Award program created to recognize individuals and teams for significant contribution to business. Rewarding & celebrating significant and creative achievements by people is one of the leadership practices and also places value on people working individually and as teams to be motivated to succeed- working together in partnership in pursuit of the Advanta Limited mission and core values of ADVANTA Vision.Award program designed to give AIL the opportunity to reward their people for exceptional contribution that makes an impact on the organization.Compensation & Benefits
As per the Compensation & Benefits Policy of the company, benchmarking exercise shall be undertaken once in three years and further revisions shall be decided.Performance appraisal
Performance appraisal will take place for every employee in December for the business year (January to December). Annual increments will be granted in accordance with the Compensation and Benefits Policy of the Company based on performance appraisal rating.On completion of performance appraisal employees with exceptionally high performance will be rewarded by Individual Performance Incentive decided by the Company from time to time.Based on Company's overall performance in terms of the business plan and profitability, Company performance incentive will be determined based on an approved formula and paid to all employeesKRA's (Key Result Areas)
At the beginning of the Financial year every employee will be required to finalize their KRA's (Key Result Areas) for the year as per the business/functional plan. Review of accomplishments will take place at the time of annual performance appraisal.Training and development
To enable employees to upgrade their skills & enhance their performance training and development initiatives will be taken up, training needs being identified through the performance appraisal of individual employee.Employee opinion survey
Employee opinion survey is conducted in the Company to get to know the perception of the employees and to facilitate employee participation.