Employee Rewards and Recognition Policy

1. Purpose:

The purpose of this policy is to recognize and reward employees for their outstanding contributions, performance, and commitment, thereby fostering a culture of appreciation and motivation.

2. Scope:

This policy applies to all employees of Sunbeam Elastomers Pvt. Ltd., across all levels and departments.

3. Objectives:

a. To motivate employees by acknowledging their achievements and efforts.
b. To promote a positive work environment that values employee contributions.
c. To align employee performance with organizational goals and values.

4. Policy Guidelines:

Eligibility for Rewards:

a. Employees demonstrating exceptional performance, innovation, teamwork, or customer satisfaction are eligible for recognition.
b. Rewards may also be based on long-term service, milestone achievements, or special projects.

Types of Rewards and Recognition:

1. Monetary Rewards:
a. Performance bonuses and incentives.
b. Spot awards for exceptional contributions.

2. Non-Monetary Rewards:
a. Certificates of appreciation.
b. Trophies for milestones or achievements.

3. Experiential Rewards:
a. Sponsored training or certification programs.
b. Gift vouchers, event tickets.

4. Recognition Programs:
a) Employee of the Month/Quarter/Year Awards
b) Team Awards for Collaborative Success

Nomination and Selection Process:

1. Nomination:
a) Employees or managers can nominate individuals or teams for recognition.
b) Nominations must include details of the achievement and its impact on the organization.

2. Evaluation:
a) Nominations will be reviewed by a Rewards and Recognition Committee.
b) The committee will evaluate achievements based on criteria such as innovation, leadership, teamwork, and business outcomes.

3. Approval:
a) Final approvals will be made by the management team for major awards.

5. Roles and Responsibilities:

Management:
a) Provide support and resources for implementing the rewards and recognition program.
b) Approve high-value awards and ensure alignment with company goals.

Rewards and Recognition Committee:
a) Oversee the nomination and selection process.
b) Ensure fairness and transparency in decision-making.

Employees:
a) Participate in the program by nominating deserving colleagues.
b) Strive to achieve excellence in their roles to qualify for recognition.

6. Key Provisions:

Transparency:
The rewards and recognition process will be documented and communicated to all employees.

Frequency:
Recognition programs (e.g., Employee of the Month) will be conducted at regular intervals, while milestone awards may be annual.

Tax Compliance:
Monetary rewards, incentives, and bonuses will be subject to applicable taxes as per Indian laws.

7. Review and Amendments:

This policy will be reviewed annually based on feedback and its effectiveness in achieving organizational objectives. Amendments will be approved by the Board of Directors.

Approval:

This Employee Rewards and Recognition Policy has been approved by the Board of Directors of Sunbeam Elastomers Pvt. Ltd. on 1st January 2025.

This policy ensures a structured and transparent approach to rewarding and recognizing the efforts of employees at Sunbeam Elastomers Pvt. Ltd.