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ween their pay progression and the skills they have acquired and can use effectively. It focuses on what skills the business wants to pay for and what employee must do to demonstrate them. It is therefore a people based rather than a job based approach to pay. Rewards are related to the employee’s ability to apply a wider range or a higher level of skills to different jobs or tasks.

Service based pay

Service-related pay provides fixed increments that are usually paid annually to people on the basis of continued service either in a job or a grade in a pay spine structure. Increments may be withheld for unacceptable performance and some structure have a merit bar that limits increments unless a defined level of merit has been achieved. This is the traditional form of contingent pay and is still common in many organisation.

Bonuses and cash incentives

The payment of bonuses or cash incentives may be linked either to the quality or quantity of work, on an individual or collective basis, or to some measure of company performance such as profit levels.

Individual-based

Payment of the bonus or incentive is determined by some measure of individual performance. An advantage of such schemes is that individuals should be able to directly influence their own bonus payments by attaining the desired performance levels, hence there should be a considerable incentivisation effect. Sales commission could be included within this category. Individual bonuses might also be used in the situation where employees at the top of their pay scale would receive a non-consolidated bonus payment rather than a consolidated pay rise.

Profit sharing

These schemes often use company profit levels as a measure to help determine bonuses, with other measures including company turnover, revenue, sales and cash flow. Under cash-based profit sharing, for example, the level of payout might be determined by means of a formula linking the levels of profit to individual payments across the workforce. Business results also tend to be a key indicator for executive schemes designed to incentive or reward high-level executives.

Team-based

Such schemes link the bonus with some measure of team performance, often with the aim of fostering effective team working.

Department or site-based

A variation on the collective bonus theme, payments could be pitched to reward, for instance, production workers who attain productivity improvements in one particular plant in a manufacturing firm.

Gainsharing

An approach based on the idea that employees should be able to share in financial gains achieved through improved performance.

Moreover, a wide range of perks and benefits offer to employees, from the traditional such as paid leave, occupational sick pay, occupational pensions and healthcare benefits etc. Some benefits, such as work-based pensions, are tax-efficient methods of remuneration. There are various reasons for why 本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。