HRM 3490 Lecture Notes - Lecture 5: Merit Pay, Specific Performance

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Unit 5: overview of performance pay choices: piece rate: a pay system where individuals receive a specified amount of money for each unit of output they produce. *disadvantages: can only be applied under certain circumstances and sometimes difficult to calculate piece rate. Straight piece rate: same specified amount of money is paid for each piece produced regardless of how many. Differential piece rate: lower amount of money per piece is paid if employee production does not meet standards. Higher amount paid once they meet standard: commissions: pay that is set to the dollar volume of sales or transactions conducted. Straight commission: pay only from the volume of sales, with no base component. Maintenance selling: selling established products to existing customers. Conversion selling: selling established products to new customers. Leverage selling: selling new products to existing customers. New market selling: new products to new customers. *advantages: relatively easy to set and measure, increases sales.

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