In the highly competitive environment of globalization and advancing technology, the changing dynamics of global businesses have become more challenging. Indeed, development and creation of high performance working has become the most critical aspect of an organization. An…
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"How might performance-related pay (PRP) improve performance Are there other forms of financial incentive that could be better suited to the task"
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Thus, need to identify measures that significantly impact the performance of the workforce has become intrinsic to the success of the firms. The paper would focus on the issues vis-à-vis financial incentives that considerably impact the employees’ performance.
Human resource is central to the organizational visions and goals and HR leadership initiatives become crucial factor for creating and organizing an effective workforce that is able to make valuable contribution to the increased output and improved performance outcome of the organizational. Hence, HR strategy needs to be redefined as globalization has ushered in a huge database of human capital whose potential needs to be exploited to realize one’s own vision and mission (Taylor, 2008). The challenges of multicultural fabric of society are myriad. Now, the workforce must be looked upon as resource that can be tapped to improve and improvise the performance of the organization in the fiercely competitive business setting.
HR leaders need to be aware that the traditional process of labour deployment is undergoing a fast transformation, both in terms of quality and quantity. Scholars assert that information technology and new media of communication channels in the past decade and a half have ushered in radical new forms of processes (Freeman and Perez 1988, Best 1990). The rapidly changing models of work environment has made it imperative for the employees and the job aspirants alike, to keep themselves updated with the knowledge and use of all the latest gadgets and processes which are increasingly replacing the older model of office efficiencies. The innovative measures that link pay to the performance and other such incentive driven tools have increasingly being adopted by the organizational leadership.
Bloisi (2007) emphasizes that performance management primarily defines the process through which the managers ensure that employees’ output is at par with that of ...
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Based on this research the desires of employees are often significantly different from that of their employers. While employers seek high production, employees do not generally have loyalty to the overall outcomes of the company. This disparity means that many employees often do not work at their full potential and consequently the productivity of the company itself is lower than it could potentially be.
The paper operates mainly based on research question which can be stated as follows: Is performance related pay a proven path to improving employee performance and job satisfaction? The researcher states that the performance related pay systems do have some inbuilt lacunas, and may not serve the desired purpose, if not imbued with some salient attributes.
The ultimate purpose of a Performance Related Pay system is to encourage employees to link their expectation with the organisation's goals and work hard to improve themselves on an incremental basis (Alberto, 2011). This implies that the PRP system of a business aims at identifying the improvement in employees and compensating them accordingly.
Human Resources Management is one such area that is gaining importance by the day. Human Resources Managers work towards the fundamental problem of creating a balance between the expectations of both, employers and employees.
The reason for this question has its strong base on the potential disadvantages PRP systems have.
This paper will examine how systems of PRP can impact upon employees in the finance sector, with a specific focus on both productivity levels and the quality of service.
Performance pay is a system of rewarding employees which is based on perceived out put often without clear measurement formula but which depends on the discretion of the supervisor or the line manager concerning the employee. Compared to other pay system performance pay is more complex and more difficult to implement.
This causes not only monetary losses to the organization, but also cause problems in the smooth flow of careers within the organization. The company was also implementing a seniority based plan in an attempt to