Performance plans can be very flexible and goals can be set for any metrics that the company would like to focus on. This compensation strategy will potentially help our company build more motivated and stronger associates, thus providing our company with more revenue.
Other competencies such as analytical thinking and leadership ability. However, we could run into issues with employee moral during extended economic downturns when goals are not able to be met or if the incentive policy is not clearly defined and communicated to the employees.
When employees can demonstrate that they have learned required skills they are then eligible for a pay increase. This strategy does require a lot of upfront investment in time and development and it takes time or the ROI to be realized.
Conclusion methods currently being used in the marketplace. The plan also provides a means to attract and retain employees who are not driven by cash incentives alone.
Millions of skilled workers from the baby boomer generation continue to retire which is leading to a large number of available positions and fewer skilled employees to fill those positions MacLean, Most salaried employees like the stability that making a set amount of money offers. Due to the fact that performance based employees have a vested interest in the success of the company their productivity is likely to improve which can lead to the need for fewer employees to maintain production levels leading to a reduction in labor costs to the employer.
These are primarily non- exempt positions such as laborers, mechanics, and electricians Wilson, Possible Compensation Strategies a.
Employees who demonstrate high levels of competency are compensated more than those that do not. Encyclopedia of Business The advantages of developing a new pay system are that it will allow the company to align compensation with the companys objectives and lets employees know what contributions are valued by the company.
Once the skills and competency requirements have been defined, a development plan for skilled employees would need to be designed as well as a method for evaluating and recording employees acquired skills. The plans can be designed to reward individual performance, team can be awarded as cash bonuses, commission, extra vacation or personal time off, company paid meals, or other incentives.
The primary underlying premise of strategic pay is the view that employee compensation be seen has an investment and not a cost. All employees should be offered pay increases after satisfactory 30, 60, 90 day performance evaluations are completed by their reporting supervisor or manager.
The performance plan can be tailored to the companies needs as well as to provide employees with rewards that are tailored to their needs. Research Findings During my research I found that there are many different strategies regarding compensation.
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