Performance impacts pay can be defined as the overarching goal of the compensation strategy. This is to ensure an organization has allocated the necessary compensation package to motivate the performance needed to achieve the business strategy, as such, compensation should also tie into the overall performance management strategy. Explain THREE (3) approaches to performance appraisal and propose acceptable industry standard of the percentage between KPIs and Competency Behaviours in the performance appraisal process.

(8 marks)