Traditional merit programs are an ineffective means of driving and rewarding performance, have to be circumvented to pay what it takes to retain top performers, and are considered an “entitlement” by the vast majority of all employees.
Why then do the vast majority of all organizations still limp along with their dysfunctional merit programs? Because the alternatives are either too expensive or elaborate, or both.
Target Pay is a practical alternative that focuses on what an employee should be paid, not just how much of an increase he or she should receive. It uses gap analysis to determine whether salary adjustments are necessary. It also shifts reward for one-time performance to performance bonuses that are paid one-time, not embedded permanently in base pay.
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