Career Development Plan IV – Compensation
A strong pay-for-performance culture has the ability to increase employee performance potential. By rewarding your employees fairly you engage them, increase morale, inspire loyalty and ultimately achieve better financial results. You can establish a true pay-for-performance system giving you the information you need to reward your top achievers and retain them in leadership roles by managing employee performance on measurable goals. Managers who focus on developing talent in-house ensure their employees have the tools and resources they need to perform well, receive proper compensation and transition to leadership roles. Developing leaders within the company is an extremely valuable business strategy since these leaders have internalized the business’ core competencies and values.
The pay system is a management tool that enables you to control personnel cost, increase employee morale, and reduce work force turnover. The pay system provides a means of rewarding individuals for their contributions to the success of your firm, while making sure that your organization receives a fair return on its investment in employee pay. The pay system is one that lets employees know where they stand and where they can go as far as take home dollars are concerned, won't solve all your employee relation problems. Many people like a mystery, but not when it's about how their money do not play with in.
Motivation is a combination of needs that influence behavior and action. If an employee is to successfully accomplish a task in any organization, he or she needs motivation, performance capacity and development potential in order to activate skills, experiences, talents and creative energies, and reach company goals. Organizations can influence the behavior of workers and activate their motives, whether it is about specific tasks, or the achievement of particular goals. One has to bear in mind that there is no-definitive...