The Importance Of Pay For Performance Program Essay

1331 Words6 Pages
Introduction The report investigates the significance of pay for performance program. A review of existing literature on the subject matter will be done in view of providing an explanation on the subject. The focus will be on theoretical frameworks that explore the issue of labor force performance in relation to pay and incentives. The hypothesis guiding this investigation is that 1) better pay improves performance, 2) better pay reduces the rate of turnover, 3) that a good incentive and reward system improves worker’s motivation and loyalty to the company , and 4) pay could take any form or be substituted for leisure, less work hours or rewards. The findings will be used to analyze various companies in Singapore, while at the same time showcasing the value of the concepts discussed and possible problems that could arise. The final section will conclude with recommendations to improve labor supply through good pay. Section A A1. Fair Work Commission Background The Fair Work Commission (FWC), formerly known as Fair Work Australia, was established as an outcome of the Fair Work Act of 2009 in the same year (FWC 2016). The FWC was formed as a tribunal and assumed the responsibilities of other similar organizations, namely the Australian Industrial Relations Commission and the Australian Industrial Registry both of which were constituted in early twentieth century, as well as the Australian Fair Pay Commission which was established in 2005 (FWC 2016). A2.
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