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Assignment: Human resource management (Doc)

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Added on  2021-02-19

Assignment: Human resource management (Doc)

   Added on 2021-02-19

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Assignment: Human resource management (Doc)_1
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3Individual Performance Related Pay and its links to motivation................................................3CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
Assignment: Human resource management (Doc)_2
INTRODUCTIONHuman resource management is defined as strategic approach to effective management ofindividual in organisation who helps business to gain competitive advantage (Andersen,Heinesen and Pedersen, 2014). This is mainly designed for maximizing performance ofemployees through employer's strategic objectives. It includes performance which is related withpay and that is linked to motivation. The main aim of this report is to highlight about individualperformance which can be measured in terms of pay. This helps in creating motivation toemployees for better work performance. The organisation has to use different employeemotivation techniques to motivate their working force for better results. MAIN BODYIndividual Performance Related Pay and its links to motivationIndividual performance is the way of analysing how well workers perform their jobs andresponsibilities at workplace (Employee Performance Definition, 2019). The company has to settargets for their individual which should be performed by them within given time period. It helpsin providing good values to consumers, operating business effectively and minimizing waste foreffective outcomes. Here, performance for individuals and employees refer to quality, workeffectiveness and efficiency at task level. For example, if there are sales employees then theyhave to complete their quota of calls for potential leads per hour before closing of sales and ifthere are production employees then they have to perform work for hourly output and productquality. The performance of individual affect organisational and team performance. It is veryimportant for business to monitor individual & employee goals, quality of work, efficiency ofstaff and effectiveness of training. This assist in preventing expensive mistakes, reducing wastedtime, efforts and materials. There are several techniques which helps in evaluating individualperformance such as management by objectives, scale and ranking methods, 360 degreefeedback and self evaluation by them. Similarly, Performance related pay (PRP) or pay forperformance is defined as wages or salary paid system which is based on positioning team,individual as per their band regarding how well they perform at organisation (Performance-related pay, 2019). It is salary progression which is measured against pre agreed objectives. Thishelps in providing financial rewards which is linked to assessment of work performance likesales commission, financial profit sharing, piecework payment and bonus for reaching targets.
Assignment: Human resource management (Doc)_3

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