Pay for Performance

January 20, 2020
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Pay for Performance

About the Video

In breaking down base pay versus incentives, we will need to look at whether our organization is going to have a performance philosophy or a longevity philosophy.

What do we mean by performance and longevity? Some companies pay people more for longevity or seniority, meaning accumulating years of service with the firm. If we work for this type of organization, we will likely get promotions and raises over time (assuming that we meet minimal organizational standards) regardless of performance because we have been a loyal member of the organization.

Other companies, however, pay more for performance. This might mean pay for completing certain tasks or doing certain things faster or better than average, not just for being there and being loyal to the firm.

Why would anyone pay peop...

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