How to create and add the Budget?

How to create and add the Budget?

The budget can be a monthly, bi-monthly, quarterly, or half-yearly budget. The budget is needed as it helps to manage the rewards points efficiently in an entity.

 Create a Budget:

Home >> Rewards >> Budget >> + Add New.

Nomination Budget: Budget allotted to awards that need nominations from the reporting manager (RM). The RM nominates the employees in the team for the award, and the HR shortlists and finalizes the winner.

Example: “Best Programmer of the Month” or “Best Employee of the Quarter.”

Lifecycle Budget: Budget allotted to congratulate the employees on the occasion of birthdays, work anniversaries, and training completion with reward points.

 

Field Name

Example

Description

Organization

Anup Fashion

Select the Organization for which the Category is created.

Entity

Anup Swadeshi Pvt. Ltd.

Select the Entity of an Organization to which the Category is configured for.

Budget Title

Quarterly Budget - 1

Can be any questions

Budget Allocated

100000

Allot the reward points for the budget

Nomination Budget

30%

Enter the Percentage from the Budget allocated

Life Cycle Budget

40%

Enter the Percentage from the Budget allocated

Engagement Allowance

30%

Enter the Percentage from the Budget allocated

Start Date & End Date

28 Oct 2022 to

27 Jan 2023

Enter the Duration of the Budget

 

Engagement Allowance: This budget is meant to encourage the sharing culture at the workplace. Each employee is given a specified no. of reward points, and the employees can use them to congratulate their colleagues on birthdays, work anniversaries, or any other reward points.

 

 Updating of a Budget:

A budget created can be updated as below,

 

Rewards >>  Budgets  >>  Select Budget  >>  Actions  >> Update.



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