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.
Nobody downloaded yet

History, Relevance in Todays Market - Essay Example

Comments (0) Cite this document
Summary
PERFORMANCE RELATED PAY: HISTORY, RELEVANCE IN TODAYS MARKET, AND HOW ORGANISATIONS CAN USE IT EFFECTIVELY By INTRODUCTION: Human resource is one of the most important assets and resources for the organisations…
Download full paperFile format: .doc, available for editing
Polish This Essay95.1% of users find it useful
History, Relevance in Todays Market
Read TextPreview

Extract of sample
"History, Relevance in Todays Market"

Download file to see previous pages In this regard the most famous and widely used method is of Performance Related Pay (Brown & Armstrong, 1999). In order to better understand the concept of Performance Related Pay, it will be beneficial to first comprehend the meaning of the performance. Performance means the output or end result given by any party or person. In the reference to the performance of the employees, it is perceived to be the fulfilment of the task or job responsibility which is measured on the basis of standards set for different factors like accuracy, time, cost etc. PERFORMANCE RELATED PAY: Performance Related Pay (PRP) is the method used by the organisations in order to directly relate the pay or reward with the performance of the employees. It is strongly believed that the increased or additional pay increase the motivation level of the employees and they strive to give high performance. In this method several bonuses and pay levels are directly linked with the appraisal or assessment of the performance of the employees in comparison to the objectives and standards. ...
It can be further divided into straight piecework and differential piecework. 2. Merit pay: it is further divided into fixed incremental scales, merit bars, percentage increases, merit bonuses, and cafeteria benefits. 3. Profit Sharing: profits sharing or sharing incentives plans are provided to very limited and loyal employees of the organisation in order to retain them and motivate them to give high performance. In this system the employees are awarded with some shares of the organisation in response to their outstanding performance and output. 4. Commission: in this system the employees are provided with a certain percentage of commission in relation with the amount of work done or sales made. Usually commission is used to increase the motivation level and performance of the sales team. RELEVANCE OF PERFORMANCE RELATED PAY IN TODAYS MARKET: It is important for the organisations to include and consider the prevalent economic condition in the process of designing the pay system or scheme. Most of the analysts are of the view that the concept of the Performance Related Pay is no more effective and relevant for the organisations in view of the recent economic downturn and crisis. On the other hand, according to another school of thought organisations have become more concerned about the overall cost and setup of the pay structure and compensation. In order to justify the cost of the pay and compensation structure, organisations are striving to linking this cost with the benefits derived. As a result, these organisations are widely using the method of Performance Related Pay (Brown & Armstrong, 1999). Apart from the economic crisis, increasing globalisation and free trade across the economies of the world have ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“History, Relevance in Todays Market Essay Example | Topics and Well Written Essays - 750 words”, n.d.)
Retrieved from https://studentshare.org/management/1441350-performance-related-pay-discuss-history-relevance
(History, Relevance in Todays Market Essay Example | Topics and Well Written Essays - 750 Words)
https://studentshare.org/management/1441350-performance-related-pay-discuss-history-relevance.
“History, Relevance in Todays Market Essay Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.org/management/1441350-performance-related-pay-discuss-history-relevance.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Todays generation gap
The report provides information about various aspects of lifestyle changes, attitudes towards others and behavior pattern of today’s younger generation and the elders as well. Arguments Work ethics include how a person thinks about their career, job and responsibility.
3 Pages(750 words)Essay
Discuss Carson's view in the context of the history of management theory and evaluate the relevance of McGregor's theories t
The theory can also be used to understand the organizational behavior as well as organizational development and communication. It is a famous theory in modern management. It describes human behavior in two contrasting views. It views employees in both negative and positive view.
7 Pages(1750 words)Essay
Todays Woman
Today’s Woman. The modern woman is no longer a naive lady as compared to the woman of yesterday. Today’s women are much empowered and because of this there have been many positive changes that have taken place in the society. The women in earlier generations suffered a lot, since despite the fact that they had the potential to do great things, they were denied such chances by being treated as an inferior sex.
7 Pages(1750 words)Essay
Todays Justice System
It is this concept of justice that imparts the right sense of direction to the institutions, organizations and individuals within any civilization. The interesting thing is that justice happens to be an ever evolving and dynamic institution, which has constantly been growing and evolving since times immemorial, being subject to a whole range of influences like religion, polity, logic, arts and debate (Pojman, 2005).
3 Pages(750 words)Essay
By using the bookVibe History of Hip Hop, Yes, Yes Yall, and unit 1&4, critique and comparing and contrasting the information, the presentation, the relevance
Such as Eminem: in his song Till I collapse, he mentions: Although this differs from one rapper to another, yet Eminem, as a rap artist exhibits energy and ability to sing in some of his songs, like other rappers, on touching issues and emotions which concern the normal everyday person.
2 Pages(500 words)Essay
Monopolies in Todays Market
The market structure is a direct opposite of perfect competition because there are barriers to entry in form of legal restrictions, patents, regulations, tariffs, technical prowess etc. Other unique characteristics of a monopoly are its huge capital outlay and the existence of economies of scale, savings brought about by increases in quantities produced.
8 Pages(2000 words)Essay
Todays business environment
Almost all companies are turning global. The use of Internet has accelerated the movement towards globalisation. This leads a company to work in more than one environment- internal and external. The domestic companies are accustomed to the internal environment of the country they belong to but they have to know, understand and adjust to new external environment of other sovereign countries they plan to operate in future.
8 Pages(2000 words)Essay
The Relevance of CD Sleeve Design in Todays Market
The importance of the cover is evidenced by its popularity - Sometimes controversial, sometimes seeping with fantasy, sometimes harsh, sometimes beautiful in their simplicity; yet always anticipated.
20 Pages(5000 words)Essay
International Marketing Strategies
Global marketing is one of the areas that have attracted the most research attention in the international marketing literature. A major theoretical logic in global marketing has been that a firm’s strategy must fit its external environment (the industrial organization view) and its internal environment (the resource-based view).
8 Pages(2000 words)Essay
Relevance
They are able to train animals to behave in a manner they would like. Behavior has been understood to be affected by consequences. According to Weiner, 2010, People are rewarded
1 Pages(250 words)Coursework
Let us find you another Essay on topic History, Relevance in Todays Market for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us