busi 342 db .docx - Choose a pay for performance method...

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Choose a pay for performance method from the following categories: Individual, Group, or Organizationalperformance and use the Internet to locate the website of a company which has recently introduced anew pay system. Then assess from the information, the drivers that were making the change necessaryfor the company, the steps and rationale of the system, implementation steps they utilized, and theirresults. Be sure to provide anyURLsyou used as a reference source for your answer.2 sources, biblical, textbook 300-500 wordsAccording to the textbook, “organization leaders believe that pay for performance more closelyaligns employee efforts to organizational objective” (Jackson & Mathis, 2019). There are threetypes of pay for performance methods: individual, group, and organizational. Individual pay forperformance benefits individual within organization for meeting a certain goal or contributing acertain amount to the organization. Pay for performance pay systems encourage employees to beas productive as possible. A company that has implemented a pay for performance system isHyundai Heavy. According to the article “Hyundai Heavy to introduce performance-based paysystem”, author Park Ji-won states that the company “will introduce a performance-based salarysystem for the first time in its history as part of steps to pull itself out of a protracted businessslump” (Ji-won,2014). The business slump that Hyundai was experiencing was the drivingforce that caused the company to implement a new pay system. The company experienced severelosses and needed to make a change. The steps taken to implement this new pay system involvedvoting by the members of the company. According to SAFETY4SEA, “the voting was held at theshipyard in Ulsan, where 56.3% of the 8,724 members who cast ballots voted in favor of the pactsigned by workers and the company” (safety4sea, 2018). The losses that were incurred by thecompany affected enough of its members to vote in favor of a new pay system. The new paysystems included “an additional 1.5 million won in cash to encourage workers to ride out thecurrent slowdown in the industry” and they will also “receive 230% of their monthly salary inperformance-based pay for the 2016 fiscal year” (safety4sea, 2018). The plan that Hyundai
implemented is an individual based pay for performance method. As a result of the new pay plan,the company “is targeting new orders of USD 13.2 billion worth within 2018, up 76% from lastyear’s USD 7.5 billion” (safety4sea, 2018). Biblically speaking, as Christians we are to work ashard as we can, no matter what the reward. Colossians 3:23-24 says “whatever you do, workheartily, as for the Lord and not for men, knowing that from the Lord you will receive theinheritance as your reward”.References:

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Term
Spring
Professor
EricRichardson

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