Incentive Pay, Employee Performance and Employee Productivity

Introduction Today, competition among companies is intense, so companies need to find a competitive approach. This organization will prepare the best market strategy to improve the company's performance and keep employee enthusiasm at the highest level in order to achieve results in the competition. At the time, several compensation programs played an important role in the performance in the competition of each organization. Create and implement an incentive compensation system to support organizational issues and coordinate business and employee preferences.

Performance Compensation Compensation: Performance compensation fee is another incentive tool used by bank managers to increase the morale of employees and increase productivity. This is a remuneration system that promotes performance management systems and rewards high performance (United Bank for Africa Plc, n.d). Performance incentives improve employee productivity and morale. In order to earn performance fees, employees increased their efforts in other areas and improved their performance to achieve a minimum benchmark of 70% of the assessment score. Improvement of employee productivity also affects the overall performance of the bank. In 2008, the bank recorded the following growth.

Performance fee remuneration (PIP): Performance fee remuneration was introduced in 2008 as a tool for employees to motivate them to achieve the stated goals and objectives, enhances employee morale, not with sales representatives Improve productivity of person in charge. Compensation fee is a certain percentage of employee compensation (United Bank for Africa Plc, n.d). Employee performance is measured along with key performance indicators (KPIs) and continually monitored through a performance monitoring system called "INFOPOOL" (United Bank for Africa Plc, n.d). Information pool provides weekly employee performance feedback. For example, a business manager that is the branch manager receives an e-mail report that includes the payment basis, revenue generation, realized branch realized gains, and monthly goals for each branch's performance.