How does reward management at work?
According to the apparel industry ABC Lanka pvt ltd reward management system is aims to motivate and retain employees through a combination of monetary and non monetary incentives, including salaries, bonuses benefits and recognition programmes often tailored to production targets and performance. Rewards are transactional and have some monitory value attached to them. Reward management is about the development, implementation, Maintenance, Communication, and evaluation of reward processes.
These processes deal with the assessment of relative job values the designs and management of pay structures, performance management the provision of employee benefits and pensions.
Here's a more detailed look at how reward management works in the apparel industry -ABC Lanka Pvt Ltd
Types of rewards-
Monitory Rewards
Salaries : basic compensation for employees
According to the organization paying salary each an every month before 4th of the month. Salary is banking to the employee individual account. Salary includes with overtime payment, individual and group attendance allowances and other fuel allowances.
Bonuses: Annual bonus
paying bonus based on employee's attendance end of march every financial year, when calculating bonus payment considering employee's average basic salary and their present percentage.
Incentives: Production Incentive
paying production incentive based on employees performance. each an every production team has production target per day. they have 9 production hours to achieve their target per day. all team members should be align with the forecasted production target. End of the each week incentive banking for every team members in the production line.
Attendance Allowance:
two types of Attendance allowances are giving by the ABC Lanka Pvt Ltd
1.Individual attendance bonus
2.Group attendance bonus
Individual Attendance bonus paying method is calculating employees total absent days in the month. by Excluding reasonable reasons( Family member's funeral/His or her wedding/ Hospitalization)
eligible amount is 2000.00 per one month
if any employee get 1 leave per month he or she will be received only 1000.00 rupees for that month. Unless will pay total amount.
Group attendance bonus paying method is calculating all team members absent days per month. if all employees are attend to the work whole over the month they will received total amount for the month 3000.00.
Non monitory rewards
Benefits :Healthcare
-As a practice in this organization providing free healthcare facilities for their employees. company doctor visiting factory on every Friday.
-Providing free transport facilities to all employees who works in the organization.
-Providing meals (Breakfast, Lunch, Evening snack)
an also arranging night meal for boarding employees who works in the factory.
-welfare facilities: giving death donation payment
Ex: Employee death -100000.00
Employee's Father/Mother/Mother in low/Father in low/Unmarried sibling -75000.00
Giving 10000.00 rational food pack when attend to the funeral home
Recognition Programme:
Acknowledgement of outstanding performance or contribution
-Special appreciation programme conducting for appreciate employees who worked more than 5years and 10years in the organization .they are eligible for worthy gifts in every year.
Opportunities for growth:
Training development and promotion opportunities:
in this organization providing training and development programme, by analysing employee training needs, then conducting training and evaluate the feedback of training.
Giving promotion based on employee performance
Through KPI system
MAS Holdings
- MAS has a long history of honouring women's accomplishments with the Group-wide "Abhimani Awards," which were first presented in 2004. The goal of this program is to highlight accomplished women in a variety of settings, such as management, the manufacturing floor, and the community.
- Through initiatives aimed at preparing the female workforce for leadership roles, this project honours and honours women for their accomplishments on both a personal and professional level.
"Iron Lady Training Programme":
- https://masholdings.com
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This article provides a comprehensive overview of ABC Lanka Pvt Ltd's reward management system, highlighting both monetary (salaries, bonuses, production incentives) and non-monetary rewards (healthcare, transportation, meals, recognition programs). It emphasizes how these incentives motivate and retain employees. The comparison to MAS Holdings showcases how reward systems can also support leadership development and diversity, with initiatives like "Abhimani Awards" and "Women Go Beyond." Overall, the article demonstrates how effective reward management drives employee satisfaction, development, and business success. Well done!
ReplyDeleteHi Nadeera,
DeleteThank you for your comment. in reward management system clarify both monitory and non monitory rewards, and also in here clearly described about the Mas holdings practices.
This is a well-detailed explanation of reward management at ABC Lanka and MAS Holdings. The combination of monetary and non-monetary rewards, along with the focus on employee growth, recognition, and inclusion, shows a strong commitment to motivating and retaining talent. Great insights!
ReplyDeleteHi Manju,.
DeleteI totally agree with you, in here clearly described about monitory and non monitory rewards.
Rewarding employees is a great way to maintain stable and motivated workforce. Providing both monetary and non-monetary rewards for achievement of KPIs such as meeting targets, providing innovation ideas, maintaining low absenteeism will help to drive the business performance in both long term and short term. Practical examples from ABC Lanka and MAS holdings are good demonstrations to have clear idea about the reword management in apparel industry.
ReplyDeleteHi Thivon,
DeleteHighly appriciate your comment.Maintaining a steady and engaged workforce can be achieved through rewarding employees. Offering monetary and non-monetary incentives for reaching KPIs, such hitting goals, coming up with creative ideas, and keeping absenteeism low, will boost company performance over the long and short terms. Useful examples from MAS Holdings and ABC Lanka provide a comprehensive understanding of reword management in the clothing business.
Hi Nirmani,
ReplyDeleteThis is a well-detailed and informative article that effectively showcases how ABC Lanka Pvt Ltd structures its reward management system. You've clearly outlined both monetary and non-monetary rewards and explained their relevance to employee motivation and retention. I especially appreciate the breakdown of how performance-based incentives and attendance bonuses are calculated—it gives readers a practical view of how reward systems work in real-world settings.
Hi Ishara,
DeleteHighly appreciate your comment .in this article i clearly mentioned about both monitory and non monitory rewards with practical experiences in current organization.
Dear Nirmani,
ReplyDeleteThis article is deeply explain for employee Reward Management in HRM ABC Lanka Pvt)Ltd -Apparel Industry Ltd and Ensuring a Skilled Workforce. To attract and retain employees in the apparel industry, focus on developing a strong culture, offering competitive benefits and career development opportunities, and fostering a sense of belonging and recognition. well done dear.
Dear Harshi ,
DeleteThank you for your comment, in this article i clearly examined that Employee Reward Management in HRM ABC Lanka Pvt)Ltd-Apparel Industry Ltd and Ensuring a Skilled Workforce are well explained in this post.
This article highlights ABC Lanka Pvt Ltd’s reward management system, which combines monetary and non-monetary incentives to motivate and retain employees. The system focuses on aligning rewards with performance, offering benefits like healthcare, recognition, and growth opportunities. It mirrors industry practices like those at MAS Holdings, which also emphasize leadership, diversity, and skill development through effective reward strategies.
ReplyDeleteHi Thiranji,
DeleteThank you for your comment, This article discusses ABC Lanka Pvt Ltd’s reward management system, which combines monetary and non-monetary incentives to engage and retain staff.
At ABC Lanka Pvt Ltd, reward management blends monetary and non-monetary incentives to boost motivation and retention. Employees receive timely salaries, performance-based bonuses, attendance allowances, and production incentives. Non-monetary rewards like free healthcare, meals, and transport add value. This system fosters loyalty, productivity, and employee satisfaction in the apparel sector.
ReplyDeleteHi Darshi,
DeleteHighly appreciate your comment. To increase motivation and retention, ABC Lanka Pvt Ltd's reward management strategy combines monetary and non-monetary incentives. Workers receive output incentives, attendance allowances, performance-based bonuses, and on-time salaries.
This blog offers an in-depth look at ABC Lanka Pvt Ltd’s comprehensive reward management system, combining financial and non-monetary incentives to boost motivation, performance, and retention. The inclusion of MAS Holdings' best practices further enriches the discussion, showcasing a strong commitment to employee development, diversity, and inclusive recognition.
ReplyDeleteHi dear thank you, In this article discussion is further enhanced by the inclusion of MAS Holdings' best practices, which demonstrate a strong dedication to diversity, inclusive recognition, and employee development.
Delete