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Problems and Usage of PFP for informal Workers in China (Paperback)
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Problems and Usage of PFP for informal Workers in China (Paperback)
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Bachelor Thesis from the year 2011 in the subject Business
economics - Business Management, Corporate Governance, grade: B,
University of Cambridge, language: English, abstract: Pay for
performance, is a motivational aspect in human resource management
in that the hired workers receive increased benefits for their work
output if the team they belong to, department or group reaches
certain set targets by the organization they are affiliated with.
According to Conyon and Murphy, (2000) and Bebchuk and Fried,
(2006), pay depends on performance of an employee in relation to
the threshold set as measurement. Pay for performance has different
categories and they include the following: Competence based payment
rewards and training links directly with competency platforms,
measured upon on the employee demonstrating specified
qualifications like: identifying, analyzing and solving problems,
taking responsibility and making critical decisions concerning job
description, leadership qualities traits that are relevant to the
job, customer satisfaction i.e. good interpersonal skills, dealing
with conflicting views and means of resolving them or having
certain qualifications. Profits resulting to payments of bonuses or
being given shares according to organization performance in their
set financial years; this is common and well embraced in the
private sector, in which share options as a means of reward are
offered to senior managers or top performers based upon
organization criteria. Profit related pay has lost its value and
appreciation from the time government stepped in and did away with
tax exemption on Performance for Pay schemes. The main criteria
followed in PFP are: setting goals, results analysis and connecting
the streams of accomplishments to rewards which is in form of
payments. The objective and main purpose of pay for performance is
to benchmark clear goals and materialize employees with the firm's
reasons for existence; to inspire workers through exten
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