How might performance-related pay (PRP) improve performance Are there Essay

How might performance-related pay (PRP) improve performance Are there other forms of financial incentive that could be better suited to the task - Essay Example Thus, need to identify measures that significantly impact the performance of the workforce has become intrinsic to the success of the firms. The paper would focus on the issues vis-Ã  -vis financial incentives that considerably impact the employees’ performance. Human resource is central to the organizational visions and goals and HR leadership initiatives become crucial factor for creating and organizing an effective workforce that is able to make valuable contribution to the increased output and improved performance outcome of the organizational. Hence, HR strategy needs to be redefined as globalization has ushered in a huge database of human capital whose potential needs to be exploited to realize one’s own vision and mission (Taylor, 2008). The challenges of multicultural fabric of society are myriad. Now, the workforce must be looked upon as resource that can be tapped to improve and improvise the performance of the organization in the fiercely competitive business setting. HR leaders need to be aware that the traditional process of labour deployment is undergoing a fast transformation, both in terms of quality and quantity. Scholars assert that information technology and new media of communication channels in the past decade and a half have ushered in radical new forms of processes (Freeman and Perez 1988, Best 1990). The rapidly changing models of work environment has made it imperative for the employees and the job aspirants alike, to keep themselves updated with the knowledge and use of all the latest gadgets and processes which are increasingly replacing the older model of office efficiencies. The innovative measures that link pay to the performance and other such incentive driven tools have increasingly being adopted by the organizational leadership. Bloisi (2007) emphasizes that performance management primarily defines the process through which the managers ensure that employees’ output is at par with that of