BUSINESS LAW

Business Law



Business Law

Answer 1:

From the case of David Copperfield it is observed that performance related pay as 'a system in which an individual's increase in salary is solely or mainly dependent on his appraisal or merit'. Whichever definition one favors, there are a number of consistent features including (i) it being a top up on another method of payment which will typically be time based, (ii) a bonus measured by the level of the performance (iii) performance assessed by predetermined objectives e.g. Good customer service, and (iv) an assessment normally conducted by a manager. Consequently, there are many contradictions that have to be resolved in order to specify one payment system as the most appropriate for the modern business environment - if this is indeed possible at all. Whatever method of payment system being used by an organization there is an inherent limitation in that any method of payment is only one factor of the much broader topic of worker motivation. Discussion of the merits of various pay systems would be deficient if the theories regarding worker motivation were not examined. A brief analysis of a number of these theories shall facilitate further clarification as to which method(s) are most appropriate in the modern business environment.

Evidently, to complete a thorough evaluation and to bring a relative degree of clarification to this topic other approaches had to be taken. Various personal experiences allowed us to place in context various pay systems and draw conclusions that did not necessarily subscribe to textbook evaluations. For instance, discussion of the Kazakhstan Oil and Gas industry highlighted that in certain circumstances time rates payment was an effective motivator for employees, however it should be noted that this conclusion could only be drawn from certain employee sectors within the company. In contrast, analysis of various Motivational Theories appear to indicate that pay systems that provide intrinsic rewards (such as payment by results and performance related pay), as opposed to extrinsic rewards, for the employees are much more immediate motivational tools.

Therefore, in relation to the value of various payment systems it seems appropriate to favor those that create strong intrinsic rewards for the employees because these will motivate them to a larger degree. The theory appears to support the view that in the modern business environment the use of basic pay in relation to time should be limited, as it only seems to provide only extrinsic satisfaction, and often dissatisfaction. Meanwhile, payment schemes that reward the intrinsic needs within an employee should be endorsed. Therefore, following this argument to its conclusion, Performance-Related Pay allows the employee to confidently assume that they are doing a good job. Therefore, these payment schemes help to foster, among many things, self-confidence and self-esteem and a very real indication that their performance, and themselves, are being recognized by their superiors.

Answer 2:

From the case of Bert, Henry, Albert and Fred it is observed that tort is a legal term for "a wrong." The "tort law" is composed of state statutes and ...