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Human Resource Management - The advantages of pay-for-performance The introduction of individual pay for performance contributes to an improvement in a company's (financial) performance.
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| Submitted: Thu Aug 14 2003
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Human Resource Management "Pay for performance" ADVANTAGES & DISADVANTAGES The advantages of pay-for-performance The introduction of individual pay for performance contributes to an improvement in a company's (financial) performance. There is no doubt about the fact that motivation is the key driver of achieving good performance within an organization. There is no doubt that we live in a money-centred world and therefore any amount of human relations cannot compensate for a lack of monetary reward. However, the idea of giving incentives for individual outstanding performance is one that is being used by many businesses. This particular strategy of optimizing individual performance, dedication and excellence within a firm proved out to be very successful in the past. A system that rewards anyone, regardless performance and dedication, does little to motivate and stimulate effort and achievement. The development and implementation of a pay-for-performance system within an organization will change the internal culture and set higher standards for...
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