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Pay for Performance Paper
Pay for Performance Assignment
Pay for Performance is a structure of compensation where members of an organization are compensated based on the assessment report of their performance. Pay for performance (P4P) mostly gives money as an incentive. Workers are advised to work harder, and when they achieve the set goals, they will get a bonus. P4P is regarded as one of the most critical programs to some professionals such as teachers and medical practitioners over the years. Other companies and organizations have followed, and they reap big from this incentive. It is imperative to have a fair system that rewards employees because of failure that they will feel cheated, and the program will not run effectively (Rice & Malen, 2017). This paper will focus on the effectiveness of P4P, its disadvantages on the perspective of both the employee and the employer.
The effectiveness of Pay for Performance
Pay for performance is regarded as one of the sure ways of engaging talented employees to give their job more attention is by offering them rewards for achieving certain milestones. Pay for performance helps to align the employees to the company’s direction while attracting and retaining top talent. The program motivates the employees to work harder to achieve greater heights. Studies indicate that pay for performance program makes the top performers work even harder and become more than three times productive than other employees. It is therefore essential to conclude that the program can easily reward an organization handsomely if it is correctly used.
Evaluating the effectiveness of a reward is a continuous process and not quickly gain experience. Progress is measured against assessment processes and clear performance measures. Organizations doing well at rewards evaluation are not those that have large metrics and data but rather those who focus on small areas that measure the human capital and integrate them into the processes of reporting and management. Once the information is received by the human resource manager, he or she determines whether to improve the plan design or to improve the rewarding experience of the employees................GET A PLAGIARISM FREE COPY