By Howard Risher
Confirmed pay-for-performance suggestions from the various country's best repayment specialists. Measuring functionality is now commonplace technique in any respect degrees of commercial. however the typical extension--linking functionality to reimbursement for each employee--is merely starting to be well-known as a necessary procedure for persevered organizational good fortune. With a breadth of workmanship unavailable in the other resource, this booklet bargains insights from fourteen favorite repayment experts. They talk about such subject matters as: * constructing and fitting incentive plans for all staff * speaking adjustments in repayment courses * designing incentive plans round new functionality options just like the Balanced Scorecard and monetary worth * government reimbursement * staff incentives and team-based pay.
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Extra info for Aligning Pay and Results: Compensation Strategies That Work from the Boardroom to the Shop Floor
A rapidly growing number of companies have begun to introduce incentive plans where pay is linked to performance. This is happening at every organizational level and in every industry, including the public sector. The clear intent is to use the power of money as a motivator to reward employees for improving performance. Although that tool has always been available to management, traditionally it was reserved for management pay programs. Employees in the typical company have been treated as a cost that had to be minimized.
With a piece-rate pay system, each employee's earnings depend on a measure of productivity. These systems date to the beginning of this century and to the work of Frederick W. Taylor and his principles of scientific management. His thinking became the standard for the organization and management of work across the world. He argued that jobs and work systems should be organized according to "scientific" principles that would guarantee efficiency and optimal production. Taylor's approach results in jobs designed to be simple, standardized, and highly specialized.
Anyone who works hard enough to stay out of trouble can expect an increase. Our so-called merit increases have provided little, if any, incentive to change behavior and improve performance and, in fact, they reinforce the old behaviors over and over. A rapidly growing number of companies have begun to introduce incentive plans where pay is linked to performance. This is happening at every organizational level and in every industry, including the public sector. The clear intent is to use the power of money as a motivator to reward employees for improving performance.