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Key Topics
Requirement
Learning objectives.
Understand determinants of effective reward systems
Identify critical variables related to selection of most appropriate reward systems
Describe evidence on the effectiveness of different types of reward systems
Know the relative advantages & disadvantages of various approaches to reward effective performance considerations
Who should be included in the PFP system?
In general, all groups should be included in a PFP system
How will performance be measured? Individual, group/unit, or organization level
Which are the rewards in the incentive system?
Solution
The Design of PFP System for Mega Manufacturing:
Answer 1:
In my opinion, I believe that the program of incentive is appropriate. At Kanto, the current program doesn't exist, and because of this, the employees are able to do the work of minimum amount inefficiently as there are no incentives for them in order to motivate them to do the minimum amount of work with the maximum one.
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Answer 2:
According to me, there should be several plans which will vary by relying on the target of each employee and their duties for the particular job. The plans should identify the expected output from the employees individually and then evaluate the incentives according to their performance as per the requirement of the job.
Answer 3:
Approximately 65 percent of the workers should be considered in the program of pay-for-performance. The recruiters and the managers of the human resource which will be having a plan for PFP will not be impacted by the income of the company as compared to others that have a relationship with the generated revenue as they will be affected (Jiang et al., 2012).
Answer 4:
The basis for the payments of incentive should identify the expected output from the employee and then evaluate the incentives according to their performance by setting a minimum standard.
Answer 5:
The various kind of incentives that should be included in the system is bonuses (quarterly), pay increase, rewards, off for an extra time and the various item of non-monetary (recognition).
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Answer 1:
The key variables which are to be measured are relied on the eloquent issues which were already mentioned and if the situation is neglected in a department, team or a performance of an individual. If there will be delays in the process of switching which will be related to the assurance to a department, then the PFP system of a group-bases should be used. The department of contracting and bids has large dissimilarity within the margins which further signifies that a PFP system of group-based would fix and deal with the situation (Merchant et al., 2015).
Answer 2:
The changes in the characteristics of the organization which would impact the recommendations can be the resource of the organization, a reduction in the resources of monetary aspects and the tenacity of the organization.
Answer 3:
Being an individual, the circumstances which would lead to conclude that a system of PFP would not be in the organization’s interest are system of the PFP which would influence employees to work unethically in order to achieve the reward of incentive, if the system of PFP would influence the employees to give wrong numbers which don’t inevitably contribute for the companies benefit that would further indicate that the system of PFP is not in the organization’s best interest.
REFERENCES
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Jiang, K., Lepak, D. P., Han, K., Hong, Y., Kim, A., & Winkler, A. L. (2012). Clarifying the construct of human resource systems: Relating human resource management to employee performance. Human Resource Management Review, 22(2), 73-85.
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Merchant, K. A., Stringer, C. P., & Shantapriyan, P. (2015). The Anatomy of a Complex Performance-Dependent Incentive System. Available at SSRN 2545149.
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