Discussion 8: Compensation And Performance

Discussion 8 Compensation and Performance Name Institution Discussion 8 Compensation and Performance Principle components of an employee improvement plan The components of an employee improvement plan often differ, but there are also some key elements which must always be included in one. They include the following: * Exact performance the employee needs to improve. * The performance expectations that must be consistently met. * Specific tools and resources needed to help improve performance. * A clear and concise feedback plan. * Specific and clear consequences of the repercussions if the expectations and standards of performance are not met. * Reward or recognition for the improvement. Role of compensation and performance appraisals Compensation is the reward given to employees not necessarily in monetary form for their services, and it is often given for a productive workforce whereas performance appraisals are tools used to initiate employee development. Their roles include the following: * Performance appraisals help review and assess the performance of employees over a given period. * They also enable the management to exercise control in the organization. * Performance appraisals make an evaluation on the gap between the actual and the anticipated performance. * Compensation helps motivate employees to work hard towa...