Compensation And Performance Management

Compensation and Performance Management Author Name Institution Name The performance and compensation management systems allow us to track our workers’ performance and develop robust and comprehensive strategies for them to improve. To achieve the desired goals, companies must pay competitive salaries to workers based on their performance (Bhupen, 2015). Plus, weekly or monthly bonuses can motivate them to work hard and devote themselves to the prosperity and welfare of the organization. The systems are specifically designed and introduced to retain top-performing workers, control costs and motivate the desired performance (Ghalawat, Girdhar, Dhingra, & Mehla, 2014). If an organization wants to increase or decrease salaries based on performance, it has to develop strong concepts and strategies that don’t impact its overall system. For instance, the company should have clear objectives and take actions against lazy and irresponsible workers. Similarly, they can increase the salaries of hard-working and experienced employees and offer free transpiration and medical facilities to motivate them. Today, most incentive plans include full-time workers but exclude part-time and contract help (Zhiau, 2016). Ongoing research studies at Harvard Universit...