Equal pay in the workplace a case study of bp
Background
British Petroleum plc is a British international oil and gas business headquartered in London, United Kingdom. It is one of the largest oil companies in the world producing around 3.7 million barrels per day. BP plc is currently operating in over 80 countries around the world.
Introduction
Equality is relevant in all workplaces, regardless of whether the business employs two people or a hundred people, irrespective of whether they work remotely, in-office, a warehouse on floor. It is about ensuring that everybody has the same access to the same opportunity without facing any discrimination. Diversity takes into account different groups of people and their diversity and placing a positive value on those differences. A diverse and inclusive workplace values people’s different backgrounds, knowledge, skills, and experiences,and uses these differences to create a productive and effective workplace.
Globalization and Diversity
Globalization, on the other hand, has forced international companies to address the issue of diversity and equality in the workplace to gain a competitive edge in the market.The workers have become diverse, companies are faced with challenges of managing the diverse workplace, both organization and human resource perspective. This research helps in understanding the part of equal pay in dealing with diversity and equality issues in the workplace. Globalization has increased the relations between individuals from diverse backgrounds. This has led to high mobility in the labor force worldwide globally. Globalization has prompted companies to have identified workplace diversification as an important aspect of the global market.
Capitalizing and exploiting office diversity is a significant topic in the management of the human resource. Companies need to change their labor force as the workplace is developing. Dealing with diversity and equality is an important subject in the organizational, therefore human resource leaders must adjust to put up with culturally diverse labor force. Diversity can be defined as identifying, accepting, and respecting dissimilarities amongst individuals concerning gender, race, disabilities, age, class, etc.
On the other hand, equality is linked with rights-based, tolerance as well as legal rules imposed by the government towards increasing the proportion of minorities and women in a high-ranking position in the business labor force.Businesses need to embrace diversity and build their organization policies which assist businesses to achieve more work productivity. Diversity in the workplace can be a priceless competitive advantage for a company competing on an international level or even companies trying to venture into new markets. Handling diversity and equality is an important part of the human resource unit in the office.
Effective leaders must know that specific skills are needed for producing a successful, diverse labor force hence pinpointing and addressing discrimination is very important. Then leaders must identify their cultural biases to accept the changing labor force. According to Annesley, C., & Gains, F. (2013). human resource leaders need to open towards handling diversity problems with their colleagues. These leaders should start with the senior managers since these managers influence many workers. This process can be accomplished by human resource leaders establishing model behaviors for employees to copy.
Performance-based Wage and Worker Performance
Performance-based wage can be defined as a means through which people’s performance is financially remunerated. Mensah and Dogbe (2011) theorized that performance-based pay is a structure, which is designed to compensate workers, based on their performance. In as much as workers acknowledge what expected of them, then the company objectives are achievable and the worker will be empowered.
Additionally, performance-based pay can be defined as the compensation offered to the worker within a payment package which is comparable with other industries. It is also founded upon value as empirically appraised in the company’s performance appraisal scheme, with a chance to obtain above market salary for staff providing excellent performance. Moreover, worker performance is mostly results attained and undertakings of the employee at the workplace. Even though performance assessment is an important part of performance management (Cardy, 2004), the performance of workers or business depends majorly on all business practices, policies, and structures of a business.
The basic motivation of any performance-based compensation scheme is to relate workers’ pays to their work. Connecting payments to performance revive staff to strengthen their efforts. A performance-based payment system enables staff to receive basic revenue and an opportunity to get the additional payment if their productivities exceed the regular standard (Globler, Warnich, Carell, Elbert, & Hatfield, 2006).
Performance and Compensation
The association between performance and compensation is one way or another, attached and inseparable. The impact of performance-based reimbursement policies on workforces and firm performance cannot be separated from the broader context of a company’s structures, employee system, and management strategies. Robbins (2005) claimed that the social sciences have offered many models to examine how payment raise, which is related to performance, can stimulate staff to put more effort to achieve business performance goals.
On the other hand, some research has presented less positive relations between performance-based wage schemes and worker performance, whereas some researchers have claimed that the application of a performance-based wage system finally produces a big problem in its realization. Perry et.al (2009) argued that poor application, as well as poor leadership policies, are common problems to the performance-based schemes. A performance-based pay scheme is reflected as less acceptable.
Challenges of implementing performance-based pay
This is because it is largely restricted to one-dimensional financial data. It had a reflective alignment, fragile strategic content and short-term vision (Bourne, Franco, & Wilkes, 2003; Kanji, 2005). Additionally, Park and Sturman (2012) suggested that the influence of a performance-based wage scheme on worker future effort could be defined by the association between pay and performance for every policy and the financial rewards from every plan. Bonus and merit pay are part of the performance-based wage system. Nyberg, Pieper, and Trevor (2013) stated that merit pay, additional benefit as well as collective effective overtime impact the worker future effort. On the other hand, the bonus is more favored than the merit remuneration. Another research stated that it is the workers’ view of the financial incentives that will define its value. If the staffs find the incentive scheme helpful, it has a higher chance of motivating them and therefore increases performance (Andersen & Pallesen, 2008).
The obstacle with the carrying out of merit pay is connected with the performance appraisal subject. This is revealed in three parts. The first is the setting of performance objectives, the second one is performance assessment and the third one is how to build an association between pay and performance (Kessler & Purcell, 1992). Mensah and Dogbe (2011) supported that the motivational impact of merit pay on workers’ efforts is delayed by biased performance evaluation.
Five obstacles affect the association between merit pay and performance: evaluation problem; feedback and acceptance of assessment result; system uproar, the inadequate appeal of merit payment; long delay between performance and repayment, and unreliable usage of monetary and non-financial payments (Campbell & Campbell, 1998). The current literature review on Performance pay-performance relationships established that there is still a need for empirical views.
Academics have been reviewing organizational benefit since the 1980s and it has attracted different descriptions, conceptualizations as well as empirical studies (Ashkanasy, Wilderom, &Peterson, 2000). Research agrees that organizational remunerations encourage worker commitment, direction, identify and then improve performance. Employee benefits are a part of the compensation system offered by the business along with other types of monetary compensation. The benefits that attract and hold talented as well as high performers. The benefits include holiday, retirement schemes, pensions, share ownership, allowances and paid leave.
Pension as a significant component of organizational reimbursements can encourage and maintain high-performance workers because pension plays a part in the competitive total payment system. Amongst the gains of welfare reimbursements are that it improves employee health at work. Welfare benefits include stock purchase, insurance schemes, sporting facility, and savings plans.
Chung (2006) added financial assistance, subsidized meals, company car, clothing allowance, mobile phone credit, petrol allowance, and personal needs. as part of the work benefits. The scope of welfare benefits is developing quickly and the result of the benefits has the opportunity to impact almost every part of an employee’s life. For benefits to have a positive impact on an employee, it needs the worker to understand the remunerations their company currently provides. On the part of workers, they must understand their workers, what they need for products and their inspiration to obtain the goods. This will empower them to recognize the scope, merits and possible impact of organizational benefits. Positively communicating the scope, advantages, and potential impact of benefits presents a good opportunity for companies.
References
Annesley, C., & Gains, F. (2013). Investigating the economic determinants of the UK gender equality policy agenda. The British Journal of Politics & International Relations, 15, 125–146
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