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Strategic Human Resource Management. Performance-Related Pay Systems - Essay Example

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Strategic Human Resource Management. Performance-Related Pay Systems

The paper tells that within a modern business environment, employers must balance the needs of the business with the requirements of the employees. Human Resource Management (HRM) is an important aspect of this, where employers organise and develop strategies for working with their employees. Many employees work inefficiently, as they have no desire to perform well for the company. This comes from the fact that what is good for the company is not necessarily the same as what is best for the employee. Businesses are generally aiming to make the highest profit possible, while employees are working for the money that they need to live. Performance-related pay is a system in which the company attempts to align the interests of the employees with the interests of the business, by providing employees with incentives to work hard. The exact form of the system differs substantially between different companies, with some offering commission-based pay, some paying employees a certain rate per unit produced and others paying based on team performance. There are many other variations of performance-based pay and it is a popular means of increasing overall output for a business. Performance-related pay is common in Britain and has been used for government employees as well as many large companies. However, despite the popularity of the system, current research is questioning whether performance-related pay is actually effective. Evidence suggests that this may be a mechanism that is useful in some circumstances, and counterproductive in others. ...Show more

Summary

This research is being carried out to evaluate and present the need for performance-related pay; types and objectives of performance-related pay; strengths and weaknesses of performance-related pay; effectiveness of performance-related pay…
Author : anjali04
Strategic Human Resource Management. Performance-Related Pay Systems essay example
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