Explain What Is Meant by a "Merit Pay Plan" and Discuss

question 51

Essay

Explain what is meant by a "merit pay plan" and discuss its possible advantages

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Definitions:

Attraction-Selection-Attrition Theory

is a theory that explains how organizations become more homogeneous over time by attracting, selecting, and retaining individuals with similar characteristics.

Corporate Culture

The shared values, beliefs, norms, and practices that characterize an organization and guide its employees' behavior.

Dominant Values

These are the core principles and beliefs that are most widely shared and emphasized within an organization.

Corporate Cults

Intense organizational cultures that demand a high degree of loyalty and commitment from employees, often leading to an environment where dissent is discouraged.