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Transcript of Performance-Related Pay
& Chloe Fisher Performance-Related Pay What Is Performance-Related Pay? Who uses Performance-Related Pay Summary "Performance-related pay is a rate of pay which is based on how well someone does their job."
(Collins) Types of Performance-Related Pay Mainly Public Sector Performance-related pay can be an effective system if implemented properly Business theorists Professor Yasser
and Dr Wasi were a great supporter
of this method of payment. Piecework: a price is paid for each unit of output Payment by results Organisation-wide incentives Merit pay Commission Profit-Related pay Advantages of Performance-Related Pay Disadvantages of Performance-Related Pay Financial Industry Police
Teachers Bankers bonus A performance culture can be developed with its introduction
A good PRP system will reward the best performers and deals with poor performance
It provides a direct incentive for employees to achieve defined work targets
The contribution an employee makes is recognised with a tangible reward It can encourage short-termism
Appraisal system can be detrimentally affected
Employees can be de-motivated if the goals set are too hard to achieve
Too much of the process relies on the quality of judgement made by a line manager
Co-operation and teamwork can be hindered No actual evidence that it positively effects performance Other factors affect motivation as well as pay