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Essay / Research Paper Abstract
This 7 page paper considers he critical issues to implementing team-based performance related pay (PRP) schemes and looks at implications for individual performance and job-satisfaction. The bibliography cites 10 sources.
Page Count:
7 pages (~225 words per page)
File: TS14_TEteamprp.rtf
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Unformatted sample text from the term paper:
placing companies under pressure to cut costs. Employee salaries are one area that has been used to try to increase productivity with the use of bonuses schemes and performance related
pay. The use for individual performance related pay has been subject to much criticism for the way it can create competitive scenario between employees that may be destructive (Armstrong et
al, 1996, Caudron, 1994). The perception of performance related pay though team permanence has received a more positive feedback. The idea of performance related pay is not new,
companies such as Nokia has been using it for many years successfully, based on company performance. Before we consider the use and impact of performance related pay we need to
define what we man by performance related pay. 2. Definition of Performance Related Pay There are many forms of performance related pay. They
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 (Unison, 2001). This is still common in some industries such as garment and shoe industries. 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 (Unison, 2001). This is usually based on the attainment of predetermined
production targets (Unison, 2001). Merit payments are payments based on individual performance usual as a result of an appraisal, this is a less formal version of performance related pay where
the system is more formalised. This may also be assessed on an individual or a team basis. Many companies may use a combination, such as Pearl in the UK, where
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