Nobody downloaded yet

Pay-for-performance: incentive rewards - Essay Example

Comments (0) Cite this document
Summary
It can have good as well have bad effects on an employee’s performance and his morale. This system acts as a tool with the help of which an employee gets feedback on his performance. The…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER95.5% of users find it useful
Pay-for-performance: incentive rewards
Read TextPreview

Extract of sample "Pay-for-performance: incentive rewards"

Download file to see previous pages The most effective 360 degree feedback processes provide feedback that is based on behaviors that other employees can see."1
The feedback provided when this feedback system is made use of, gives an exact position of an employee. For instance, the feedback shows a picture of whether an employee is able to meet the expectations of a customer or not, this feedback is extremely important to accomplish the mission of the organization. The most important aim of this system is to make the employees aware of their strengths and weaknesses.
“When done properly, 360 is highly effective as a development tool. The feedback process gives people an opportunity to provide anonymous feedback to a coworker that they might otherwise be uncomfortable giving. Feedback recipients gain insight into how others perceive them and have an opportunity to adjust behaviors and develop skills that will enable them to excel at their jobs.” 2
The 360 degree feedback system is instrumental in individual development plans. It works in favor of employees and aims at their individual growth and development, also ensuring the growth of the organization. The system provides an in depth analysis of the annual performance reviews, this is extremely important for any organization because unless an organization reviews its employees’ performance, it cannot grow and prosper.
An overall feedback is aimed at when this method is employed, this ensures a good understanding of what is expected from an employee. The system does not provide any scope for deviance and this is exactly what makes it a really effective. This system is imperative in making employees work as a unit. Working together in an organization is extremely important and the system ensures just that. “360 degree feedback is one of the best methods for understanding personal and organizational developmental needs. For many reasons, organizations are no longer responsible for developing the careers of ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Pay-for-performance: incentive rewards Essay Example | Topics and Well Written Essays - 2000 words”, n.d.)
Pay-for-performance: incentive rewards Essay Example | Topics and Well Written Essays - 2000 words. Retrieved from https://studentshare.org/miscellaneous/1560221-pay-for-performance-incentive-rewards
(Pay-for-Performance: Incentive Rewards Essay Example | Topics and Well Written Essays - 2000 Words)
Pay-for-Performance: Incentive Rewards Essay Example | Topics and Well Written Essays - 2000 Words. https://studentshare.org/miscellaneous/1560221-pay-for-performance-incentive-rewards.
“Pay-for-Performance: Incentive Rewards Essay Example | Topics and Well Written Essays - 2000 Words”, n.d. https://studentshare.org/miscellaneous/1560221-pay-for-performance-incentive-rewards.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Pay-for-performance: incentive rewards

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...
11 Pages(2750 words)Thesis Proposal

Pay for Performance

..., the top performers would stick to the company since they are earning more (Gerhart & Rynes, 2003). Third, it is fair and equitable for the company to pay more to the employees, which go an extra mile to help the company in the achievement of its objectives. Employees become discontent with the company when they know that even if they try to stand out of the crowd with their better performances, they would not receive any desirable rewards from the same (Gomez-Mejia, 2010). Amongst the many disadvantages of pay for performance, first one would be the fact that the entire system is very vague. Experts, researchers, and authors have still...
2 Pages(500 words)Research Paper

Performance Related Pay

...BONIFACE MUTINDA ORDER NO:126402 28TH MAY 2006 Although the relationship between pay and performance is complex and problematic performancepay remains of central interest to employers as a human resorting strategy aimed at improving organizational performance. Comment critically on the above statement. Performance pay is a system of rewarding employees which is based on perceived out put often without clear measurement formula but which depends on the discretion of the supervisor or the line manager concerning the employee. Compared to other pay system performance pay is more complex and more difficult to implement. A critical look at performance pay however points to the fact that this method utilizes only performance... to the...
15 Pages(3750 words)Essay

Pay for Performance / Performance Appraisals

...of this design is that pay for performance system should comply with the existing laws. Such a reward system is required that maintains and enhances the reputation of the firm. 7. Summarize the key issues involved in defining and measuring employee performance. (1) Guilt, (2) Embarrassment about giving praise, (3) Taking things for granted, (4) Not noticing, (5) The halo effect, (6) Dislike of confrontation, and (7) Spending too little time on preparation of the appraisal. 8. Discuss the key components of the four strategies to better understand and measure performance. Identify­ing the best appraisal format for improving the quality of...
3 Pages(750 words)Essay

Pay for performance increases job satisfaction

...”. This shows that incentive giving companies receive more hardworking employees which in turn will increase their productivity.Billikof (2006)states that “ Incentive pay has the potential to increase worker productivity if properly designed and maintained.”When the workers see that they are achieving financial reward for their work they are encouraged more to do better performance .They feel like achieving the goal of performing good work in order to receive cash benefits. According to Haleen(2010,p.34-37),“Pay-for-performance remains as crucial as ever, given the importance of allocating scarce funds effectively to retain top performers”.Worker productivity is key issue of business and pay for performance can very well achieve... a...
5 Pages(1250 words)Essay

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...
1 Pages(250 words)Research Paper

Performance management and rewards

...their ideas with SMUs and management. Leader needs to encourage the employees for better performances and results in future. The manager should organize cultural programs within the organization in order to reduce work stress and boredom. Leader needs to employ performance-based incentive or reward systems to the employees to retain motivation level among all employees. Thus, it might be depicted that the manager or leader plays a very effective role within an organization, so he need to be selected with extreme concentration (Davidson & et. al, 2011, pp.112-128). Conclusion Conclusively, it might be stated that employee retention is the most crucial concept for the...
8 Pages(2000 words)Essay

Design a Pay for Performance Incentive Awards Program

...Pay for Performance Incentive Awards Program Introduction Remuneration is among the most important motivators in any workplace. 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 organizations. The pay for incentive is a new initiative that seeks to reward productivity as a way of enhancing the productivity of the employees. The program applies to all employees within the organization albeit differently depending on the level and roles of the different employees. The program that will run for...
6 Pages(1500 words)Assignment

Pay-for-Performance

...Pay-For-Performance College: Pay-For-Performance Pay-For-Performance (P4P) is an incentive paid to healthcare providers who have met the high levels of quality performance, and outcomes. In the contemporary health care facilities, it has become crucial to improving the quality of service rather than the quantity of service. Evidently, it is clear that most health units consider their performance on the quantity of services that they offer, hence neglecting the quality of services they provide to the public. In search of two reputable sources, I found the article ‘Achieving the Potential...
3 Pages(750 words)Essay

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
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 Essay on topic Pay-for-performance: incentive rewards for FREE!

Contact Us