Dump the cash, load on the praise

Article Abstract:

Many employees do not view money as the best reward for their accomplishments. They point to other factors that can boost motivation, such as acknowledgment for a hard job well done, respect from peers, involvement and information about company issues and interesting and meaningful work. Evidence does show that monetary awards can have a demotivating effect, since they hamper teamwork as employees focus on individual cash gains and denigrate intellectual performance. Employers are encouraged to use other motivational techniques, such as personally thanking employees, setting aside time to listen to employees, providing specific performance feedback, involving employees in decision making and providing employees with a sense of ownership in the workplace.

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Pay for performance boosts productivity

Article Abstract:

Contingent compensation (CC) connects overall business performance with employee efforts, while maintaining fixed compensation costs. It is a solution to the business problem of needing to increase productivity when resources are limited and costs must be controlled. CC meets certain objectives, including: providing supplemental compensation to motivate good performance; introducing the idea of contingent pay to all levels of employees; and using goal setting in the program of performance appraisal. A performance sharing program is one application of contingent compensation in which artificial shares are funded through business performance and given to employees at the end of the year, based on individual performance ratings.

Human resource management, Industrial productivity, Financial contingencies

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Pay for impact

Article Abstract:

Organizations should compensate their employees on the basis of their contributions. Research suggests that workers are more motivated by a performance management system that emphasizes contributions to the organization. Ensuring that employees focus on the importance of each task through the use of impact analysis maximizes the relationship between the value of a task and its potential effect on the organization by increasing employee motivation. The advantages of this type of compensation plan include that employees make contributions without worrying about performance standards, and management is free to concentrate on achieving organizational goals.

Compensation management

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