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Here are some of the benefits of performance-related pay for employees: 1. Rewards: For the work they have done and targets that have been met employees are offered a reward. 2. Satisfaction: Employees can feel that their hard work is being appreciated by their bosses and this can lead them to feel satisfied. 3. Advantages of performance-related pay There are a number of advantages to using PRP. Here are a few of them: Sets a framework of goal-setting that improves individual performance. Improves employee focus. Rewards the best workers. Highlights poor performance effectively. Can create a healthy performance-based culture. Pros of Performance-Based Compensation. Performance based compensation as discussed in a paper by Banker, et.al., (pp. 22-23) has a great potential of attracting and retaining the more productive employees, "supporting the hypothesis that a pay-for-performance plan acts as an effective screening device by sorting employees by ability". Performance related pay is a system where employers pay employees depending on the quality of their work. In it simplest form, performance related pay is payment by 'piece meal'. For example, a worker gets paid £1.00 per Kg of potatoes that they pick. This piece meal payment is an effective way to give workers an incentive to work harder One of the main rationales for employers to use individualized performance-related pay (PRP) is to increase employee motivation. The assumption that linking employees' rewards to their performance leads to "an endeavour to increase individual performance" is also common in economics and behavioral approaches (Papenfuß & Keppeler, 2020, p. 1123; cf. Weibel et al., 2009). Last updated 22 Mar 2021. Share : Performance-related pay is a financial reward to employees whose work is considered to have reached a required standard, and/or above average. Performance related pay is generally used where employee performance cannot be appropriately measured in terms of output produced or sales achieved. Advantages and disadvantages of performance related pay a. Advantages - Working as a motivator (e.g. sales personnel) - Improve workforce productivity - Attract and keep employees, especially high-quality workers (E.g. executives) - Increase competitive advantage for organisations b. Disadvantages - Difficult to evaluate an effective way of dealing with poorer performing employees. rewarding high performance assists in ensuring the company retains the most industrious staff. Disadvantages of Performance Related Pay. it reduces pay equity and could make a company liable to costly equal pay prosecutions if not operated fairly. View CHAPTER 10_ PAY-FOR-PERFORMANCE PLANS.p6.pdf from HRM 831 at Seneca College. 10.11 Types of Variable-Pay Plans: Advantages and Disadvantages Comparing Group and Individual Incentive Plans The introduction of Performance Related Pay can have a number of objectives: To motivate employees as they will see that their rewards are directly related to th