Performance Related Pay
1. Basic of performance-related pay (PRP)
The popular reward system, performance-related pay (PRP) is defined as ¡¥a method of payment where an individual employee receives increases in pay based wholly or partly on the regular and systematic assessment of job performance¡¦ (Lewis, 1998). It is based on the expectancy theory that employees will increase their effort and/or direct it in specific directions to receive higher payment. (Taylor, 2000)
It usually takes one of the following two forms. The first form is merit-based. In this form, line managers evaluate the work performance of people who work beneath them. Part of employees¡¦ remuneration is then tied to the evaluation. The second form is goal-based. At the start of the appraisal period, managers meet with employees, and discuss a list of objectives to be met. At the end of the period, employees¡¦ work performance is assessed based on the achievement of those objectives, and their pay is directly linked with the......
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