By Howard Risher
Confirmed pay-for-performance ideas from a number of the country's major reimbursement specialists. Measuring functionality is now common process in any respect degrees of industrial. however the usual extension--linking functionality to reimbursement for each employee--is simply starting to be well-known as a worthy method for endured organizational luck. With a breadth of workmanship unavailable in the other resource, this e-book bargains insights from fourteen widespread reimbursement experts. They talk about such themes as: * constructing and fitting incentive plans for all staff * speaking adjustments in reimbursement courses * designing incentive plans round new functionality strategies just like the Balanced Scorecard and financial price * govt repayment * team incentives and team-based pay.
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Additional info for Aligning Pay and Results: Compensation Strategies That Work from the Boardroom to the Shop Floor
Both skill- and competency-based pay are explicitly intended as an incentive for employees to enhance their value and their capabilities. The concepts are compatible with the learning organization philosophy and the common desire of employees to grow in their jobs. Employees who take the initiative to add new capabilities are rewarded with pay increases. Performance or results in this new model are rewarded primarily with incentive payments based on team or group performance. Those rewards will be tied to performance criteria that are important to the organization's future.
One simple change would have been to refocus pay systems to reward employees for quality or for the improvements anticipated from reengineering. Again the adage, ''You get what you pay for," applies. It is apparent in hindsight that these initiatives would have been more successful if they had been reinforced by prospective rewards linked to desired outcomes, even if that was not addressed in Deming's philosophy or Michael Hammer's argument for reengineering. Another trend over the past decade or so has been the pressure to reduce or control costs, is a focal issue in a broader trend to improve operating results.
As soon as we start thinking about team-based pay systems, the door opens to multiple plans, each designed for a small group. Each plan may be tied to a set of common organizational goals, but the specific measures and planned payouts may be different for different teams. The final component of the model will be the opportunity to invest in and own company stock. Those opportunities will never be available in every company, but there is solid evidence that broad-based stock options, such as those granted by Pepsi, or similar stock ownership plans will be more important in the future (see Eric Marquardt's discussion in Chapter 5).