Explain why it is so important to link performance and pay to strategies.
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- In the context of the pay model, explain how effectiveness is dependent on equity is designing a pay system.Compare and contrast the advantages and disadvantages of pay-for-performance and competency-based pay. What strategy would you recommend for your organization, and why?Why are many companies interested in moving to a pay-for-performance strategy?
- What are the main process steps for implementing pay for performance?Develope pay.for performance system for professors at your college or university. explain how you would evaluate and rewars performance?What are some ways that pay-for-performance schemes could backfire if acompany doesn’t set them up carefully or effectively manage the factors thataffect employee performance?
- Answer the following questions on different pay systems 1. Discuss the Merit pay system. How does the merit pay system differ from the incentive pay system? 2. Describe the seniority pay system and explain its advantages and disadvantages.Describe what are the benefits and drawbacks of time based pay plans ?In the “Pay-for Performance “ article the authors argue for differentiating among various incentives based on line of profession and industry. How do you approach this categorization and whether this works in reality or not? Does your organization exercise pay-for-performance strategy in general? Please, provide the context and justification for this.