Merit is another name for pay for performance, which bases pay on one's performance.
Performance-based compensation attempts to give employees an incentive for maximizing the value they contribute to the firm while also acknowledging that people performing the same job can differ substantially in terms of that value. piecework schedule
Key learnings: Performance-based pay is compensation that is directly related to an employee's contributions to a firm or the financial success of the organization during the pay period.
Performance-related pay (PRP) is a method of controlling compensation that links income advancement to an evaluation of a person's performance, typically as assessed in comparison to pre-established goals. It is also referred to as merit pay or individual PRP.
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