Success or failure of a project is among other things dependent on the motivation and commitment shown by the project members involved. Therefore Management generally looks on to create a motivation environment where project members can work at their optimum efficiencies to achieve the targets or goals of the company. The goals of individual project members are/should brought in line with overall project goals.
There are several ways which are influencing a project outcome, many ways to stimulate project members to show outstanding commitment and ensure a promising project performance. Evaluation of performance should be effective. That is the major reason why monetary incentives aiming straight at project performance are still few and far between in companies.
Some of the methods that will influence a project by increasing the effort on project members are known to be financial nature.
Inhalt
Executive Summary
1 Introduction
2 What is salary / monetary incentive?
3 Performance Management System
3.1 Measuring and paying for performance:
3.2 Key tool and non-vindictive:
3.3 Review of performance elements:
a) Critical elements:
b) Non-critical elements:
4 Influence of incentive: Best pay for best project members..
5 Conclusion
6 Bibliography
Executive Summary
Success or failure of a project is among other things dependent on the motivation and commitment shown by the project members involved. Therefore Management generally looks on to create a motivation environment where project members can work at their optimum efficiencies to achieve the targets or goals of the company, The goals of individual project members are/should brought in line with overall project goals..
There are several ways which are influencing a project outcome, many ways to stimulate project members to show outstanding commitment and ensure a promising project performance. Evaluation of performance should be effective. That is the major reason why monetary incentives aiming straight at project performance are still few and far between in companies.
Some of the methods that will influence a project by increasing the effort on project members are known to be financial nature.
1 Introduction
Success or failure of a project is among other things dependent on the motivation and commitment shown by the project members involved. Planning procedures in projects are often highly dynamic and complex and they require men and women with the sense of purpose, zeal and team-orientation needed for project success.
There are several ways to stimulate project members to show outstanding commitment and thus to ensure a promising project performance. It is a strategic management task to establish an appropriate system of incentives that is able to promote efficient project work and that has a lasting effect.
This study will show how project performance can be measured in terms of project members’ efforts, how these efforts can become enhanced by means of monetary incentives, what specific problems are related to this, and how project performance can benefit from motivated project members.
2 What is salary / monetary incentive?
Salary has generally been defined as a fixed compensation paid on regular basis to a person in exchange of competent performance of specific task within the workplace. Employee benefits like health and life insurance, and other savings plan, social security etc. are also part of salary. This salary is paid by an employer to an employee weekly, biweekly or on monthly basis. This salary is subjected to statutory deductions like federal, state and local government taxes where applicable through payroll withholding. The salary structure differs from company to company, status to status, federal to state, local governments etc.
Monetary incentive is other than salary payment and is paid ‘on performance basis’ for specific performance on delivery of results.
3 Performance management system
Experiences and studies show that salary and incentives together are not only constituents but are key players in determination of cost of product or service of a company too. The performance management can check bad influence or role of compensation (salary and incentive) on a company. Besides, a strategic performance management can access a compensation system too for implementation which would allow a company to reward the performance and recognize skills with the current market value. Performance management system ensures the project member to perform the work to the best of his / her ability, meeting standards and targets set forth. An adoptable performance management can include following systems[1][2][3].
[...]
[1] See: Handbook for Measuring Employee Performance 2002
[2] See: Hilgers 2008, pp. 30-96
[3] See: Kimmons 1990, pp. 289-290
- Citar trabajo
- Dr. Kadir Yilmaz (Autor), 2009, Influence of salary and monetary incentives on project performance, Múnich, GRIN Verlag, https://www.grin.com/document/127432
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