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Essay / Research Paper Abstract
This 4 page paper examines this type of organizational change. This paper is in Q & A format and explores various issues concerning planning and implementation. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: RT13_SA646pay.rtf
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Unformatted sample text from the term paper:
integrating a pay for performance system. According to TEC, in implementing such a plan, it is important to develop a definite strategy ("TEC Best Practices," 2006). The first point then
is that a firm needs to be organized. There are many considerations, but keys to success seem to be aligning incentives to business results as well as performance, good communications,
and involving employees during the transition ("TEC Best Practices," 2006). There are many things a company can do. Livingston (1998) recommends a bonus system that is aligned with the pay
for performance idea. Gainsharing strategies as well as goal-sharing go a long way to appease both workers and the company (Livingston, 1998). A company wanting to integrate a pay
for performance system should first look at the strategy overall. Then, they can begin to implement a clear plan. Livingston (1998) recommends that when creating such a plan, keeping
things simple is a good strategy. It is also prudent not to give the entire company or department an overhaul during implementation. Competency based pay is something that should be
included gradually and where losses will not have a significantly detrimental effect. For example, some employees who work on salary and commission are often happier than employees who are tied
to a commission only schedule. This is particularly true if the economy plays a role. Often, a good sales person will not do well in hard times. While perhaps the
best people do better than those who give a mediocre performance, in tough times, the end result might be negative feelings within an organization. When implementing a plan, it is
probably best to keep things simple and only change the compensation plan slightly, at least at first. 2) Do you consider Pay-Per-Performance an efficient system
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