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Strategic Human Resource Management: Individual Performance Related Pay

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Added on  2022-12-30

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This report explores the concept of individual performance related pay in strategic human resource management, focusing on its impact on employee motivation and performance. The case study of Bright Star Financials is used to illustrate the effectiveness of this compensation strategy. Various circumstances in which individual performance related pay motivates employees and situations where it may not work well are discussed.

Strategic Human Resource Management: Individual Performance Related Pay

   Added on 2022-12-30

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Strategic Human resource
Management
Assessment 1
Strategic Human Resource Management: Individual Performance Related Pay_1
Table of Contents
INTRODUCTION...........................................................................................................................1
ASSESSMENT 1.............................................................................................................................1
Individual performance related pay.............................................................................................1
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6
Strategic Human Resource Management: Individual Performance Related Pay_2
INTRODUCTION
Human resource management is about managing people in the organisation in order to
accomplish its objectives. It helps organisation for hiring efficient people for completing tasks
effectively and efficiently. Human resource management is the process for recruiting, training and
development, inducting, orientation, motivation, compensation etc. HRM helps organisation for
managing right people at the right time at the right place. HRM makes plans for organisations for
making strategies and retaining employees. Strategic human resource management is the future
oriented process for developing and implementing HR programs. It has various functions includes
planning, organising, analysing, controlling, managing human resource for the company. It helps
for linking human resource functions with organisations strategic objectives. Human resource
makes planning for managing people, motivating them, compensate them in order to accomplish
organisations objectives. The company which is selected for this report is Bright star financials. It is
the financial distributor who specialists in residential mortgages (Bright Star Financials, 2020). It
was founded in year 2011, headquarter situated in UK. Since its establishment, the entity have
originated around £ 3 Billion in specialist to lend across key disciplines of commercial finance,
residential mortgages, unsecured loans, second charge mortgages, development finance, later life
lending and many more.
This report covers topics such as performance based payments makes employees motivated,
helps in encouraging their performance. Apart from this it also covers topics such as strategies and
approaches for the newly internationalising organisation, challenges employees faces when working
abroad, HR practices for coping these challenges for being successful.
ASSESSMENT 1
Individual performance related pay
Individual performance related pay could be depicted to a way of pay or compensation
management that is linked with salary progression to assessment or evaluation of individual
performance which is generally measured against set objectives (Parkinson 2019) . In other words,
Performance related pay refers to a process of giving salary to employees on the basis of their
performance. For example, if any employee performance is better than another firm gives higher
salary to those employees. Performance based method is the compensation method which includes
paying employees according to their works. In this types of method employees are paying on the
Strategic Human Resource Management: Individual Performance Related Pay_3

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