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Merit Pay

Description:

Merit pay refers to a compensation system where an employee's salary or wages are determined by their job performance, productivity, or contribution to the organization. It is often used as a means to encourage high performance, motivation, and reward individuals based on their merits.

Senses:

Sense 1:

Noun: A system of additional pay or rewards given to employees based on their performance.

Example: The company introduced a merit pay program to incentivize employees to achieve their goals.

Related Products:

Check out these books on performance management:

• Performance Management for Dummies
• Merit Pay: Linking Performance and Compensation