Papers on "Performance-Based Pay" and similar term paper topics

Paper #100894 :: Performance-Based Pay
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An examination of the effectiveness of implementing performance-based pay.

Written in 2007; 1,654 words; 10 sources; APA; $ 53.95

Paper Summary:

This paper examines the use of performance-based pay in companies in Australia, citing the Lincoln Electric Company as an example of a company that effectively uses performance-based pay. The writer then points out that performance-based pay can also strain relationships and that evaluation based on performance in some industries can sometimes be a subjective measurement that causes bias and favouritism. The writer believes that performance-based pay cannot be the sole source of motivation. Rather, it should be reinforced with a strong team-based culture in the company, social recognition and feedback. The writer also discusses how performance-based pay used to reward teams is becoming more popular in companies. The writer concludes that performance-based pay can be used efficiently under the right conditions and with the correct implementation.

From the Paper:

"Do employers really get what they pay for? Some scholars argue that performance-based pay is very effective and some companies implementing it show significant results. But then there are other scholars that claim it is not effective at all, sometimes even considered detrimental. At first glance any average person would believe that performance-based pay motivates an individual to perform better. Performance-based pay is the wage or bonus earned by an individual or team based on their productivity and contribution. There are many types of performance-based rewards such as commissions, bonuses, share options, profit sharing and the list goes on. Performance-based pay seems to be an attractive way to improve employee performance but has come under fire by a lot of criticism on its effectiveness."

Tags: organisational behaviour incentive plans bonuses budgeting teams

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