This report, focusing on HRM3007, examines the concept of performance-related pay (PRP) within the context of human resource management and training, using British Petroleum as a case study. It evaluates PRP's role in motivating employees, attracting talent, and aligning employee performance with business goals. The report analyzes the drivers, barriers, enablers, and blockages in the development of HR strategies. It discusses how PRP motivates employees through equity and efficiency, and also explores circumstances where PRP may not be effective, such as during economic downturns or when employees prioritize factors other than monetary incentives. The report also evaluates the 360-degree appraisal method and balance score card used by British Petroleum. It concludes by emphasizing the importance of strategic HRM in achieving business objectives and the role of HR policies and procedures in ensuring fairness and compliance. The report also references several academic and practitioner resources.
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