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Essay / Research Paper Abstract
This 3 page paper looks at different types of performance related pay, such as piecework to profit sharing and considers the way in which this is influenced by business strategies. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEstrppp.rtf
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Unformatted sample text from the term paper:
for performance that is included in these packages. The strategies of a company will be backed up by plans on how those strategies can be realised and the final goals
achieved. The tools and plans will depend not only on strategy, but also on the views and opinions of the management. There are different types of performance related pay
and they may reflect the underlying strategies that have been adopted. It is also worth noting that the different forms of performance related pay are not mutually exclusive so may
be found in conjunction with each other. These are a few of the most common. Piecework is an old form or performance related pay, there are payments made for each
unit produced (Salaman, 1992).. This is still common in some industries such as garment and shoe industries. The idea behind this approach is that employees are paid for the work
they do, those who work more are paid more. The benefits of this are the way in which it encourages greater levels of work and is also a good control
on costs as the greater the individual production the more they are paid. This is also a method that assumes that man is economic which takes the view that the
main motivator for a worker is their payment at the end of the week. This indicates a strategy of control, but also one that looks to short term results as
this type of performance related pay does not engender loyalty or long term commitment. However, this is not the only way in which performance related is seen. Payments by
results have also been widespread for a number of years, this may be calculated on the individual or on a team, shift or company. This is usually based on the
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