By Howard Risher
Confirmed pay-for-performance ideas from a few of the country's prime repayment specialists. Measuring functionality is now commonplace technique in any respect degrees of commercial. however the typical extension--linking functionality to repayment for each employee--is in simple terms commencing to be famous as a necessary procedure for persisted organizational luck. With a breadth of craftsmanship unavailable in the other resource, this ebook deals insights from fourteen famous reimbursement experts. They speak about such issues as: * constructing and fitting incentive plans for all staff * speaking alterations in reimbursement courses * designing incentive plans round new functionality suggestions just like the Balanced Scorecard and monetary worth * government reimbursement * crew incentives and team-based pay.
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Extra info for Aligning Pay and Results: Compensation Strategies That Work from the Boardroom to the Shop Floor
These programs were conceived in the 1930s and the changes since then have been minor. The NMTA job evaluation is still important. Edward N. Hay, the founder of Hay Management Consultants, was writing articles about his new system in the late 1940s. In the mid-1980s companies started using computers to generate job evaluation answers, but the technology only speeded up the process and facilitated record keeping. The conceptual framework and decision logic were unchanged. Now we are moving away from this thinking.
They knew as much or more about building truck tires as anyone in management and could probably have resolved most production problems, but no one ever asked them. There was a classic us-versus-them culture that the foremen seemed to share. They said as little as necessary to the workers, and their interactions were often limited to points of contention. Everything focused on meeting the production standards and otherwise avoiding problems. The waste of that knowledge was in no one's best interest.
Steve Gross, the compensation practice director for William Mercer, looks in Chapter 10 at the more specific problem of team-based pay. Team pay involves the introduction of a new pay system, including changes in the management of base salaries as well as an incentive plan linked to team performance. Team pay violates the one-program-for-everyone thinking that has dominated compensation planning. For companies that are comfortable with this change in philosophy, it opens the door to the introduction of different and separate programs for different teams.
Aligning Pay and Results: Compensation Strategies That Work from the Boardroom to the Shop Floor by Howard Risher