To succeed in today’s fast-changing environment, companies need to inspire employees to do their best work and reward top performers for their contributions.
Many HR leaders believe the best way to do both of these things is by linking performance management with compensation incentives through the “pay-for-performance” model.
When approached thoughtfully, the pay-for-performance model comes with more benefits than risks. In fact, studies have found that competitive and fair compensation can improve retention, employee motivation, and overall business performance.
But what does pay-for-performance look like in practice — and which strategies can help position your company for success? In this ebook, we explore the benefits of the pay-for-performance model and unpack everything you need to consider when implementing this approach at your company.