Nobody downloaded yet

Design a Pay for Performance Incentive Awards Program - Assignment Example

Comments (0) Cite this document
Summary
Money is among the primary reasons that compel people to work. As such, with effective management remuneration is the most cost effective way of motivating employees thus enhancing productivity in…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER95.8% of users find it useful
Design a Pay for Performance Incentive Awards Program
Read TextPreview

Extract of sample "Design a Pay for Performance Incentive Awards Program"

Download file to see previous pages program that will run for five years within the organization seeks to maximize productivity besides developing an appropriate mindset among the employees. This way, the program is not only a short-term project but also a long-term motivational project.
As discussed, the program will incorporate all the employees within the company including the top-level managers to the junior employees. In order to implement the program appropriately, the implementation will therefore vary depending on the employees. Just as the title suggests, the program seeks to reward productivity. Each level of employee has specific goals that the program will strive to achieve. In the top-level management for example, the program seeks to enhance creativity, intuition and management prowess. In middle level management, the program seeks to enhance both obedience and problem solving skills while in the junior employees of the organization the program seeks to enhance both competition and hard work. This way, the program enhances the overall productivity of the entire organization.
Preliminarily, the program will ensure that all the employees within the organization are capable of undertaking their different roles. This complements the objective of the program since it seeks to reward productivity. The employees must therefore meet the qualifications set for their different roles a feature that ensures that they are capable of undertaking their roles within the organization. Furthermore, qualifications ensure that the employees are capable of meeting the obligations of their respective positions besides enhancing the ease of management. Top-level management must have appropriate qualifications. Managers make decisions daily operations within the organization through the formulation and implementation of policies. As such, they must have both the appropriate education and professional training to enable them make such appropriate decisions. The performance reward program will acknowledge the ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Design a Pay for Performance Incentive Awards Program Assignment”, n.d.)
Design a Pay for Performance Incentive Awards Program Assignment. Retrieved from https://studentshare.org/human-resources/1652369-design-a-pay-for-performance-incentive-awards-program
(Design a Pay for Performance Incentive Awards Program Assignment)
Design a Pay for Performance Incentive Awards Program Assignment. https://studentshare.org/human-resources/1652369-design-a-pay-for-performance-incentive-awards-program.
“Design a Pay for Performance Incentive Awards Program Assignment”, n.d. https://studentshare.org/human-resources/1652369-design-a-pay-for-performance-incentive-awards-program.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Design a Pay for Performance Incentive Awards Program

Do Corporate Incentive Programs Pay

...research findings in their website explained that corporate incentive programs are a form of reward as recognition extended to employees and staff of an organisation to induce reward behaviour (Incentive Performance Center, 2008). Corporate incentive systems do have a significant influence on the performance of staff and employees and consequently the organization overall (UNDP, 2006). Corporate incentives can both be financial and non-financial in nature. The table below provides the financial incentives popularly adopted by organisations. Table 1: Incentives that impact on motivation...
11 Pages(2750 words)Thesis Proposal

The impact of Pay for Performance program

...participating physicians. Agency theories suggest that these financial incentives are most likely to influence behaviors when there is a clear link between behaviors and rewards. Pay for performance programs should also be made public for the sake of transparency. All the information regarding different programs including their awards and criteria should be put on a dedicated website which should be monitored on regular basis. This will not only create public awareness of the program but also help sharing of data and information on the best practices available (American Medical Association Report, 2005). Review on a...
8 Pages(2000 words)Assignment

Incentive Pay as a Way of Compensating Employees

...which will be more costly, they use an incentive which is only a onetime payment based on the productivity of the company. It will also present concrete information on how employees are contributing in the productivity of the company. Employees will be compensated fairly depending on their effort and contribution to the company. When implementing a well-designed incentive program, it will be important to recognize outstanding performers and will help measure any additional income given to an employee based on their hard work and achievements. Application of Topic Incentive pay programs are mostly used to...
11 Pages(2750 words)Research Paper

Performance Related Pay

...Holmstrom and Paul Milgrom, " Multi-task Principal Agent Analysis: Incentive Contracts. 4. Cole, G.A. Organizational Behaviour, DP Publications (1995). 5. Edward P. Lazear, "Performance, Pay and Productivity". American Economic Review, Vol. 90, No. 5 (2000). 6. Heckman, "What do Bureucrats Do" The effects of Performance standards and Bureucratic Preferences on Acceptance into the JIBA Program", in advances in the study of Entrepreneurship, Innovation and Growth, Vol. 7 (SAI Press, 1996). 7. Herzberg, F Work and the Nature of Man Staples. Great Britain. (1968). 8. Iris Bohnet and Felix Oberholzer - Gee, " Pay-for...
15 Pages(3750 words)Essay

Pay for Performance / Performance Appraisals

... yields $2.34 more in organizational earnings, and there is further docu­mented evidence that every 10 percent increase in the bonus paid to employees yields a 1.5 percent increase in ROA (return on assets) to the firm. 6. Describe the key design issues involved in creating an effective pay-for-performance program. The key design issues involved in creating an effective pay for performance program are: efficiency, equity, and compliance. Efficiency: efficiency itself has three areas of concern. 1. Strategy: Over here we look at issues like is the pay for performance plan supporting corporate objectives? Is the plan cost effective? Does the plan help us improve the quality? And so on. 2. Structure: over here we look at issues like... of this...
3 Pages(750 words)Essay

Pay-for-performance: incentive rewards

...comments has no one to go and clarify. Another big problem with this system is that it focuses upon the negatives and the weaknesses of the employees and this can be very negative for both, the employee, as well as the organization. “In addition to the insufficient training organizations provide both people receiving feedback and people providing feedback, there are numerous ways raters go wrong. They may inflate ratings to make an employee look good. They may deflate ratings to make an individual look bad. They may informally band together to make the system artificially inflate everyone’s performance. Checks and balances must prevent these pitfalls.” 4 Pay for...
8 Pages(2000 words)Essay

Incentive program to reduce waste

...cannot substitute performance but it could create better motivation and encouragement for work staff especially experienced and sincere diligent workers who are discriminated because of lack of motivation and encouragement. An inventive and dynamic incentive system in the forklift operational management needs to be designed to dramatically cut down accidents and risks to the barest minimum. Diagrams of forklifts “Diagram 1. Picture of forklift (2004)” Forklift Safety, (n.d). “Diagram 2: Forklift Operator training” Forklift Safety, (n.d.) “Diagram 3: Picture of LINDE H 45D Make forklift for industrial uses” Marketplace : Listing...
4 Pages(1000 words)Research Proposal

Incentive Pay Plans

...Incentive pay plans Incentive pay plans signal a shift from en ments where pay will depend on the measure of organizational, team and individual performance. Performers would be rewarded through incentive pays which emphasize on shared focus on the success of organization and encouraging employees to put more effort to complete their tasks thus improve productivity, either as a team or individually. This plan suffers from the weakness of difficulty in job performance specification and measurement, identification of valued rewards and linking rewards to...
1 Pages(250 words)Research Paper

Performance Incentive Programs in Healthcare

...of inflating the cost of health care because reward is no longer paid on the number of services but rather on meeting quality standards. I. Pay for performancePay-for-performance or P4P is a quality improvement strategy that employs financial incentives to improve compliance with evidence-based clinical practice guidelines, to improve patient experience, to induce investment in information technology that is expected to improve quality and outcomes of care, and sometimes to improve the efficiency or cost-effectiveness of care” (Steinberg, 2006 pg. 11). The program collaborates with “providers and other stakeholders The foundation of...
6 Pages(1500 words)Research Paper

Safety Incentive Program

...concerning the responsibilities and accountabilities of the employees for workplace safety Efficient procedures for use in appropriate application of counteractive action that range from disciplinary actions to training actions, where the workers do not follow or comply with the safety team expectation. A designation of people who have accountability and responsibility for workplace safety monitoring through inspections and activities of audit at regular intervals A program of performance appraisal entailing the evaluation of the safety performance of all the workers A committee of safety incentive program that are responsible for...
11 Pages(2750 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic Design a Pay for Performance Incentive Awards Program for FREE!

Contact Us