Question

Explain the meaning and intent of a feedback pay system.

Answer 1

Feedback pay system is one of the new trends in the new way of business in which the pay of an employee is regulated based on the feedback received regarding that particular employee. It has been successful in certain organizations and there are various organizations who are actually preferring such a system. The feedback is generally collected from peers, colleagues, managers and if it is a business to client process then feedback from customers are also considered to be very important and in case of business to business depending upon the role the employee play client feedback is important. The intent is quite simple that is to regulate the pay of the employees based on the consolidated feedback received regarding the employee.