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The Development of Human Resources and Sound Management of Economic Factors - Statistics Project Example

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This projection is translatable into a high shareholder value figure, and with this figure in mind, performance-based compensation tactic endeavours to respond to the question of how much of the increased shareholder value can be shared, the form such sharing should take…
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The Development of Human Resources and Sound Management of Economic Factors
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Download file to see previous pages Companies typically desire to retain their personnel and ensure minimal employee turnover ratios from one financial year to another. Through the pay for performance plans, performers who earn high incomes are often profoundly happy with their earnings, as well as the entire work environment. Such performers are exceptionally likely to stay and work in the organization rather than opt to explore available alternatives. Furthermore, such employees are also able to attain high standards of reverence and prestige in the organization as a result of their attainments. This essentially means that pay for performance programs allow a company to create cohesive environments of team pride, thereby fostering teamwork and overall productivity in terms of volumes and quality. Organizations that make use of pay for performance programs for employee remuneration also attain positive views from stakeholders within the industry. Since the organization is present in more than one country, this positive reputation ensures that the company's position within the minds of its customers, as well as in the entire international community, remains positive. This makes the company a desirable workplace for the workforce available in countries in which the company conducts business (Powell, 2003). One of the most prominent benefits of pay for performance programs lies in their capacities to enhance employee motivation in terms of working collaboratively in order to attain common goals. The remuneration plans make use of bonus money as a prominent motivating factor for workers to go over and beyond what is typically required of them. ...Download file to see next pagesRead More
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