What are the advantages and disadvantages of performance related pay (PRP).

• What do we mean by reward?o o• What are the advantages and disadvantages of performance related pay (PRP)o o o• What are different International rewards ?oTypes of reward: Financial, non-financial, benefits Significance of rewardsUnderstand what is meant by PRP and the advantages and problems/ critique What does research evidence tell us about IPRP?Essential requirements for successful IPRPAnalyse going rate approach, the balance sheet approach and local plus approach – Focus on advantages, disadvantages and practical implications