(Top) Pay For (Best) Performance
- Topics:
- Performance Management
- Tags:
- Benefits,
- Compensation,
- Human Resources,
- Performance,
- Performance Management,
- Society For Human Resource Management,
- Workforce Management
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Overview: Rewarding good workers is the best way to increase productivity and to secure dominance in its potentially lucrative market. The payments will fulfill a promise to the workforce that better employee performance results in better compensation. In fact, compensation experts argue that paying for performance is more important in a down economy than in boom times. The reason is that companies typically have a smaller pot of money to allocate for compensation during a slowdown. Performance can be assessed based on individual or team contribution, on business unit results or on corporate profit or share price. It can be rewarded through traditional salary adjustments but also through variable pay techniques such as one-time or recurring bonuses. In some organizations, HR departments are integrally involved in proposing, designing and implementing performance pay systems. But even where HR is not at the forefront of such efforts, it still can play a role.
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Format: HTML | Date: Jan 2003 | Pages: 1
