Asked by Abigail Ferguson on Jul 12, 2024
Verified
Cash rewards that are tied to some aspect of performance and paid in lump sums rather than as raises are known as merit pay.
Cash Rewards
Monetary incentives provided to employees, customers, or individuals as recognition for their achievements, loyalty, or participation.
Performance
Performance refers to the execution and accomplishment of given tasks measured against preset known standards of accuracy, completeness, cost, and speed.
Merit Pay
A pay increase given to employees based on their performance, as a reward for achieving specific goals or outstanding work.
- Distinguish between different types of performance-based pay.
Verified Answer
Learning Objectives
- Distinguish between different types of performance-based pay.
Related questions
Since Performance Can Be Measured at the Individual, Work Team ...
As an Employer,you Believe It Is Always a Good Idea ...
Todd's Grandmother Makes Quilts for a New York City Gallery ...
Marty and Biff Both Work for the Same Company Producing ...
Quentin Wants to Reward His Employees While Also Raising Equity ...