REWARDS & RECOGNITION

Name of Topic : Rewards & Recognition

Name of Organization : Agron India Limited

Stream : MHRDM 2
nd
Year

Institute : Jamnalal Bajaj Institute of Management
Studies
INDEX
Serial No. Contents Page No.
1 Acknowledgement 3
2 Synopsis 4
3 Company Profile 5
4 Product & Services 6
5 Objectives 7
6 Data Collection 8
7 Methodology - Findings 9
8 Pie chart 10
9 Finding Outcomes 11-12
10 Correlation 13
11 Conclusion 14
12 Recommendations 15

13 Bibliography 16
14 Annexure 17
ACKNOWLEDGEMENT
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 a helping 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 of JAMNALAL BAJAJ INSTITUE OF
MANAGEMENT STUDIES (MHRDM-2
ND
YEAR), am extremely grateful to NATURON
HEALTHCARE LIMITED for the confidence bestowed in me 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 to MR. SATISH
KARMACHANDANI EXE DIRECTOR for making the resources available at right
time and providing valuable insights leading to the successful completion of my project.




SYNOPSIS

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

Some of the findings include:
1. Employee performance is the most important for Rewards.
2. 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.
3. Leveraging the collective recognition across a company provides a clearer picture
of employee performance and measurement of performance by using indicators/
4. Enhances productivity and profitability

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




COMPANY PROFILE

Agron 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 earning
37% of its net profit for the financial year 2013-14.
Group Company Employees Turnover
Agron Logistics 300 150 Cr.
Agron Cosmetics 50 70 Cr.
Agron Healthcare 70 120 Cr.
Agron Trading 20 50 Cr.
PRODUCTS & SERVICES
Pharmaceutical Tablets & Capsules
Brand : Sildamax


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

Agron Logistics : Transport

OBJECTIVES
Reason 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.-Desig
Agree & Stongly
Agree
Disagree & Strongly
Disagree % Agree %Disagree

Employees are rewarded according to job
performance
Mr. Ashok K. Accounts-Mgr 43 11
76 24 Mr. Pramod M. Accounts-Exe 33 13

Organization chart is accurate indicator

Mr. Ashok K. Accounts-Mgr 32 14
72 28 Mr. Pramod M. Accounts-Exe 40 14

Managers appreciate employees

Mr. Ashok K. Accounts-Mgr 33 12
68 32 Mr. Pramod M. Accounts-Exe 35 20

Annual Performance are aligned with
Rewards
Mr. Ashok K. Accounts-Mgr 34 16
66 34 Mr. Pramod M. Accounts-Exe 32 18

Are Employees Satisfied With recognition

Mr. Ashok K. Accounts-Mgr 24 16
64 36 Mr. Pramod M. Accounts-Exe 40 20

Total 346 154
% 69.2 30.8
DATA COLLECTION SHEET (COLLECTIVE RESPONSE)
Name of Employees Dept.-Desig
Agree & Stongly
Agree
Disagree &
Strongly
Disagree % Agree %Disagree

Employees are rewarded according to
job performance
Mr. Sajid S. IT-Mgr 45 10
85 15 Mr. Jatin P. IT-Exe 40 5

Organization chart is accurate
indicator
Mr. Sajid S. IT-Mgr 42 8
77 23 Mr. Jatin P. IT-Exe 35 15

Managers appreciate employees

Mr. Sajid S. IT-Mgr 33 12
68 32 Mr. Jatin P. IT-Exe 35 20

Annual Performance are aligned with
Rewards
Mr. Sajid S. IT-Mgr 36 18
68 32 Mr. Jatin P. IT-Exe 32 14

Are Employees Satisfied With
recognition
Mr. Sajid S. IT-Mgr 34 10
74 26 Mr. Jatin P. IT-Exe 40 16

Total 372 128
% 74.4 25.6
DATA COLLECTION SHEET (COLLECTIVE RESPONSE)
Name of Employees Dept.-Desig
Agree & Stongly
Agree
Disagree & Strongly
Disagree % Agree %Disagree

Employees are rewarded according to
job performance
Ms. Nurubi D. Sales-Mgr 40 10
75 25 Ms. Gita P. Sales-Exe 35 15

Organization chart is accurate indicator

Ms. Nurubi D. Sales-Mgr 35 15
70 30 Ms. Gita P. Sales-Exe 35 15

Managers appreciate employees

Ms. Nurubi D. Sales-Mgr 38 12
73 27 Ms. Gita P. Sales-Exe 35 15

Annual Performance are aligned with
Rewards
Ms. Nurubi D. Sales-Mgr 34 16
66 34 Ms. Gita P. Sales-Exe 32 18

Are Employees Satisfied With
recognition
Ms. Nurubi D. Sales-Mgr 34 16
64 36 Ms. Gita P. Sales-Exe 30 20

Total 348 152
% 69.6 30.4
DATA COLLECTION SHEET (COLLECTIVE RESPONSE)
Name of Employees Dept.-Desig
Agree &
Stongly Agree
Disagree & Strongly
Disagree % Agree %Disagree

Employees are rewarded according to job
performance
Mr. Mahendra M. Production Mgr. 37 20
70 30 Mr. Sharad M. Production Exe. 33 10

Organization chart is accurate indicator

Mr. Mahendra M. Production Mgr. 32 13
67 33 Mr. Sharad M. Production Exe. 35 20

Managers appreciate employees

Mr. Mahendra M. Production Mgr. 38 12
73 27 Mr. Sharad M. Production Exe. 35 15

Annual Performance are aligned with
Rewards

Mr. Mahendra M. Production Mgr. 33 15
70 30 Mr. Sharad M. Production Exe. 37 15

Are Employees Satisfied With recognition

Mr. Mahendra M. Production Mgr. 42 15
77 23 Mr. Sharad M. Production Exe. 35 8

Total 357 143
% 71.4 28.6
DATA COLLECTION SHEET (COLLECTIVE RESPONSE)
Name of Employees Dept.-Desig
Agree &
Stongly
Agree
Disagree & Strongly
Disagree % Agree %Disagree

Employees are rewarded according
to job performance
Mr. Sujit S. Store-Manager 40 13
75 25 Ms. Megha M. Store-Exe 35 12

Organization chart is accurate
indicator
Mr. Sujit S. Store-Manager 32 14
72 28 Ms. Megha M. Store-Exe 40 14
Managers appreciate employees
Mr. Sujit S. Store-Manager 33 12
68 32 Ms. Megha M. Store-Exe 35 20

Annual Performance are aligned
with Rewards
Mr. Sujit S. Store-Manager 34 16
66 34 Ms. Megha M. Store-Exe 32 18

Are Employees Satisfied With
recognition
Mr. Sujit S. Store-Manager 32 18
64 36 Ms. Megha M. Store-Exe 32 18

Total 345 155
% 69 31
13
On 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.
FINDINDS
Employee 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 %)
Strongly agree or
agree, 68%
Strongly disagree
or disagree, 32%
15
IN 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
% Increase % Decrease
Employee
Morale 62 38
Employee
retention
48 52
Feedback
on task
48 52
Employee
Behaviour
64 36
Employee
Satisfaction 52 48
Employee
productivit
y
56 44
Employee
engagemen
t
56 44
ANALYSIS OUTCOMES & FINDINGS %
Employee productivity
Employee engagement
Employee Behaviour
Employee Satisfaction
Employee retention
Feedback on task
Employee Morale
56
56
64
52
48
48
62
Note: Respondents who answered decreased were excluded from this
analysis.
CORRELATION BETWEEN HIERARCHY

MANAGERS : EMPLOYEES
Performance 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





CONCLUSION
In 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.

RECOMMENDATIONS
All 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.

BIBLIOGRAPHY
HRM functions by Ashwathappa

www.citehr.com

Reward Policies of Agron

www.shrm.com