Choose a pay for performance method from the following categories: Individual, group or organizational performance and...

Choose a pay for performance method from the following categories: Individual, group or organizational performance and use the jnternet to locate the website of a company which has recently introduced a new pay system. Then assess from the information, the drivers that were making the change necessary for the company, the steps and rationale of the system, implementatjln steps they utilized, and their results. Be sure to provide any URL's you used as a reference source for your answer.

Expert Solution

Answer-

Pay and compensation are important part of the work which I figure each representative at any large or small position carry out their responsibility for. higher the salary or compensation, higher the activity satisfaction. presently a days, I can see that many firms are becoming worker oriented and attempting to improve their performance so they are changing their traditional compensation systems in new unique compensation system in which one is pay for performance system.

this sort of compensation plans is a method of compensation where workers are paid based on efficiency, as opposed to hours spent at work or at a set salary. They are often used in fields such as sales, where workers depend on commissions and/or bonuses for their salary.

The company which has changed its compensation system is Tesla company where Its CEO Elon Musk will get compensation just in the event that he performs better and carry tesla to new heights after some drops it had faced in the past.

He gets paid just if the company succeeds over the long haul with significant gains in market cap. And it's impossible for him to manipulate the system by attempting to prop up the stock cost for a temporary period. (newyork times).

we can see that requirement for better in company motivate even the CEO of the company then employees will be exceptionally energetic to get higher compensation for their higher performance.

pay for performance helps to increase the competitiveness in employees, builds creativity and encourage individuals to push their boundaries which they think can not.

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keosha answered 6 months ago

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