08 Jun REMUNERATION AND PERFORMANCE MANAGEMENT SYSTEM
The correct remuneration and performance management system is an ongoing discussion as it plays an integral part in organisations. Pfeffer (2005) argues that wage compression and symbolic egalitarianism is the best practice to gain competitive advantage, however other theorists advocate a ‘best fit’ model depending on the organisational strategic plan. This essay explores these arguments by demonstrating how culture, the job, and organisational context are inter-related and affect a firm’s reward system. Ultimately showing it is the way these multiple factors align that influence the reward system and promote organisational efficiency, rather than the egalitarian stance of Pfeffer (2005).
An organisations internal pay structure can affect the way employees perform to the business strategy. A workers performance not only depends on the pay level they receive (Solow, 1979, in Alexopoulos & Cohen, 2003), but also takes into consideration their pay compared to workers above and below them, those within the same group, and the external labour market (Akerlof and Yellen, 1990). Pfeffer …
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