Pay for Performance Method

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 this pay system.

Then in a 2-page essay (600 words) outline:

  • the drivers that were making the change necessary for the company;
  • the steps and rationale of the system;
  • the steps and rationale of the system;
  • their results.

Be sure to provide the URL of the company you choose. Additionally, the paper should contain 2 reliable sources supporting your answer. Please note that all outside information requires an

Answer

A Pay for Performance Method for Tesla

Wages and compensations are essential elements for boosting workers’ performance and increasing their motivation towards achieving the set goals. When the remuneration is high, more employees become satisfied, and they focus on achieving the company’s objectives and receiving extra rewards. Businesses are gradually geared towards workers and aiming to enhance their performance and transform their existing compensation structures into modern and distinct compensation systems. The pay for performance method is a labor system where workers’ compensation is based on productivity rather than hours spent on a task or a fixed wage. This essay discusses Tesla’s pay for performance method and its efficiency in boosting its performance and overall company growth.

Typical wage systems are linked with employment reviews, and the workplace is assessed and determined by its characteristics. The payment system considers conditions such as the job dilemma and labor force constraints in determining each staff member’s compensation rate. In particular, the amount of pay is dependent on the job rather than the worker. This strategy does not motivate workers to enhance their skills since the progress is not compensated. Therefore, this principle keeps all workers in their positions and minimizes inter-employment relocation possibilities (Rouziou 184). Tesla has introduced the payment scheme in its organization, and employees receive compensation after as successful tasks. The C.E.O., Mr. Musks, will only get paid if the corporation performs with substantial profits in the market cap for the long run (Sorkin n.p.). The employees are also entitled to special incentives and compensation if they execute assigned tasks successfully. Companies typically have choices between different benefit systems and have to make the most successful decisions. Incentive programs are usually split into two groups of organizations, depending on whether the research unit and the beneficiary…..

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