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 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 URLs you used as a reference source for your answer. 2 sources, biblical, textbook 300-500 words According to the textbook, “organization leaders believe that pay for performance more closely aligns employee efforts to organizational objective” (Jackson & Mathis, 2019). There are three types of pay for performance methods: individual, group, and organizational. Individual pay for performance benefits individual within organization for meeting a certain goal or contributing a certain amount to the organization. Pay for performance pay systems encourage employees to be as productive as possible. A company that has implemented a pay for performance system is Hyundai Heavy. According to the article “Hyundai Heavy to introduce performance-based pay system”, author Park Ji-won states that the company “will introduce a performance-based salary system for the first time in its history as part of steps to pull itself out of a protracted business slump” (Ji-won, 2014). The business slump that Hyundai was experiencing was the driving force that caused the company to implement a new pay system. The company experienced severe losses and needed to make a change. The steps taken to implement this new pay system involved voting by the members of the company. According to SAFETY4SEA, “the voting was held at the shipyard in Ulsan, where 56.3% of the 8,724 members who cast ballots voted in favor of the pact signed by workers and the company” (safety4sea, 2018). The losses that were incurred by the company affected enough of its members to vote in favor of a new pay system. The new pay systems included “an additional 1.5 million won in cash to encourage workers to ride out the current slowdown in the industry” and they will also “receive 230% of their monthly salary in performance-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 last year’s USD 7.5 billion” (safety4sea, 2018). Biblically speaking, as Christians we are to work as hard as we can, no matter what the reward. Colossians 3:23-24 says “whatever you do, work heartily, as for the Lord and not for men, knowing that from the Lord you will receive the inheritance as your reward”. References:

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