly | 15thJuly | 15thOct | 15thJan | 15thApril | Management | ||
| 2 | Review Meet | Meeting Between Employee and Mentor. | Monthly | Mentor | ||||||
| 3 | Accelerator Meet | Meeting Between DivisionHead and Team Member of that division as well assub divisions | 2 Month | 15thJune | 15thAug | 15thOct | 15thDec | 15thFeb | 15thApril | DivisionHead |
| 4 | Town HallMeet** | All Team member of respective Core | Quarterly | 10thJuly | 10thOct | 10thJan | 10thApril | Core Head | ||
| 5 | Group Review Meet | Meeting Between BM and Business Development Head | Quarterly | 10thJuly | 10thOct | 10thJan | 10thApril | Business Dev head |
In the month of March, the reporting person and divisional head is required to classify the performance with the prescribed ratings given below, based on the various parameters set and attributes of the employee.
Performance ratings:
| Score | Evaluation criteria |
|---|---|
| 1 | Poor |
| 2 | Average |
| 3 | Good |
| 4 | Very Good |
| 5 | Out standing |
Performance appraisals / Salary appraisal are conducted on annual basis in every year month of April. Each manager is responsible for the timely and equitable assessment of the performance and contribution of their employees.
Reporting person / Managers are encouraged to obtain 360 degree performance feedback from their peers, associates, Branches and even vendors that would have a bearing on the employee’s performance rating
Salary Increment process
A performance appraisal does not always result in an automatic salary increase. The employee’s overall performance rating and current salary level relative to functional responsibilities must be evaluated to determine whether a salary increase is warranted. Out-of-cycle salary increases must be pre-approved by the Director, Divisional or Core head and human resource (HR) head.
In the month of March or beginning of new financial year, HR manager will make the increment file for Director and core heads with all required details of Employees, like name, DOJ, current CTC, Gross salary, Last year increment %, If any salary increase during the year etc.. HR will send the mail to core heads for giving their tentative % of increment for their team as per their performance evaluation rating.
After giving tentative rating, core head will send file to HR and HR will compile the data of all cores and divisions and send it to Directors.
Director will sit with all the concern core heads and Divisional head for deciding the final increment % of all the employees.
Increment will be given on monthly CTC only. In some cases yearly CTC package is given, so management will decide this employee’s increment on yearly package basis.
New joinee will be eligible for increment after 1 year only. But if in any cases, extra ordinary performance was there by any new joinees during that year, then management and core head will take decision for increase the salary.
Managers / Core heads may not discuss any proposed action with the employee until all written approvals are obtained.
HR will review all salary increase/adjustment requests to ensure compliance with company policy and that they are within the provided guidelines.
Post the approval of any salary increase or change, HR will update the salary data on Payroll.
Non-compliance and Consequence
Non-adherence to the confidentiality clause either by the employee or manager will lead to disciplinary action including termination of employment in case of disclose of salary, evaluation grade or % with any one who are not connected.
THE END