discuss whether performance-related pay improves the productivity of the workforce. (PRP in insurance industry) Student Name: JING ZHAO Student Number: 1327088 Date of Submission: 23rd.Aug.2013 Word Count: 1345 Contents 1. Introduction 3 2. Purposes of performance-related pay 4 3. Impact of performance-related pay 5 4. Problems of performance-related pay 6 3. Conclusion 7 4. References 8 1. Introduction What is performance-related pay? Performance-related pay is pay or a salary
Premium Incentive Insurance Employment
Study: Job Performance and Employment Relationship Course Code: EBC2138 Tutor: Erik de Regt Group number: 3 Number of words: 7001 Gatien Claeys I6017389 Justyna Pocica I6056293 Sascha La Forgia I6058100 Agenda 1. Introduction………………………………………………………………………….………1 2. Human Capital…………………………………………………………………………...…..1 2.1. General and Specific Human Capital……………………………….…………...….2 2.2. Training……………………………………………………….…………………….2 2.3 Investment vs. Substitution Policy……………………………...….……….…….…3 3. Pay for Performance…………………………………………………………
Premium Salary Employment compensation
advantage is that payments are based on the employee’s performances. Nevertheless‚ piecework has several disadvantages. Piecework might not affect employees particularly when employees consider that the exceeding typical performance will provoke disapproval between the associated coworkers. Furthermore‚ this plan does not apply for those situations "when quality is more important than quantity" (Bohlander‚ 2007‚ p. 443). Three basic disadvantages to piecework: • (i) with the emphasis so completely
Premium Incentive Human resource management Management
the centre of competency‚ cost‚ and productivity issues in government‚ pay for performance is a key methodology in the compensation field and a central component of contemporary civil service reform. This technique is a fitting topic for the anniversary symposium. Most organizations‚ in fact‚ say they recognize merit‚ and most personnel believe that remuneration should be tied to contribution. Managers see pay for performance as a basis of control‚ and employees embrace its intuitive appeal. It is
Premium Motivation Barack Obama Incentive
earning at risk pay plans (Dessler‚ 2011). While there are many incentive plans that can be discussed‚ this paper will only highlight the advantages and disadvantages of merit pay as an incentive and profit sharing plans. Merit Pay Dessler (2011) defines merit pay as a salary increase awarded based on performance and becomes part of the employees’ base pay salary (Dessler‚ 2011). Dessler (2011) asserts that merit pay has advocates who argues that rewards tied to performance can motivate
Premium Human resource management Management Motivation
assignmentcloud.com 1. Base pay defined is? a. Pay by the drink b. Hourly or annual salary c. Service fees d. A fee that is paid per project 1. How is base pay adjusted over time? a. Cost of living adjustments b. Seniority pay‚ merit pay c. Incentive pay‚ person focused pay d. All of the above 1. Extrinsic compensation includes? a. Base salaries and bonuses b. Jobs that provide autonomy c. Both monetary and nonmonetary rewards d. Traditional pay 4) Competency based can be
Premium Incentive Employment Pension
(Pages 461-463) 3.Describe the nature of some important management incentives . Two widely usedmanagement incentive plans are merit pay and profit sharing plans. Merit pay is any salaryincrease that is awarded to an employee on his or her individual performance. Advocatesargue that only pay tied directly to performance can motivate improved performance. Profitsharing plans distribute a portion of the company ’s profits to employees in the form of abonus. Research shows that benefits are more
Premium Sales Thought Management
allocate work to employees with specified skills and qualification‚ also the more skilled the worker becomes the more money he/she can earn. This should give the employees the drive to perfect their skill in order to increase the amount of take home pay. Cons of the piece work system in Shenzhen: The factory is made up of several self contained work units called production teams. These teams were made up of 10 to 15 employees with a team manager that has complete authority to assign piecework
Premium Production and manufacturing Incentive program Sweatshop
Merit Pay Compensation and benefit programs for employees need to be an exceptional offer that is developed to attract and retain the best and talented employees. A merit pay compensation strategy is used for an incentive pay based on goals and achievements set by the employer. Compensations that are recommended for this company is a health benefit package that is managed by the employees. This package consists of medical‚ vision‚ and dental coverage. The medical insurance is
Premium Incentive Employment
company’s position in the market‚ a compensation and benefits strategy‚ the use of performance incentives and merit pay to recognize and engage employees‚ and to identify the laws related to the benefits and pay program. Clapton Commercial Construction strategic plan is to provide to the employee a total compensation package. The organization’s goal is to attract employees with their compensation structure and base pay. Clapton wants to be comparable to other commercial construction business located
Premium Employment compensation Incentive Employment