Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
PAY SYSTEM plays a crucial role when managers are looking for ways to retain and motivate employees. Higher employee turnover rate can have a demoralizing impact on company's performance and is usually connected with an unfair pay system whereby some employees' feel that their hard work is not being rewarded adequately and thus choose to leave the firm for better opportunities.
Management literature and some actual examples reveal that the best pay system is the one that is based on employee performance. When pay system is tied to performance, we call it 'paying for performance'. This system ensures that effort, dedication and commitment of each and every employee is properly rewarded and that hard work doesn't go unnoticed. For this reason, it is important to develop a proper system of performance measurement, which helps in designing a better and performance-based pay system.
Measurement of performance and paying for...
This concept of performance appraisal, the measurement and payment of continuous diligent effort in terms of monetary gains has gained rapid momentum lately. With the world transmuting into a global village, the leaders as well as the managers of the corporate village today face greater challenges in terms of retaining trained workforce and hard working employees. Keeping the spirits high and raising morale of the company's employees is another challenge faced by the supervisors. Therefore, the concept of paying for performance and frequently utilizing the performance appraisal methods to gauge the ability and worth of an employee is expected to sour high. Moreover,…
That is why "analysts are predicting that performance-based deals will become increasingly prevalent, with some estimates showing pay-for-performance rising to 30% of all online ad revenues by 2006" (Riolo, 2002)
However, another research-based analytical article by some of the best experts in the related field, read the following thereby highlighting both the negative and the positive recent development in the thought process regarding the pay for performance process:
REAL PAY FOR PERFORMANCE IS THE BIGGEST trend coming down the tracks, and it's going to hit the workforce like a freight train. In today's tight labor market, employers are paying what potential employees demand. But at the same time, they're finding that they've already realized the easy productivity gains from
Financial managers and CEO's play important roles in ensuring that organizations meet their specific goals. The skill levels for both positions are high and require a great deal of patience and experience. The purpose of this discussion is to determine whether being a financial manager is the best preparation for later becoming a CEO. Role of the Financial Manager According to the Bureau of Labor, financial managers must have a bachelor's degree
This also implies inadequacies in fiscal sustainability, which influences investments in private sectors. The second channel happens through the level, composition and quality involved within the public investment, which shows the level at which the public investment replaces the private investments (Schmidt- Hebbel, Serven, & Solimano, 1996). The final channel regards the level of taxation on the corporate earnings and the rules applicable in depreciations. There have been arguments that fiscal policy
Role of Family Physician It is important for us to understand the role of a family physician before we begin our discussion on the importance of family physicians in any health care system of the community. Many reforms have been made in the health care systems of various communities all over the world. Almost all of these reforms lay their focus on the prevention as well as the treatment of any
changing role of human resource management in the global competitive environment. The paper begins with evaluation of the global competitive environment, particularly with its contributing factors. The influences of information technology, corporate communication, and very strong marketing on HRM function in this environment. This is followed by a discussion on the changing role of human resource managers in this competitive environment that has also been impacted by harsh economic
Role and Evolution of the American Prison System Explain the Primary Role and Evolution of the American Prison System and Determine if Incarceration Reduces Crime The United States constitution is the fundamental foundation of the American criminal justice system. Given that the document is now over two hundred years old, it constantly experiences numerous amendments and interpretations. As a result, the criminal justice system over the years experienced alterations in order
Now, the last one involves the balancing competitiveness with internal alignment through the use of ranges, flat rates, and/or bands. This is very important because a company would want to know who they are competing against and what they have to offer that will be able to go against them in the marketplace. Other things mentioned in this chapter, involve chapter talks about market pay survey (Salvador & Garcia-Menendez,