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Criticism of Performance-related Pay (PRP)
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Criticism of Performance-related Pay (PRP) With the case study on China Everbright Bank Words count: 3,345 Module Title: Hrm and The Internal Evironment (MBSP0141) Name: Yang Jia Yan Student I.D.: 04085286 Tutors: Mr. Michael Pye Pathway Point: MSC IB1 TABLE OF CONTENT pages Introduction 2 The Merit of Performance-related Pay (PRP) 3 Characteristics of PRP 4 Practice of PRP in China Everbright Bank (CEBBank) 6 Conclusion 8 Proposal for an Effective PRP Programs 10 References 13 Introduction In the face of intensively competitive business environment, companies today are attempting to identify innovative reward strategies to improve organizational performance. Alan Price (2004, p.529) defines reward/compensation management is an aspect of Human Resource Management (HRM) that focuses pay and other benefits on the achievement of objectives. Typically, it incorporates other changes in pay administration and policy, including decentralization of responsibility for setting pay levels; uniform appraisal schemes; flexible working practices; and performance-related pay. In fact, pay is an important feature of HRM. Lawer (1981, p. 5) asserts...
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