MHR 523 Lecture Notes - Lecture 8: Total Rewards, Job Performance, Job Analysis
15 Nov 2016
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Establishing strategic pay plans pay for performance and financial incentives (continued) Method is going to showcase certain attributes of employees and hide others. 360 degree appraisal (all of the above) Provide performance awards: merit pay, extra pay. Important aspects used to determine the appropriate reward/consequence: How the employee meets the defined standards. Manager and employee discuss opportunities for development. Based on current job requirements or future development. Business needs must be balanced with the employee"s preferences. Overly people focused delivery (too much positive feedback) Excessively constructive feedback (ceaselessly wants to improve but decrease performance because it is too constructive and negative) Best kind of feedback: no fear for you to give feedback. Ensure raters and raters know performance standards. Use subjective ratings as only one component. Total employment rewards: an integrated package of all rewards (monetary and non monetary, extrinsic and intrinsic) gained by employees arising from their employment. Afford to do the things you want to be doing.
