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Rewards & RecognitionName of Topic : Rewards & Recognition

Name of Organization : Agron India Limited

Stream : MHRDM 2nd Year

Institute : Jamnalal Bajaj Institute of Management Studies INDEXSerial No.ContentsPage No.1Acknowledgement 32Synopsis43Company Profile54Product & Services65Objectives76Data Collection87Methodology - Findings98Pie chart109Finding Outcomes11-1210Correlation1311Conclusion1412Recommendations15

13Bibliography1614Annexure17Acknowledgement Every project big or small is successful largely due to the effort of a number of wonderful people who have always given their valuable advice or lent ahelping hand. I sincerely appreciate the inspiration; support and guidance of all those people who have been instrumental in making this project a success. I, INDRAJEET SUNIL SUKATE, the student ofJAMNALAL BAJAJ INSTITUE OF MANAGEMENT STUDIES (MHRDM-2ND YEAR), am extremely grateful to NATURON HEALTHCARE LIMITED for the confidence bestowedinme and entrusting my project entitled REWARDS & RECOGNITION with special reference to AGRON INDIA LIMITED. At this juncture I feel deeply honored in expressing my sincere thanks toMR. SATISH KARMACHANDANI EXE DIRECTOR for making the resources available atright timeand providing valuableinsightsleading to the successful completion of my project.

SynopsisI selected this topic to understand employee motivation and its effects by implementing Rewards & Recognition through different ways and systems. Anyone who thenperforms at the level or standard stated in the criteria receives the reward.

Some of the findings include: Employee performance is the most important for Rewards. Employees are more motivated and perform better when rewarded through praise and prize. Stand-alone years-of-service awards are often an ineffective type of recognition. Leveraging the collective recognition across a company provides a clearer picture of employee performance and measurement of performance by using indicators/Enhances productivity and profitability

Rewards and recognition that help both the employer and the employee get what theyneed from work are a win-win situation.

Company ProfileAgron India Ltd. is a flagship company of AGRON group , based at Mumbai-India engaged in Export-Import, Manufacturing and General trading. Company is registered under company act 1956-C-01, dealing in various commodities and Industrial products and Raw materials like Agro based products, Foodstuffs, Dairy Products, Herbal Extract, Essential oil, Honey, Menthol, Guar gum, Cosmetics, Aromatic raw material, Pharmaceuticals and Petroleum products and petro chemicals.

Having its 4 division company is performing well by earning37% of its net profit for the financial year 2013-14.Group CompanyEmployeesTurnover Agron Logistics300150 Cr.Agron Cosmetics5070 Cr.Agron Healthcare70120 Cr.Agron Trading2050 Cr.Products & Services Pharmaceutical Tablets & Capsules Brand : Sildamax

Cosmetics : 1. Skin Care 2. Hair Care 3. Body Care

Agron Logistics : Transport

ObjectivesReason to choose subject :To understand how it helps to reinforce the strategies/ goal of the organization.To learn how to attract and retain sufficient and suitably qualified employees.Interest :To Analyze Reduce absenteeism and turnover costs.Aim :How it helps to Foster employment longevity.How it encourages employees to continue education and training

Data Collection Sheet (Collective Response)Name of Employees Dept.-DesigAgree & Stongly Agree Disagree & Strongly Disagree % Agree%DisagreeEmployees are rewarded according to job performance Mr. Ashok K.Accounts-Mgr43117624Mr. Pramod M.Accounts-Exe3313Organization chart is accurate indicatorMr. Ashok K.Accounts-Mgr32147228Mr. Pramod M.Accounts-Exe4014Managers appreciate employeesMr. Ashok K.Accounts-Mgr33126832Mr. Pramod M.Accounts-Exe3520Annual Performance are aligned with RewardsMr. Ashok K.Accounts-Mgr34166634Mr. Pramod M.Accounts-Exe3218Are Employees Satisfied With recognitionMr. Ashok K.Accounts-Mgr24166436Mr. Pramod M.Accounts-Exe4020Total346154%69.230.8Data Collection Sheet (Collective Response)Name of Employees Dept.-DesigAgree & Stongly Agree Disagree & Strongly Disagree % Agree%DisagreeEmployees are rewarded according to job performance Mr. Sajid S.IT-Mgr45108515Mr. Jatin P.IT-Exe405Organization chart is accurate indicatorMr. Sajid S.IT-Mgr4287723Mr. Jatin P.IT-Exe3515Managers appreciate employeesMr. Sajid S.IT-Mgr33126832Mr. Jatin P.IT-Exe3520Annual Performance are aligned with RewardsMr. Sajid S.IT-Mgr36186832Mr. Jatin P.IT-Exe3214Are Employees Satisfied With recognitionMr. Sajid S.IT-Mgr34107426Mr. Jatin P.IT-Exe4016Total372128%74.425.6Data Collection Sheet (Collective Response)Name of Employees Dept.-DesigAgree & Stongly Agree Disagree & Strongly Disagree % Agree%DisagreeEmployees are rewarded according to job performance Ms. Nurubi D.Sales-Mgr40107525Ms. Gita P.Sales-Exe3515Organization chart is accurate indicatorMs. Nurubi D.Sales-Mgr35157030Ms. Gita P.Sales-Exe3515Managers appreciate employeesMs. Nurubi D.Sales-Mgr38127327Ms. Gita P.Sales-Exe3515Annual Performance are aligned with RewardsMs. Nurubi D.Sales-Mgr34166634Ms. Gita P.Sales-Exe3218Are Employees Satisfied With recognitionMs. Nurubi D.Sales-Mgr34166436Ms. Gita P.Sales-Exe3020Total348152%69.630.4Data Collection Sheet (Collective Response)Name of Employees Dept.-DesigAgree & Stongly Agree Disagree & Strongly Disagree % Agree%DisagreeEmployees are rewarded according to job performance Mr. Mahendra M.Production Mgr.37207030Mr. Sharad M.Production Exe.3310Organization chart is accurate indicatorMr. Mahendra M.Production Mgr.32136733Mr. Sharad M.Production Exe.3520Managers appreciate employeesMr. Mahendra M.Production Mgr.38127327Mr. Sharad M.Production Exe.3515Annual Performance are aligned with RewardsMr. Mahendra M.Production Mgr.33157030Mr. Sharad M.Production Exe.3715Are Employees Satisfied With recognitionMr. Mahendra M.Production Mgr.42157723Mr. Sharad M.Production Exe.358Total357143%71.428.6Data Collection Sheet (Collective Response)Name of Employees Dept.-DesigAgree & Stongly Agree Disagree & Strongly Disagree % Agree%DisagreeEmployees are rewarded according to job performance Mr. Sujit S.Store-Manager40137525Ms. Megha M.Store-Exe3512Organization chart is accurate indicatorMr. Sujit S.Store-Manager32147228Ms. Megha M.Store-Exe4014Managers appreciate employeesMr. Sujit S.Store-Manager33126832Ms. Megha M.Store-Exe3520Annual Performance are aligned with RewardsMr. Sujit S.Store-Manager34166634Ms. Megha M.Store-Exe3218Are Employees Satisfied With recognitionMr. Sujit S.Store-Manager32186436Ms. Megha M.Store-Exe3218Total345155%6931Methodology - Findings13On average response collected from 5 Departmental Managers & 10 Employees (IT, Accounts, Sales, Store and Operations) Do you agree that employee recognition at your organization is aligned with your organizations overall company values? Strongly agree or agree Strongly disagree or disagree Employees at our organization are rewarded according to their job performance 76%24%Organizational charts in our organization are an accurate indicator of our leaders and influencers 72%28%Managers or supervisors at our organization effectively acknowledge and appreciate employees 70%30%Annual performance reviews at our organization are an accurate appraisal for employees' work 55%45%Employees at our organization are satisfied with the level of recognition they receive for doing a good job at work 69%31%Note: Percentages above reflect respondents who rate to the question. FindindsEmployee are more concerned about performance based reward More the performance big will be the reward .

Employees feel that their immediate supervisor should evaluate performance and give reward accordingly.

Organization chart should reflect the influencer or leader of an employee so that employee will get the scope of performing better through clear view of judging himself.

Employees think that rewards should be aligned with the appraisals

Recognition should be go hand in hand to achieve succession planning.

Pie Chart (Overall %)15In your opinion, have any of the elements below increased, remained the same or decreased at your organization as a result of the implementation of an employee recognition program? 16

Analysis Outcomes & findings %Note: Respondents who answered decreased were excluded from this analysis. Correlation between hierarchy

Managers : EmployeesPerformance based rewards

Retention by rewarding descriptively

Level of Recognition according to task

Goal oriented departmental performance rewards

Appreciation by managers for achievement.

Equal distribution System

Task evaluation by immediate supervisor for rewarding

Satisfaction Survey should include goal evaluation

ConclusionIn above context I would like to conclude that Employee recognition programs reinforces corporate activities that lead to accomplishment of strategic objectives, offer flexibility to focus on specific metrics and current initiatives.

Project is focused on how rewards is aligned with productivity, retention levels & morale of the employee.

Hence , the all above context is relate to superior manager relations which helps us to study the exact way of rewarding because immediate supervisor is well aware of subordinate's performance.

RecommendationsAll employees must be eligible for the recognition. Managers should provide performance feedback on a regular basis.The recognition must supply the employer and employee with specific information about what behaviors or actions are being rewarded and recognized.Anyone who then performs at the level or standard stated in the criteria receives the reward.The recognition should occur as close to the performance of the actions as possible, so the recognition reinforces behavior the employer wants to encourage.Company should focus on production incentive schemes and sales performance reward and even the best employee of the year for overall performance.

BibliographyHRM functions by Ashwathappa

www.citehr.com

Reward Policies of Agron

www.shrm.comSheet1

Accounts ManagerIT ManagerSales ManagerProduction ManagerStore Manager

Increased Decreased Increased Decreased Increased Decreased Increased Decreased Increased Decreased Total IncreasedTotal Decreased% Increase% DecreaseEmployee productivity 735546735528225644

Employee engagement 646455734628225644

Employee Behaviour645582736432186436

Employee Satisfaction555564555526245248

Employee retention465564376424264852

Feedback on task555573463724264852

Employee Morale647373645531196238

Sheet2% Increase% DecreaseEmployee productivity 5644

Employee engagement 5644

Employee Behaviour6436

Employee Satisfaction5248

Employee retention4852

Feedback on task4852

Employee Morale6238

Sheet3