This is a key step to take before swapping to a pay$-$for$-$performance structure. Human Resource managers must design a merit matrix for short and long$-$term bonus pay. This step is called:

Question $31$ Answer

a$.$

Identify any gaps that exist in the current processes.

b$.$

Update compensation processes with new pay for$-$performance elements.

c$.$

Define the organization$$s pay philosophy.

d$.$

Review the financial impacts of creating pay$-$for$-$performance changes.

e$.$

Communicate and train managers and employees on the pay for$-$performance philosophy and process changes.