Weyerhaeuser s Performance Management Process - 951 Words

Weyerhaeuser s Performance Management Process Weyerhaeuser uses a pay for performance system and utilizes a performance management process (PMP) to evaluate employee’s annual performance and that performance rating is used in calculating the individual’s merit pay increase. Over the years, Weyerhaeuser’s pay for performance compensation strategy has undergone several changes and improvements. The company utilizes merit increases where an individual’s yearly increase is based on how well they have performed against objectives. Performance management is directly tied to compensation in a pay for performance system and is based on how well an individual performs during the year against specific, measurable goals is tied to how much they will receive in a merit pay system. According to Milkovich, Newman and Gerhart (2014, p. 337), ‘a merit pay system links increases in base pay (called merit increases) to how highly employees are rated on a performance evaluation.† How well your merit pay system works and is seen by the employees as effective, fair, and a tool to increase motivation and retention is based on how well performance is actually measured and the ability to quantify performance. Though there are challenges with the merit pay system, Heathfield (n.d., par. 9) shares, â€Å"even with the limitations that exist in the awarding of merit pay, merit pay is your best opportunity to ensure that your outstanding performers remain with your company and continue to make theirShow MoreRelatedProject Charter2735 Words   |  11 PagesPulp Mill Pumping System Upgrade Project Charter Document History: Date Version # Author(s) Description of Changes 28 Sep 2004 00 K. Law Initial Draft Table of Contents 0. Purpose of This Document 3 0.1. Document Purpose 3 0.2. 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Baginski, Mark Bradshaw14514 Words   |  59 PagesProducts Industry. Exhibit 1.A below contains a depiction of the value chain. The links in the value chain are as follows: 1. Timber Tracts: Plant and maintain timber tracts (Weyerhaeuser) 2. Logging: Harvests timber (Weyerhaeuser) a. Sawmills: Cut timber into various grades of wood (Weyerhaeuser) b. Pulp and Paper Manufacturing: Grinds timber into pulp and converts the pulp into various grades of paper and cardboard (International Paper) a. Intermediate Users ofRead MoreStrategic Human Resource Management View.Pdf Uploaded Successfully133347 Words   |  534 PagesVIEW Strategic Human Resource Management Taken from: Strategic Human Resource Management, Second Edition by Charles R. Greer Copyright  © 2001, 1995 by Prentice-Hall, Inc. A Pearson Education Company Upper Saddle River, New Jersey 07458 Compilation Copyright  © 2003 by Pearson Custom Publishing All rights reserved. This copyright covers material written expressly for this volume by the editor/s as well as the compilation itself. It does not cover the individual selections herein that