Psychology Unveiling the Complexities of Merit-Based Compensation: Navigating the Merits and Challenges of Merit Pay
Words: 392 2376Merit pay, a compensation model that hinges on rewarding employees based on their individual performance, stands as a beacon in the sea of traditional remuneration systems. It’s a departure from the age-old method where pay raises were tethered to tenure or hierarchical positions, offering a promising path towards acknowledging and incentivizing exceptional performance. At its core, merit pay is a nod to the notion of fairness—a recognition that exemplary work deserves recognition and, in turn, a financial acknowledgment. It's the […]