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Benefits of person focused pay programs
Person focused pay plans
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A person-focused pay system can be used as a motivation tool to help encourage employees to expand his/ her knowledge, skill set, and job competency instead of rewarding the employee for job performance (Abernathy, 2002). There are many advantages of implementing this type of pay system because the company is essentially investing in the employees to help him/ her expand their individual knowledge which will benefit both the employee and the employer. With that being said, the first advantage of a person-focused pay system would be a less turnover rate. The more a company encourages and invests in their employees, will help send the message that the company wants to see the employee’s succeed and create a sense of unity and loyalty from both the employee and employer. …show more content…
The technicians at Mitron are limited to how he/ she can help when building these computers. Every technician can complete a few steps, then other technicians have to join together to complete the computer. Every technician has a few areas that they can complete and that is why the technicians have to work together as a team. However, if the company offered an employee incentive for explaining knowledge so maybe one technician could complete an entire computer, it would enhance the employee’s abilities and the employees would be more willing to help instead of saying that is not my job and leave the computer unattended. That attitude would hurt Mitron’s profitability and productivity if every technician had the mentality that they could only carry out one part of the computer building process. Therefore, it is very important for the company to invest and encourage the employees to attend training, so that every employee could know how to properly perform more than one or two steps when building the
The training program should be designed which covers all of its employees and they need to identify which part of its organization is bad need of training and they need to start designing its training program from that part. This training program should need support from superiors, trainers and trainees.
Money is a necessity in everyday life within the modern world and there are different ways to define money due to a variety of perceptions and views held by a wide range of people. However it is widely accepted that money is defined as a tool that serves as a medium of exchange, a unit of account which means that it is an agreed measure for recording the prices of goods and services, and a store of value. It also has to be firstly acceptable as a medium of exchange, durable, convenient for usage and finally divisible. There are different types of money which are Commodity Money, Convertible Paper Money, Fiat Money which isn’t convertible, Private Debt Money which are deposits and Composite Currencies such as the Euro.
The training and development of employees in William Hill is imperative for the performance or the company as they are in a competitive market. William Hill has to inform workers to be aware of surroundings in the area that they work. Training and Development Training Training is essential for both employees and employer if they want to be effective within the organisation and also for a company like William Hill to stay competitive within their market. The reason why training is important to employees is to enable them to achieve their maximum potential in their current position, it is needed also to develop them to create further opportunities within the organisation because employees are likely to be better educated and become multi-skilled. Training should be ongoing within William Hill in developing the employee’s skills within the business.
Training and development is essential to employee’s retention, loyalty and overall satisfaction. When employees feel there is opportunity within a company and diversity leading the way employees pride and productivity is enhanced.
This method also empowered the employees giving them an opportunity to increase their skill levels and an opportuni...
If the economy would be helped by putting money in the pockets of the people who spend it, nothing would benefit the economy more than a raise in the minimum wage. (Our Opinions)
There are many disadvantages of using person focused pay system. Many employee feel that if a company does not care about how they are progressing in the company. Then they will become disencourage and not want to succeed in the company. Most employee are giving the opportunity to further their education but do not take up the opportunity to do so. Employee often become disloyal to the company.
“Person-focused pay plans generally reward employees for acquiring job-related competencies, knowledge, or skills rather than demonstrating successful job performance” (Martocchio, 2013, p. 100). One of the advantages of a person- focused pay system is that employer obtain a huge benefit from it in the sense that every employee becomes more valuable because they are acquiring more knowledge about the job as a result, their productivity increases, they can fill in for any coworker that is out of work for vacation, or for any other reason. . (Martocchio, 2013).
It is true that payment is a necessary. However, I think that a well-paid job isn’t the most important motivating factor for one to get a job. That's real to say that we work to earn money. So the must choose the environments that be allowed freedom people to think and Creative new ideas, develop the workplace and express themselves? It should be a place where they can feel truly worthwhile.
One of the things most people want to find out when looking a job is the salary. The salary for this job is $44,190 a year (bls.gov). Salary is what makes a job worth it. The job’s salary usually increases every year you work as an interpreter (bls.gov). People usually want a raise after so much work.
...n organisations of lack of job satisfaction and productivity amongst unmotivated employees, and related the problem to the risk of turnover. Conflict, absenteeism and stress were identified as major causes of loss of job satisfaction and productivity, potentially increasing the the loss of staff. The solution proposed was to implement additional training and performance pay. It was argued that training in the workplace improves an employee’s sense of worth and self-esteem, by increasing their skills and thus contribution to work efforts. This raises productivity, and in addition improves job satisfaction. Performance pay was advocated as a means of developing the organisation to support motivated and capable employees. Self-disciplined workers would receive recognition for output, improving job satisfaction; as well as financial incentive, keeping productivity high.
Employee compensation and reward systems have undergone a couple of paradigm shifts since inception. Reward systems were traditionally compensation based and focused on the individual or the position (Beam 1995). After a recession in the early 1980's, employers turned to performance based models in an attempt to save money while still rewarding top performers (Applebaum & Shapiro, 1992). Today, the most successful organizations are using a total reward model, a hybrid of the performance based model combined with strategic human resource management planning to create reward systems that both benefit the employee and help organizations realize their operational goals (Chen & Hsieh, 2006).
In large organisation, competition is not only in the market for goods and services but also for the quality of employees. As such, a large organization can only become attractive to the most skilled and high quality workers if it has an effective compensation and benefit plan. The key purpose of an effective compensation and benefit system is to provide employees with the right rewards for their work and right behavior in the workplace. Typically, organizational success is determined by the quality of employees an organization has. In turn, the organization can only attract such quality workers and maintain them through effective compensation and benefit
Training and development are important factors to the success of any organization. Each employee is a valuable asset that can either add to the success a company or contribute to its failure. Training supports and makes possible the development of new skills and knowledge. Offering training for employees at various levels within an organization assist employees develop the necessary skills and proficiency to be successful in their careers as well as prepare for new responsibilities.
Management spends a huge amount of time to design incentive systems and schemes to motivate their workers and to ensure they work in their best possible manner. Motivating workers by giving them decent pay helps in winning employees heart to make the work done efficiently, significantly and effectively. The most effective way to motivate people to work productively is through individual incentive compensation (Pfeffer, 1998). An attraction of getting more is a powerful incentive to people for high performance. While most people agree that money plays a major role in motivating people, in organizations there is a widespread belief that money may also have some undesirable effects on morale.