Explain the various classifications of rewards.

You have been asked by the organization’s senior leadership to explore the practicality of implementing a pay for performance program for your organization. Before providing your summary and recommendations, you will want to consider the following points: How an organization measures the effectiveness of a pay-for-performance plans.
The advantages and disadvantages of a pay for performance plan from the employee’s perspective as well as the employer’s perspective.

Include any additional information that will support your position and recommendation; do not limit yourself to these points.
Your paper should be a minimum of five (5) full pages of double spaced content in 12-point font. This excludes your title page and reference pages. An abstract is not required.
Include a properly formatted APA cover page, an abstract, a properly formatted Introduction and Conclusion, and a minimum of 5 references to support your work, and 3 of those 5 need to be peer-reviewed
The course objectives addressed by this assignment are as follows:
Explain the various classifications of rewards.
Describe competency-based compensation programs.
Describe relative standards in the performance management system.
Discuss ethical issues in HRM

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