The present paper illustrates my interest and presents argumentation in the field of efficient remuneration practices. It explains the reasons that made me choose this topic and stresses its importance for the successful human resources management. It introduces the notion of human resources and their participation in the process of value creation by business organizations, producing goods and delivering services as well as the governing effect they have upon the rational utilization of the rest of organizational resources. The study identifies traditional systems of payment in the related field of research and factors conditioning the choice of payment systems.
I will further argue the role of financial motivation in gearing employees performance and the additional value that is created in the process. The discussion of key areas of the topic opens up with highlighting of the theoretical roots of the current pay-for-performance model. It introduces its major features and the impact upon human resource management. It also mentions some of my personal reactions and impressions in this respect. Next, it describes practical applications of the model the healthcare industry of the U.S. and the U.K. In the next section, I present surprising reactions and insights that I learned from your readings and research with regards to the negative effects of this payment system and its lack of cost-efficiency leverage to motivate a scaled implementation in the industry. Its practical implementation revealed that it did not produce any noticeable cost-efficiency improvements. In fact, in some cases it even increased costs because of additional administration funding, engagement of highly qualified personnel, and bonus payments. In conclusion, the paper discussed the significance of this topic for human resource practices and my assumptions related to its further practical development. I predict that the lack of financial interest for organizations in the pay-for-performance reform might prevent it from the scaled implementation in the future. In order to motivate businesses to invest into quality improvements, it is necessary to develop this remuneration model by finding potential for profitability.
About author
Linda works as an editor at https://essaysservice.com/article-critique-outline-writing-services.html. She has always enjoyed working with a variety of literature and being interested in new facts. In addition, she easily finds common ground with many people. She also received her master's degree from American University Washington
