XYZ Ltd Has Just Introduced a Performance-Based Reward System for All

question 170

Essay

XYZ Ltd has just introduced a performance-based reward system for all production employees.The plan pays employees a team-based bonus based on the reduction of labor costs per unit in the production department.Describe three strategies to ensure that this (and other)performance-based reward systems is effective.Your answer should also briefly state the type of reward system used by XYZ Ltd.

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Definitions:

Conflict Costs

The expenses, both tangible and intangible, that arise from disputes and disagreements.

Process Consultation Objective

The goal of helping an organization improve its internal processes and effectiveness through expert advice without taking direct control.

Mediation Strategies

Techniques and methods used by a mediator to facilitate negotiation and encourage agreement between disputing parties.

Disputing Parties' Aspirations

The hopes, desires, or goals that individuals or groups in conflict seek to achieve through negotiation or mediation.