Explain the similarities and differences that exist among merit pay systems, incentive pay systems, and person-focused pay systems. Of the three of these pay systems, which one would you implement at your company? Explain your choice.
Your response should be at least 200 words in length. You must use at least your textbook to complete this assignment. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. All references and citations used must be in APA style.
Below is a brief description of merit pay systems, incentive pay systems, and person focused systems:
Merit pay systems: According to the Society for Human Resource Management, merit pay is based on the role an employee plays in an organization and how well they perform that role.
Person based pay: According to the Society for Human Resource Management, person based pay is based on what the employee brings to the organization in terms of ...
This solution provides a description of merit, incentive, and person-based pay systems.