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Discuss the shortcomings of the existing rewards system

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Question: A top Malaysian legal firm is able to attract best lawyers from top universities but tend to lose their top performing lawyers after 3 years of joining, to international legal firms based in Singapore who pay superior compensation.

The Partners of the firm ( served more than 20 years) believe existing incentive motivation system that enabled them to rise to become partners should be retained because of the following reasons:

a. These young lawyers are paired with experienced partners when meeting clients.

b. All lawyers irrespective of performance gain same good competitive bonus compared to its competitors. Assumption all are good lawyers

c. After 5 years of joining, all lawyers are placed on a higher salary bracket ( attractive 20% jump in base pay) irrespective of performance

d. Top performing young lawyers who work 12-14 hours a day in office, 5 days a week have the advantage of becoming partners after 10 years.

According to Campion et al. (2017), incentive compensation system to motivate employees that are not effective can be due to it being based on traditions rather than evidence based recommendation.

Critically discuss the shortcomings of the existing rewards system in relation to performance management system and relevant theories and suggest alternative changes to enhance retention ?. ( please explain as long as possible)

Reference no: EM132751757

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