Rewarding Excellence: Pay Strategies for the New Economy / Edition 1 available in Hardcover
Rewarding Excellence: Pay Strategies for the New Economy / Edition 1
- ISBN-10:
- 0787950742
- ISBN-13:
- 9780787950743
- Pub. Date:
- 12/27/1999
- Publisher:
- Wiley
Rewarding Excellence: Pay Strategies for the New Economy / Edition 1
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Overview
Product Details
ISBN-13: | 9780787950743 |
---|---|
Publisher: | Wiley |
Publication date: | 12/27/1999 |
Series: | Jossey-Bass Business and Management Series |
Pages: | 352 |
Product dimensions: | 6.08(w) x 9.09(h) x 0.31(d) |
About the Author
Read an Excerpt
Introduction
I believe that a major revolution is occurring in the way organizations are managed. The revolution is being driven by new technologies and by the major social and political changes that have led to the globalization of business and to the increasing numbers of democratic, capitalist countries. Billions of people have recently entered, or are about to enter, the capitalist world. A smaller but very significant number have entered the world of electronic connectedness as a result of the growing popularity of the Internet, satellite TV, cellular phones, and videoconferencing.
Performance Demands
The shift toward capitalism and global capital markets, and along with it the lowering of trade barriers, is perhaps the most important new source of pressure on organizations to raise their performance levels. These changes have created many opportunities for growth but have also created many new competitors and more demanding investors. The growing power of institutional shareholders has enabled them to put more pressure on management to produce exceptional returns to shareholders. Retirement funds and mutual funds now hold large ownership shares in many corporations and have become active critics of their performance. This has led to the resignation of some CEOs and the restructuring of many corporate boards.
Knowledge Growth
It is an understatement to say that the last half of the twentieth century was marked by a knowledge explosion. The technological advances of that era were truly incredible. New knowledge led to the creation of new industries and to our ability to send people to the moon, as well as to communicate with each other on earth in new and much cheaper and more effective ways. The future promises the continued development of technology and scientific knowledge. Corporations' spending on research and development continues to grow, as does the number of scientific discoveries.
New Deal
The performance demands that organizations face, combined with the rapid growth in technology and changes in the nature of work, have led to an important change in the relationship between employers and employees. One part of this change is the much-discussed shift from a relatively permanent employment relationship to one that is much more transitory.4 Another part-the most significant part-is the transfer of power from employers to employees. Yes, corporations are engaging in and will continue to engage in large and frequent layoffs. Yes, workers have less job security. Yes, individuals have to worry much more about their careers and skills. But the fact is that an increasing number of employees have the upper hand when it comes to their relationships with corporations. Of course not every employee has the upper hand. Who has it and who doesn't depends on who has the skills and knowledge organizations need and on how scarce and important those skills and that knowledge are. Human Capital and Organizational Performance In baseball and other professional sports the highest-paying teams by and large win the most games. In 1997 the Florida Marlins had one of the highest payrolls, and they won the World Series. In 1998 they decided they could not afford to be a high-paying team and traded a number of their higher-paid players; as a result, they dramatically reduced both their payroll and their performance. The New York Yankees, however, increased their payroll to the second highest in baseball and replaced the Marlins as the World Series winners. In 1998 the highest-paying team in baseball-the Baltimore Orioles-had a losing season, demonstrating that it is not just how much you spend that matters. How you spend also matters. rately reflected in the compensation amounts received by human capital investors; otherwise, they will not remain members of the organization. The bonds of loyalty have been broken as a result of layoffs, downsizing, and the loss of job security. New bonds that are based on rewards need to be created. of corporations and the business environment, executives are an increasingly important key to the success of major corporations. Simply stated, being a successful executive requires more talent and motivation than it used to. Today it is not good enough to simply be a good manager. A successful executive has to be an exceptional leader and manager, as well as something of a visionary.
Rewards and Excellence
The old reward practices and systems that worked well in nationally focused, bureaucratic, capital-intensive, hierarchical, steady-state, near-monopoly corporations such as the old General Motors and AT&T simply don't fit the realities of today's business environment. Dramatic change is needed, and it is not difficult to identify what the key theme of today's reward systems should be: a focus on rewarding excellence. Many factors argue for excellence being the number-one focus of any organization's reward system, including the ability to attract and retain the best people and to motivate the kind of performance that an organization needs in order to succeed in the new economy.
Preface
Why the increasing emphasis on multimedia? What is the need for technology-based solutions for training delivery and solving business issues?
WHO SHOULD BUY THIS BOOK?
Multimedia-Based Instructional Design is intended for course developers (instructional designers, authors, project managers) who are beginning their first multimedia project, as well as experienced designers of large projects in which a consistent methodology can be followed by all team members. It is well suited for use by project teams where there is a mixture of experienced and new developers. It imparts a consistent message to those project teams that find members matrixed in and out of projects and that use a combination of internal and outsourced resources.
WHY BUY THIS BOOK?
There are numerous books on the market today on how to design and develop computer-based training, others for web-based training, and still others for distance broadcast training. So why buy this book rather than one of the others?
FOCUS OF THE BOOK
Our philosophy is to focus on the human-performance arena. This focus presents challenges to multimedia development groups whose philosophy reflects a more traditional approach. We agree with Tom Gilbert (1996) that the purpose of all instruction is to affect human performance through learning or performance support. If multimedia development groups move into the human-performance area, they open new horizons of opportunities to work within an organization and become more valuable. We recommend Judith Hale's The Performance Consultant's Fieldbook: Tools and Techniques for Improving Organizations and People (1998) to help your group make the necessary shift.
STRUCTURE OF THE BOOK
The book is organized in four parts:
HARDWARE AND SOFTWARE REQUIREMENTS
The tools found on the CD-ROM require you to have access to a PC running Microsoft Word.