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Discussion board question!
Choose a pay for performance method from the following categories: Individual, Group, or Organizational performance and use the Internet to locate the website of a company which has recently introduced a new pay system. Then assess from the information, the drivers that were making the change necessary for the company, the steps and rationale of the system, implementation steps they utilized, and their results. Be sure to provide any URLsyou used as a reference source for your answer.
Classmates I
Performance-based
More and more companies are starting to realize that pay-for-performance salaries are far more motivating for employees than traditional salaries. In this method, employees are rewarded for their excellent performance by receiving incentives. At times, it can be challenging to motivate employees to do their jobs well and have them enjoy them simultaneously. It is more common for employees to slack off at work than to perform well every day. Therefore, managers need to find creative ways of motivating and encouraging their employees to perform well every day. The pay-for-performance program can be implemented in many ways. Among the most common are commissions, bonuses, and salaries.
Hyundai is an example of a company that uses performance-based salaries. Hyundai's union, however, is against performance-based salary programs. For more than 40 years, Hyundai has paid its employees based on seniority as opposed to performance-based salaries. But recently, “in 2020, Hyundai Motor’s labor and management agreed to the freeze of basic salaries, 150- percent performance-based bonuses, and 1.2 million won in incentives to overcome the COVID-19 crisis” (Herh, 2021). Herh explains how “this is a cut from the previous year’s increase of 40,000 won in basic salaries and 150-percent performance-based bonuses plus three million won” (2021).
Union employees have been angered by the company's new performance method. At first, I was surprised because I would have thought employees, whether they belong to a union or not, would like it. However, after reading the article further, I started to understand why the workers were not happy with this idea. The employees did not like the new performance-based method since the company did not have clear guidelines and evaluated its employees fairly and using so-called connections, according to union spokesman Kim Hyung-gyun (Ji-won, 2014). Hyung-gyun also believes that the new salary-based program is primarily intended to cut wages (2014).
References
Herh, M., 2021. Hyundai Motor to Set Standard for Performance-based Bonuses. [online] BusinessKorea. Available at:
Ji-won, P., 2014. Hyundai Heavy to introduce performance-based pay system. [online] The Korean Times. Available at:
4 days ago
River Clonch
Variable Pay
In the last few years there has been a change in the way employees are paid. It used to be that an employees salary was based on their seniority within the company instead of their performance. The older method of basing pay on seniority has been replaced by the variable pay option. The variable pay plans take into count your performance when compensating you for your work. They can be split into three performance-based categories: Individual, Group, and Organizational. The individual incentives are given to the employee based on the overall performance of each person. The group or team incentives are rewards given to the entire team, they are typically in the form of bonuses. The last variable pay plan is organizational. The organizational plan is when incentives are based on the overall performance of the organization.
Recently one company that has introduced a new payment plan is General Electric (GE). GE’s CEO John Flannery announced that the company would make changes to the executive compensation plan. Instead of giving the executives regular bonuses, the incentives will now be based on performance. In November of 2017 GE announced that the company was going away from long-term cash bonuses, and instead they will be basing the compensation off equity. The drivers that persuaded GE to change to performance pay were the desire to “improve accountability and better align with investor priorities” (Equilar. (n.d.).). The announcement of the change in plans is put in place to “better align both short term and long-term goals to performance” (Clough, A. M.). Cutting back on costs and increasing profit is an example of a short term margin. General Electric making the change to performance based is “perceived as being more fair” (Langfelder, N. (n.d.).). Do you agree with the changes that GE has made to their payment plan?
In Romans Colossians 3:23 it says, “Work hard and cheerfully at all you do, just as though you were working for the Lord and not merely for your masters”. In a work place it is important that you perform to the best of your capabilities. In the case of a company like GE, that operates under a performance-based compensation plan, performing at your best could potentially mean a future bonus. The potential future bonuses can create more opportunities for Christians to give back to the Church and communities to reach loved ones and share the Gospel.
Clough, A. M. and R., & photographer, P. B. D. G. (n.d.). Ge details compensation program, cuts bonuses. The Daily Gazette. Retrieved October 26, 2021, from https://dailygazette.com/2018/03/13/ge-details-compensation-program-cuts-bonuses/.
Equilar. (n.d.). GE comp plan changes will likely align pay and performance. Equilar. Retrieved October 26, 2021, from https://www.equilar.com/blogs/327-ge-comp-plan-changes-to-align-p4p.html.
Langfelder, N. (n.d.). Did One of America's largest corporations just switch to a pay-for-performance model? Connex Partners. Retrieved October 26, 2021, from https://www.connexpartners.com/blog/did-one-of-americas-largest-corporations-just-switch-to-a-pay-for-performance-model.
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