Evaluating a hiring and variable pay

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Evaluating a hiring and variable pay

Variable pay is an incentive or bonus employers pay to employees whose performance meets or exceeds company expectations, provided the company meets its own goals for productivity and profitability.

That is, when both the company succeeds and the employee succeeds, the employer hands out a performance-based check, and the amount depends on how well the company performs during the year and how well the employee performs during an evaluation period.

For many companies, employee performance is measured at the end of 12 months. Recency Error Employee job performance factors into the benefits and drawbacks with variable pay plans.

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One drawback is the effect that recency error has on employee performance and variable pay. Many supervisors conduct annual performance appraisals that measure employee job performance.

Evaluating a hiring and variable pay

An employee's performance rating is then used to determine how much the employee receives according to the variable pay plan. Recency error refers to supervisors who base performance ratings on an employee's most recent job performance instead of job performance for the entire evaluation period.

Mediocre job performance for the majority of the evaluation period and excellent job performance closer to the performance appraisal can result in a higher -- and, sometimes undeserved -- payout in a variable pay system.

Motivation Variable pay plans can motivate employees, which is one of the pros of this type of incentive. Although some employees aren't motivated by compensation and benefits, a year-end bonus can prod many workers to a higher level of performance. In this case, a variable pay plan is akin to dangling a carrot in front of workers who otherwise would perform just satisfactory work rather than strive for excellent ratings come performance appraisal time.

High performance ratings are a boost for employees, but the challenge is to sustain employees' job performance levels beyond the season when companies disburse performance pay.

Competition Friendly competition is healthy in most work environments, but fierce competition can disrupt working relationships and cause tension among colleagues.

Evaluating a hiring and variable pay

Variable pay plans -- particularly when employees disclose their pay to co-workers -- foster unhealthy competition and make it difficult to re-engage employees in collaborative work groups.

To prevent this, employers must enforce strict confidentiality policies that prohibit discussions about compensation. Many employers favor teamwork as a means to accomplish organizational goals, yet it's difficult for a team-centered work force to co-exist with a individual-performance-based work environment.

And it's the individual performance that goes into determining the employee's variable pay amount. Labor Costs Variable pay isn't factored into an employee's annual compensation, although the amount may be based on the employee's salary.

For example, when the company reaches its performance goal, a variable pay plan may call for an employee to receive 5.

Motivation

Variable pay doesn't compound employee wages by 5. For employers who want to maintain salary levels, this is obviously a benefit of variable pay plans.

On the other hand, pay that doesn't compound the salary doesn't improve job value by increasing compensation.Application #2: Evaluating a Hiring and Variable Pay Plan Effective Management Solutions (EMS) is a small, rapidly growing management consulting company.

EMS has divided its practice into four areas: management systems, business process improvement, human resources, and quality improvement. Interested in joining the M&T team? Get started now by reviewing the M&T Bank Hiring Process to find out what you can expect when you apply.

Search Results for 'evaluating a hiring and variable pay plan' The Case Of The Unpopular Pay Plan “The Case of the Unpopular Pay Plan” discusses how the company Top Chemical decides that they need to change their current pay plan to more closely resemble their quality.

Evaluating a Hiring and Variable Pay Plan Include a brief summary of the situation. Effective Management Solutions (EMS) a small management consulting company divided into four areas: management systems, business process improvement, human resources, and quality improvement that are rapidly growing.

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32) The primary determinant of an individual's pay is the type of job he or she performs. True 33) Most U.S. jobs use a variable pay system in which employee compensation is based on status and seniority.

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