June 2011
Intermediate to advanced
378 pages
14h 11m
English
Content preview from Performance Management Systems and StrategiesBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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BENEFITS OF PERFORMANCE-BASED COMPENSATION
From compensation management point of view, performance management systems help in achieving following critical goals:
- It helps in recognizing the efforts and contributions of employees objectively and thereby facilitates in effective job pricing, both through cost optimization and rewarding of talented performers.
- It facilitates in suitable compensation design, rewarding employees based on the performance linkage.
- It supports employee motivation (which leads to increased performance), helping employees to receive their performance feedback, understanding their strengths and weaknesses. Employees can develop themselves through self-introspection and thereby feel intrinsically motivated. So also performance-based ...
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