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Pay-for-performance in the entertainment industry, Pablo Ruiz de Chávez…
Pay-for-performance in the entertainment industry
¿What is a Pay-for-performance method?
It's a compensation model in which employees are rewarded based on their individual performance and the achievement of specific goals.
¿How does a Pay-for-performance method work?
This works by connecting pay increases and bonuses to the
individual's performance objectives or metrics. To effectively implement this tactic, employers integrate performance management, evaluations, and assessments.
¿Which are the main pros and cons of the Pay-for performance method?
Pros
Más compromiso y motivación por parte de los empleados
Encourages employees to take ownership of
their performance.
Improves productivity
Provides a system for measuring
performance
Flexible payment models
Helps to retain top talent
Cons
May create a focus on quantity over quality
Could create a competitive environment among team members
Can lead to employees feeling undervalued or unfairly compensated
Can create a culture of anxiety
May not account for external factors that impact an
employee’s performance
¿How can you implement the Pay-for-performance method in the entertainment industry?
A movie production company could implement a pay-for-performance system for its actors. The actors could be paid a base salary, plus a bonus based on the box office performance of the film.
¿What are the names of some companies in the entertainment industry that apply the Pay-for-performance method?
Ubisoft
Netflix
Warner Bros
NFL Teams
Sony Music
Disney
Pablo Ruiz de Chávez Muriel 00354765
16/10/2023