Describe how each type of payforperformance plan discussed i

Describe how each type of pay-for-performance plan discussed in your textbook can help an organization attract and retain employees.

Solution

pay is one of the motivational factor where majority of the employees are looks for it. and pay will be interms of monetary or nonmonetary terms. some organisations offer their employees stock options, where the shares can be sell in open market after a specific lock in period. this will help the employees to retain in the same organisation for a long period.

to attract the new employees, inintal salaries should be high, and some perks should provides them, they may be like providing quarters, providing free education to their child, medical care expenses and so on.

but what ever the strategy follows by any organisation is to hire a correct person and assign him a right task and retain them for a long period.