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People, Performance, and Pay identifies today's four most common organizational work cultures - functional, process, time-based, and network - and explains how to align innovative pay policies with each. With examples from LEGO, Hallmark, Holiday Inn, and other leading organizations, the authors explain how to assess an organization's current culture and determine what its future culture should be. They then demonstrate pay's role in such change initiatives, and how compensation must be integrated with other human resource processes, such as selection, training, and performance management. They also discuss the full range of pay strategies available today and how they can be best used to move the organization forward; for example, they recommend decreasing an organization's emphasis on base pay as it shifts from a functional culture to a process, time-based, or network culture. They also offer guidance on establishing team rewards, especially important in process and team-based cultures, and make a compelling case for putting more pay at risk through variable pay strategies. Here also is strategic advice on competency-based pay, performance-based rewards such as gain-sharing, executive pay, and benefits programs. As responsibility for compensation strategies and compensation decisions shifts away from the realm of the Human Resource Department, line managers and senior executives will find People, Performance, and Pay an invaluable reference for effectively using salary, incentives, and benefits to motivate and reward employees, improve quality, and increase productivity.
There is a strong movement today in management to encourage management practices based on research evidence. In the first volume of this handbook, I asked experts in 39 areas of management to identify a central principle that summarized and integrated the core findings from their specialty area and then to explain this principle and give real business examples of the principle in action. I asked them to write in non-technical terms, e.g., without a lot of statistics, and almost all did so. The previous handbook proved to be quite popular, so I was asked to edit a second edition. This new edition has been expanded to 33 topics, and there are some new authors for the previously included topics. The new edition also includes: updated case examples, updated references and practical exercises at the end of each chapter. It also includes a preface on evidence-based management. The principles for the first edition were intended to be relatively timeless, so it is no surprise that most of the principles are the same (though some chapter titles include more than one principle). This book could serve as a textbook in advanced undergraduate and in MBA courses. It could also be of use to practicing managers and not just those in Human Resource departments. Every practicing manager may not want to read the whole book, but I am willing to guarantee that every one will find at least one or more chapters that will be practically useful. In this time of economic crisis, the need for effective management practices is more acute than ever.
A multidisciplinary book on performance measurement that will appeal to students, researchers and managers.
The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.
This second edition offers a comprehensive coverage of employee performance and reward, presenting the material in a conceptually integrated way.
This report presents an overview of performance-related pay policies (PRP) for government employees in selected OECD member countries over the past two decades. Both the strengths and the weaknesses of PRP policies are assessed. The report explores ...
A timely look at how to evaluate and determine executive pay Recognized as the leading expert on executive compensation, Robin Ferracone combines her own 20 years of experience with interviews with executives and compensation committees to provide a clear examination of and guidance on determining pay packages, actions, and designs. and Over the past 25 years, the author has created a database of executive pay across 44,000 companies, broken down by company performance, company revenue and industry. Using this data, the author provides boards and individuals evaluating executive pay with the ability to analytically determine an appropriate compensation package. Provides real-life stories, perspectives, and insights from thought leaders on executive compensation Contains interview with compensation committee members, executives, academicians, government leaders, and shareholder activists Research based on 44,000 companies broken down by performance, revenue and industry Offers a timely resource on a hot button topic.
Looking for the ultimate book to help reengineer the way your company manages performance? Here is a major work that lays the groundwork for successful change at virtually every step in maximizing individual, team and organizational effectiveness. It is ideal for any manager responsible for performance improvement or human resource development. The authors, both experienced in competency-based human resource development and management, provide the reader with insight into performance management as a strategic tools and change lever-not a dreaded, bureaucratic hurdle. Readers are empowered to achieve their goals faster and more effectively by mobilizing people with whom they work. Senior human resources and line managers in organizations of all sizes will find answers to many of their most challenging people-related questions in Reengineering Performance Management. Numerous case studies from companies on the cutting edge of performance management illustrate the major themes of the text. Critically peer reviewed, this book offers the benefit of successful methods that have been tried and tested over the past 50 years, along with the most advanced and up-to-date knowledge in the field of performance management.
The third edition of Managing Employee Performance and Reward: Systems, Practices and Prospects has been thoroughly revised and updated by a new four-member author team. The text introduces a new conceptual framework based on systems thinking and a dual model of strategic alignment and psychological engagement. Coverage of chapter topics provides a balance between research evidence and practice and, in this new edition, is enhanced with a more applied and technical approach. The text also includes chapters dedicated to conceptual framing, base pay and individual recognition and reward; 'reality check' breakout boxes with practical examples and current problems on each of strategic alignment, employee engagement, organisation justice and workforce diversity; and a new chapter exploring new horizons in performance and reward practice and research with a focus on the mega-trends of technological transformation under 'Industry 4.0', new economic forms and relationships arising from the 'gig' economy, and generational change.