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Article: Show them the money. (Human Resources).(performance related pay)
- Article from:
- California CPA
- Article date:
- October 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 California Society of Certified Public Accountants. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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It's a constant battle. How and when do you institute pay-for-performance and discuss merit raises with your employees? How can bonuses fit into a compensation structure that already bases raises on performance? How do you "Show them the money"?
YOU CAN HAVE BONUSES AND MERIT INCREASES
Many organizations find that goals-driven performance sounds a lot like their current bonus program that is based on setting and achieving goals.
There are several ways to manage this apparent conflict in systems:
* Create a two-tiered system in which the performance management goals are within the current job structure and the bonusable goals are ...