Pay For Performance Incentive Awards Program For Reliance Partners

788 WordsSep 2, 20144 Pages
Pay for Performance Incentive Awards Program for Reliance Partners LLC Due to existing economic expansion, many corporations are searching for new alternatives to get rid of the guaranteed benefits way of thinking, to using their limited budgets, for increasing performance. In modern-day business salaries increases are decreasing. In order to retain key employees, enterprises are turning to a more practical way of differentiating their employees and enhancing performance. To clearly create an associate between rewards and performance of the firm, they are using power tools like incentives and pay-for-performance programs. The results of switching to a performance philosophy help to draw, engage, and retain top talent. In this case, I will be using a hypothetical company, and assuming the role of Vice President of Human Resources that is required to design, support, and implement a Pay-for-Performance Incentive Rewards Program for both senior management and all the employees. Strategic Compensation In the current economic situation, companies are relying on strategic compensation as a new way to motivate, engage and retain their employees. Strategic compensation is a tool organizations use to improve motivation and increase performance, while linking its workforce with the company’s objectives. Compensation when used strategically, it becomes a power tool that gives firms a competitive advantage (Snell & Bohlander, 2013). When designing a compensation plan, the company
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