1 Pay for Performance Policy Student’s Name University Course Professor Date 2 Pay for Performance Policy Maryland Hospital Department Human Resources Policy Name and Number Approved by Bonus Payment Policy for General Staff, No. HR34618 Director Human Resources Effective Date 1 August 2021 Next Review Date 1 July 2022 Purpose The purpose of this policy is to ensure that General Staff bonuses are applied based on fair recommendations, approval, and payment. The Bonus Payment Policy ensures that the process of incentivizing General Staff reflects the overall Maryland Hospital’s strategy as well as structure for remuneration. Pay for performance, or simply P4P, policies are extensions of organizational remuneration policies thus, the process must reflect the company’s rules for employee payments (Trisolini, 2011). Organizational Scope The Bonus Payment Policy applies to all members of the General Staff at Maryland Hospital. Policy and Principles Principles 1. The hospital recognizes and acknowledges that incentivizing employees is necessary and important for recognizing and rewarding the performance and achievement of certain sets of tasks. Bonus/incentives are based on pre-specified achievements (Kovacs et al., 2020). 3 2. The Hospital believes that investing in the bonus payment soon after the achievement of the set of tasks for which the payment is purported is important to communicate recognition and appreciation of hard work and commitment. 3. However, ...
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