What are the benefits of implementing a contingent pay plan?
What will be an ideal response?
The benefits of implementing a contingency plan include the following:
• When a performance management system is directly related to the reward system, performance management and performance improvement are taken more seriously.
• CP plans force an organization to clearly define effective performance and to determine what factors are likely to lead to effective performance.
• Supervisors and employees have a clear understanding of what tasks and results are the most important.
• CP plans can serve as a good tool to recruit and retain top performers.
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