Advantages and disadvantages of PRP

Emily Bramhall
Flashcards by Emily Bramhall, updated more than 1 year ago
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Degree Business and Management (Human Resource Management) Flashcards on Advantages and disadvantages of PRP, created by Emily Bramhall on 04/19/2016.

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Question Answer
What is PRP? PRP is being rewarded for good performance financially
What are the three types of PRP? Majority vs minority, bonus vs incremental, merit vs objectives
What does PRP allow companies to attract and retain? Good performers
What type of society does PRP compliment? An individualised society
What is the issue with managers having more control due to PRP? Managers with too much control may let their own personal bias affect their decisions making it an unfair system.
Give an example of when a performance measurement doesn't cause a fair decision to be made. HC happiness alerts
Explain how MIM could be used in a question on the advantages and disadvantages if PRP? MIM doesn't seem to take part in PRP because is is a small organisation. It is also new and so doesn't yet have the financial resources to have an effective system in place. We all have different contracts so it is difficult to compare the workforce.
Explain how Hotel Chocolat could be used in a question about PRP. At Christmas, we were the best store and so all receive leisure vouchers. We will also all receive a larger bonus if our sales exceed the budget for the financial year.
What is the least-worst argument? PRP is less harmful than other options that could be introduced.
What is the fringe initiative? The perceived disadvantages of PRP are compensated by other HR initiatives
What do feminists argue PRP contributes towards? The pay gap
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