hi,
I work for an NBFC which is only 4 years old. Over this period the Company has grown in leaps and bounds, both businesswise and number of employees. The Company is a 'performance oriented' company, and till date promotions etc were given on the basis of performance only. I work with the HR dept and we are of the opinion that going forward a Promotion Policy should be put in place, so that there is some equity and clarity in the process.
Could any of you guide me in the formulation of the same,
Thanks
Mrinal
From India, Nagpur
I work for an NBFC which is only 4 years old. Over this period the Company has grown in leaps and bounds, both businesswise and number of employees. The Company is a 'performance oriented' company, and till date promotions etc were given on the basis of performance only. I work with the HR dept and we are of the opinion that going forward a Promotion Policy should be put in place, so that there is some equity and clarity in the process.
Could any of you guide me in the formulation of the same,
Thanks
Mrinal
From India, Nagpur
Hello,
Promoting for performance is REWARDING for perfromance and may not necessarily increase the job responsibility - such promotions will become problem in future.
For formulating a promotion policy you will need to define the structure of the organization with levels.[ At this stage you should ignore who is the individual - but depending on the scope of work, Scope and depth of decision,impact on business, level of accountability, Number of reporting staff, Social Networking level, Technological Aspect of the job, Education and Experience required.
These factors can help you "Calculate" or arrive at "Position Value" of a position.
So if a person is to be promoted there should be a "justification" that how the Role and Responsibility of the individual will be enhanced from his/her current level. A position evaluation format can be used for this purpose.
There is also a need to communicate that Promotion is NOT A REWARD for good performance - while performance IS certainly a prerequisite.
Propmotion decisions should be considered through a committee consisting of senior managment - who based on the Organisation Structure and Overall People review will approve the promotions.
Certain guidelines like total number of promotions in a year to be restricted to [Say 10% ] can be defined in the guidelines and may change from year to year as per relevance.
If you need format for position evaluation please let me know your e-mail ID - I will send.
Hope this will be useful.
Regards
Nishikant
From United States, Greensboro
21Promoting for performance is REWARDING for perfromance and may not necessarily increase the job responsibility - such promotions will become problem in future.
For formulating a promotion policy you will need to define the structure of the organization with levels.[ At this stage you should ignore who is the individual - but depending on the scope of work, Scope and depth of decision,impact on business, level of accountability, Number of reporting staff, Social Networking level, Technological Aspect of the job, Education and Experience required.
These factors can help you "Calculate" or arrive at "Position Value" of a position.
So if a person is to be promoted there should be a "justification" that how the Role and Responsibility of the individual will be enhanced from his/her current level. A position evaluation format can be used for this purpose.
There is also a need to communicate that Promotion is NOT A REWARD for good performance - while performance IS certainly a prerequisite.
Propmotion decisions should be considered through a committee consisting of senior managment - who based on the Organisation Structure and Overall People review will approve the promotions.
Certain guidelines like total number of promotions in a year to be restricted to [Say 10% ] can be defined in the guidelines and may change from year to year as per relevance.
If you need format for position evaluation please let me know your e-mail ID - I will send.
Hope this will be useful.
Regards
Nishikant
From United States, Greensboro
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