3 Steps to the Social Media Strategy of Your Dreams

If you've been following Nest, you know they're not your average home electronics company. Just check out the cool gadgets they make, and you'll know what I mean. Take this for example: Nest Learning Thermostat Or this: Nest Protect, a smoke & CO detector But not only is Nest changing the home automation game, they're also aces at marketing. Recently, we had the chance to speak with the social media director at Nest to get the inside scoop on what makes for a successful social media strategy. In this post, we'll share this advice and explain how you can use it to build a top-notch social media strategy for your brand. Related: How the power of social media can boost your marketing 1. Build a community The first thing we learned is that Nest prioritizes community building. They do this by putting out a steady stream of content that provides value for their customers. They're also quick to retweet their customers' content or respond to a comment by a customer who's experiencing a problem. Instead of thinking about what your business can gain from social media, think about what you can give. You could use social media to post helpful tips and friendly advice for your customers. This helps them get the most out of your product, and it builds the value of your brand. Here's an example of this kind of post from Nest: The more your approach to social media feels like a natural interaction between friends, the more success you're likely to have. You want to build a community where customers share things they love with you, and you share things you love with your customers. For example, Nest's customers often mention them in tweets talking about how much they love using Nest's products. Here's one such tweet: Happy customers give you free marketing and become your greatest assets. Likewise, Nest is quick to share things they're excited about, like this post that showcases a work of art a Nest user made to enhance their wall-mounted Nest thermostat: A marketer's dream: customers seeing your product as a work of art. This is the zone where you want to be with your social media efforts. But how can you get there? You need to start by becoming familiar with your customers. This leads us to the next lesson from Nest, which is... 2. Let your customers inform your strategy This is a simple principle, but that doesn't mean it comes easily. To be personal and relatable to its customers, Nest needs to know them really well, and they've clearly invested the time to do so. You can't help someone see how your product will contribute to the things they care most about without knowing what those things are. Your customers and community should be the main consideration in your social efforts. Nest has mastered the strategy of observing how their community is interacting and engaging with their social channels, then producing content that speaks to those interests. What does this look like in action? One of Nest's principal products is a smoke & carbon monoxide detector called Nest Protect. They recognize that their customers care about safety, and in response to that, they promoted a campaign to nominate local fire departments for a grant. If you're a local brand, consider looking for community causes you can get behind, then supporting them in a social campaign. It's a great thing to do for your community, and it can help you gain some social media traction as well. Just make sure you're sincere in whatever you do. Additionally, all of Nest's branding and content have a personal feel that gets to the core of what a good connection between the customer and company looks like. One of my favorite things that Nest does on social media is the Caught on Nest Cam video series, which consists of clips of funny or interesting moments captured by Nest Cams in the homes of actual customers. Here's a good one: With this social media effort and many others on Nest's pages, they are using a technique perhaps best exemplified by one of my all-time favorite marketers: Apple. Though Apple is a huge company, they've managed to maintain a personal feel in their branding, and they often focus on the human element of their products. Apple's marketing shows their products integrating seamlessly into everyday life and enhancing the things that people care most about. Nest does the same thing by showing their products in people's homes and providing the safety, peace of mind, and convenience that their customers crave. A recent ad by Nest did a great job of capturing the human element. It depicts a house as a speaking character talking about his experiences with the family. Your business can do this, too. Think about the basic ideas behind why you started your business. What value does it add? How does it make people's lives better? If you can answer these questions, then it's just a matter of telling people about it. If you own a sandwich shop and you think your food tastes the best and will make people happy, then post a photo of happy people eating at your shop, or your food bringing people together at a party. When you focus on your customers, your ideal strategy will become clear. 3. Be consistent Along with the previous thoughts, one crucial element to social media success is consistency. Not only do you need to have a consistent brand across all your channels, but you need to post consistently as well. For example, research suggests that 3 tweets a day will bring the highest levels of engagement. Nest has a strong presence on several of the major channels, and they do a great job of consistently posting and interacting. If you're wondering where to start, begin by putting out content consistently. If you do this, chances are you'll start to attract a following. Then, engage with those people and show interest. You'll begin to learn what's important to them. Consistency will help you build and maintain your community and your brand's personal connection to it. Ready to make a social splash? Grab a copy of our free eBook: How to adapt your brand to social media

Gay Marriage Should Be Legalized - 1280 Words

Most people believe that they deserve the rights they are granted by the government. An upstanding citizen who pays their taxes, serves their community and abides by the law should be afforded the rights of an American. However, not all citizens are afforded equal rights. Gay and lesbians are consistently denied rights that are typically taken for granted by the average American. Specifically, gay and lesbians couples are denied the right to marry even if they are upstanding citizens. They are held at an unfair disadvantage solely because of their sexual orientation. This discrimination must stop because gay and lesbian couples are law-abiding citizens too, who should be afforded the same rights as heterosexual couples. One common problem that plagues gay and lesbian couples that are denied the right to marry is their inability to claim their partner’s social security after he or she has died. The Human Rights Campaign, which work to achieve equal rights for lesbian, g ay, bi-sexual and transgender people, is supporting the effort to attain survivor benefits for domesticate partners. They believe, â€Å"Any alteration to the Social Security system must include partners of gays and lesbians in its definition of survivor†(Survivor Benefits 1). Currently, there are no programs that give homosexuals survivor benefits like the ones that are provided for heterosexuals who are married or divorced. Gay and lesbian partners are not able to claim benefits of their deceased,Show MoreRelatedGay Marriage Should Be Legalized938 Words   |  4 Pages Gay marriage is in fact a controversial topic that many people feel strongly about. I believe that gay marriage should be legalized without being penalized by people who disagree with it. I will, within reason, explain to you why gay marriage should be legalized and argue against Karlee’s essay about why gay marriage shouldn’t be legalized. The first thing Karlee talks about in her opposing essay is, â€Å"Children of same-sex couples, biological or not, need both a mother and a father inRead MoreShould Gay Marriage Be Legalized?1313 Words   |  6 PagesCredit – Should gay marriage be legalized? Marriage is considered to be the rite of passage from an religious point of view, it is considered as holy matrimony before the eyes of God. Attraction between individuals of the same sex has been a topic of debate. However, over the past few years gay individuals made a decision to our grievances of oppression despite receiving tremendous critics from the public. Initially, gay marriagesRead MoreShould Gay Marriage Be Legalized?935 Words   |  4 PagesThere is a lot of controversy about gay marriage and whether or not it should be legalized in certain states that haven t yet legalized it. My opinion on this topic is that it should not be legalized for various reasons. My reasons on this have nothing to do with religion because religion shouldn’t have anything to do with their opinion; religion is a biased opinion because of its authenticity. Another thing that shouldn’t be considered is their opinio n that doesn’t have a reasoning behind it likeRead MoreShould Gay Marriage Be Legalized?1705 Words   |  7 PagesPaper Option 1 Gay marriage has and still is a huge controversy in the United States. I will say though that the U.S. has come along way when it comes to same-sex marriage. As of November 20, 2014 gay marriage is now legal in thirty-five of the fifty U.S. states. Massachusetts was the first state to legalize same-sex marriage in May of two thousand and four. As of October ninth two-thousand and fourteen, only sixteen out of one hundred and ninety-four countries allow same sex marriage. By those oddsRead MoreGay Marriage Should Be Legalized1379 Words   |  6 PagesName: Tutor: Course: Date: Gay Marriages Marriage is considered as hypothetically speaking, a rite of passage whilst from the religious point of view, it is considered as holy matrimony before a supreme being. Attraction between individuals of the same sex has been a topic of debate since time immemorial. However, over the past few years gay individuals have opted to air grievances of oppression despite receiving tremendous critics from the public. Initially, gay marriages were unfathomable eventsRead MoreShould Gay Marriage Be Legalized? Essay1828 Words   |  8 PagesIntroduction What does it mean to be gay and why does society discriminate against those who are deemed to be gay? This paper establishes that being gay is primarily based on the supposition that one is either homosexual, transgender, lesbian, or bisexual. It also establishes that one of the primary reasons why gays are discriminated against within the society is religion; that some of the views held by different religious conclaves substantiate gay rejection by the society. On a more personal ratherRead More Should gay marriages be legalized? Essay1504 Words   |  7 Pages Should same sex marriages be legal? nbsp;nbsp;nbsp;nbsp;nbsp;Same-sex marriages have been very controversial since becoming an issue in Canada regarding the Canadian Charter of Rights and Freedoms. Several people state that same-sex marriages should be legal, while others disagree, saying it should not be permitted. There have been many debates and inquiries about this issue for several years; the MP’s and Parliament will finally settle the problem within the next year or so. Many are in favourRead More Gay Marriage Should be Legalized Essays1696 Words   |  7 Pages There are numerous opinions and standing views on gay marriage. The argument regarding gay marriage should be legalized or not is extremely controversial. According to an article from the Human Rights Campaign, there is nothing wrong with allowing homosexuals to have the same rights as those who are heterosexual. Every individual person should be granted equal rights, regardless of sexuality. Gay marriage should be legalized in all states and coun tries, it has been held off for too long. MoreoverRead MoreShould Gay Marriage Be Legalized?727 Words   |  3 Pages Everyone, regardless of gender orientation or sexual preference deserves equal rights, such as marriage, feeling comfortable with whom they are, and being treated like any other human being. Right now gay marriage is a hot topic in many states, however, what say should the government get in who you love and want to marry? Beyond a court room, research has been done on the idea of transgenderism and what causes people to be like that or if people are truly born in the wrong bodyRead MoreShould Gay Marriage Be Legalized? Essay464 Words   |  2 PagesMarriage is defined as the state of being a married couple voluntarily joined for life. In the definition it says couple, with out indication of gender. In our society gay marriage is a hot topic. Previously legalizing gay marriage was out of the question, but as times has changed and more liberal politicians have gained office to reflect th e views of today’s society. One of the reasons that LGBT people fight for the right to marry because married couples receive more protections and advantages in

Debate Topics - 6648 Words

Hypnotherapy is therapy that is undertaken with a subject in hypnosis.[citation needed] The word hypnosis (from the Greek hypnos, sleep) is an abbreviation of James Braid s (1841) term neuro-hypnotism, meaning sleep of the nervous system. A person who is hypnotized displays certain unusual characteristics and propensities, compared with a non-hypnotized subject, most notably hyper-suggestibility, which some authorities have considered a sine qua non of hypnosis. For example, Clark L. Hull, probably the first major empirical researcher in the field, wrote, If a subject after submitting to the hypnotic procedure shows no genuine increase in susceptibility to any suggestions whatever, there seems no point in calling him†¦show more content†¦Whilst Braid differed in offering an explanation of hypnotitc effects that did not rely on supernatual forces, he credited the methods used in hypnosis to the practice of Mesmerism. Braid said of the subject: Hypnotism might therefore not inaptly be designated, Rational Mesmerism, in contra-distinction to the Transcendental Mesmerism of the Mesmerists.[2] In their original committee report on hypnotherapy, the British Medical Association (BMA), likewise, made a point of condemning the occult theories of Mesmerism and sharply distinguishing them from hypnotism. The Committee, having completed such investigation of hypnotism as time permitted, have to report that they have satisfied themselves of the genuineness of the hypnotic state. No phenomena which have come under their observation, however, lend support to the theory of ‘animal magnetism’. (Report on Hypnotism, British Medical Journal, 1892). Whereas Mesmerism is a supernatural theory, hypnotism attempted to explain the same phenomena in terms of psychology and physiology. As Braid puts it, it is a scientific and psycho-physiological (mind-body) discipline. There is no doubt that some individuals have suffered the ill effects of being involved in stage hypnotic shows. Stage hypnotists use words like magic and control in an attempt to mystify the effects of hypnosis. In addition, using various tests of hypnoticShow MoreRelatedAbortion In The United States Is A Major Topic Of Debate1218 Words   |  5 PagesAbortion in the United States is a major topic of debate in United States politics. People today frequently hear the terms pro-choice and pro-life, which represent the liberal and conservative views on this issue, respectively. First made illegal in the late 1800s, the federal government did not rule that abortion was legal again until the Roe vs. Wade Supreme Court decision in 1973. Despite this ruling, citizens still fight for women’s ability to terminate their pregnancies as they face legislatureRead MoreGmo Labeling As The Choice Debate Topic Essay1285 Words   |  6 PagesTitle: GMOs and why you need to know Purpose: To convince peers to vote for GMO and GMO labeling as the choice debate topic. Thesis: With the impending push for more widely available genetically modified or engineered organisms (GMOs), and the recent re-regulation of the labeling of such products, GMOs are an important topic worthy of class debate. Introduction Attention material: Featherless chickens, web-spinning goats, and glow-in-the-dark kittens; these organisms all have a common factorRead MoreIllegal Immigration Is A Hot Topic Debate864 Words   |  4 PagesIllegal immigration is a hot topic debate in today society as many people have their viewpoints on it. Immigration could be the second most talked about maybe first topic behind terrorism. 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Similarly, the corn that the world consumes today was not the same corn grown byRead MoreAbortion: the Topic of Heated Debates in Many Places2031 Words   |  9 PagesAbortion is defined as the premature expulsion of a fetus so that it does not live. Abortions can happen as a result of natural occurrences, but the interest of this paper is abortion that is induced. Abortion has been the topic of heated debates in many places. Nicole Miller went through an abortion at the age of 18, now 20 and is attempting to talk about the experance that it put her through. The government has had long difficult battles over the aspects of abortion. Legal cases have set benchmarksRead MoreAffirmative Action: the Topic of Debate for Many Years3498 Words   |  14 P agesAffirmative action has been the topic of debate for many years. It has been controversial because it has been said to be a form of reverse discrimination. This paper will discuss the purpose behind affirmative action, as well as, its various strengths and weaknesses. Also, this paper will look at the following issues surrounding affirmative action such as the incompetency myth ( are companies hiring less qualified people?), the impact on employment (what has changed in the work place?), the impactRead MoreCommucational and Interpersonal Skills889 Words   |  4 Pagesdifferent speakers. †¢ Example:- o Personalized short talk is talk in which participants usually discuss one topic. o A short talk in which response is collected to some questionnaire and then findings are reported. o A short talk given to report some statistics on some topic collected from participants. ïÆ'Ëœ PRESENTATIONS:- Presentation is the practice of showing and explaining the content of a topic to an audience or learner. Presentations come in nearly as many forms as there are life situations. 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Labor Economics Skill Based Pay Systems

Question: Discuss about the Labor Economics Skill Based Pay Systems. Answer: Introduction The organizations operating at the large scale are concerned about managing the labor problems. This involves management of pay and performance of the employees. The pay and performance are correlated to each in the positive manner. This implies that when the employees get higher pay, it is generally assumed that their performance will also be higher. On the other hand, when the employees get pay less than the average market rates, it is normally observed that their performance also goes down (Hill Jones, 2009). Further, there are other adverse situations that may arise in the firm paying low wages such as high employee turnover, labor strikes, outrage etc. Further, from the organizational view point, when the firm pays higher wages, it incurs high cost which reduces its profits. However, the increased cost due to high wages may be compensated by increased productivity of the labor. Thus, it is crucial to maintain an adequate balance between the pay and performance to achieve the lo ng term goals of the organization (Hill Jones, 2009). This report is focused on carrying out the discussion in the pay and performance related theories and issues. The discussion in this report extends to efficiency wage theories which aim to assist in striking out proper balance between the pay and performance of the employees. Further, the report also provides practical application of the theories in resolving the pay and performance related issues. The theoretical knowledge is of no use unless it has been applied to make the things work in the practical environment. Therefore, the efficiency wages theories as discussed in this report have been practically applied to resolves the conflicts. Background of the organization Fair Work Commission Australia The Fair Work Commission Australia was established in the year 2009 with the primary aim of providing for administration of the matters related to workers pay. The commission has been set up under the special statue namely Fair Work Act 2009 (Australian government, 2016). The overall functioning of the commission is handled by the president of the commission with the assistance of administrative staff. The act contains all the provisions pertaining to the industrial relations between the workers and the employers. Further, Fair Work Commission also provides services of a tribunal in the matters related to the workplace relations. Apart from that the functions of the commission also include providing for the rules to set minimum wages, setting the fair process of bargaining, providing for conditions to be included in the employment agreement. Moreover, the commission is also involved in dealing with the disputes between the workers and the employers (FCW, 2017). Literature Review The theory of motivation states that positive attitude towards the work could be created among the employees by rewarding and praising them. Further, it states that the output of the workers largely depends upon the effectiveness of pay (Reilly, 2003). The pay and performance are directly related to each other. However, the impact of pay and performance on the firms profits is just opposite of each other. The pay to employees is the cost and thus, it reduces the profits and conversely, performance is output and thus, it increases profits. The crucial thing for a firm is to maintain adequate balance between the two to achieve the goals and objectives of the business. With the aim to explore the key concepts, ideas, and theories related to pay and performance, literature review has been carried as under: General Labour Supply and Backward Bending Labour Supply Curve The labour supply theory establishes the concept of labour hours that a worker would wish to work for a given level of wage rate (Dunlop Segrave, 2016). The concept is depicted graphically by plotting the wages rate on vertical axis and hours on the horizontal axis. There is a direct relationship between the wages rate and working hours. It has been observed that with the increase in the wages rates the number of hours also increases. However, this relationship can exist up to certain limit only because there are limitations on the working capacity of a worker. There comes a third factor, apart from the wages rate and working hours, namely labour leisure. Definitely a worker could earn more by working more hours, but then there has to be a cut in the leisure time (Dunlop Segrave, 2016). Thus, there must be a balance between working hours, leisure time, and wages rate to achieve the optimal performance output. The labour supply curve given below depicts these relationships: Figure 1: Backward Bending Labor Supply Curve (Smith, 2003) From the chart presented above, it could be observed that the labor supply curve is bending backwards. There are two crucial things in the formation of labor supply curve such as substitution effect and income effect. The substitution effect precedes the income effect (Smith, 2003). As per the principle of substitution effect, when the workers get increment in the wages, it allures them to work more. Therefore, with the increase in the wages, the workers are willing to increase the number of working hours. However, the substitution effect remains up to a certain limit and then it is replaced by the income effect. The arrival of income effect causes the labor supply curve to bend backwards. The income effect arrives when the wage rate has reached to the level where workers needs are satisfied. Since the wages rate has gone higher, now the worker can earn needed money in less time, therefore the number of working hours get decreased. The decrease in number of working hours with the inc rease in wages rate causes the labor supply curve to bend backwards (Smith, 2003). Efficiency Wage Theory: Shirking Model, Turnover Model, and Adverse Selection Model The wages efficiency theory provides crucial concepts that help in brining effectiveness in the performance through optimization of pay of the workers. This theory helps in exploring the ways to increase the output of the workers (Yellen, 2013). According to this theory, the firms can achieve improvement in the output of the workers by paying them at the rate higher than the average market rate. The term efficiency wages means paying the workers according to the individuals efficiency. This implies that there will be differentiation in the workers pay depending upon the efficiency. However, the modern efficiency wages theory states that paying the workers higher than the market clearing rate would benefit the firms not only in the form of increased productivity, but also in various forms. For example, it helps in avoiding the shirking of the workers resulting in reduction in the labor turnover. Further, as the labor turnover is low, thus, it also helps in reducing the labor recruitme nt and training costs (Yellen, 2013). The shirking model further extends the principles of efficiency wages theory by stating that paying worker more than the market equilibrium will help in avoiding employee from shirking (Cahuc, Carcillo, Zylberberg, 2014). The extra pay will induce them to work for the firm for longer time, which would be helpful in improving the productivity and reducing the costs. As per the shirking model, it is crucial for the firms to pay higher than market average to motivate the workers to make full effort. This model assumes that the firms have limited resources to deploy in monitoring the workers. Further, the fact is that the firms can not eliminate shirking even by deploying huge amount of resources. This is because monitoring and controlling can not change the attitude of the workers. In order to change the attitude of the workers, it is important to motivate them through rewarding them and paying them higher wages. It is crucial to note that paying higher wages to the workers would be le ss costly than spending on the monitoring and controlling measures (Cahuc, Carcillo, Zylberberg, 2014). The turnover model also advocates the efficiency wages theory. As per this model, the labor turnover is very costly for the firms. The labor turnover not only affects the productivity but is also causes additional cost to be incurred in hiring and training the workers (Deb, 2009). This model suggests that in order to avoid the costs of labor turnover, the firms have to pay wages higher than the market average. The inducement of higher wages is necessary to retain the employees for longer time period. Though, it is not necessary that the labor turnover would be eliminated in full, but certainly it would be reduced greatly by paying incentive to the workers. Further, the adverse selection model also states that the firms paying higher wages achieve higher productivity. The model prescribes that the firms paying higher wages are able to higher more capable workers. This model assumes that the ability of the workers and their pay directly relates to each other (Deb, 2009). Pay-Performance Structure The pay structure of the firms should such that promotes equality and stability in the long run and enhances workers efficiency. These objectives can be achieved by linking the pay with the performance (De Silva, 2017). The determination of the wages through government regulations need to be restructured by incorporating the performance as the crucial factor. The traditional system of wages determination took factors such as seniority, cost of living, and profits into consideration in deciding the wages of the workers. The linkage of workers performance with the pay was missing. Further, the consideration of long term impact on the profits was also missing in determining the wages rates. The firms used to focus on reducing the costs and improving the current profits. However, cutting costs to improve profits in the short run is dangerous for long term sustainability (De Silva, 2017). It is the established fact that sustaining long term growth in productivity is not possible without increase in the real wages rates. In the year 1980, Singapore changed the wages rate system to increase the wages rates (De Silva, 2017). The increase in wages rates by linking the wages pay to the performance is necessary to enhance productivity of the workers. Practical Application of Efficiency Wage Theory and Pay Performance Structures The essence of efficiency wages theory is that the firms should structure the wages rates by linking them to the performance of the workers. The theory states that the firms have to pay additional wages to retain employees for long time and achieve the long terms sustainability (Li, Liu, Li, 2008). However, implementing the system of pay that is based on performance measurement is not as simple as it might look like. In order to implement concepts of efficiency wages theory, the firm has to be equipped with effective evaluation measures. Further, the performance evaluation system of the firm should work in an unbiased manner. The parameters to evaluate performance of a class of employees should be applicable equally to all the workers in that particular class (Li, Liu, Li, 2008). The firms in Singapore are opting for the performance based wages systems so as to focus on optimizing the output and ensuring long term sustainability (DBS, 2014). The remuneration report of DBS bank discloses that the banks remuneration policy is aimed at attracting, motivating, and retaining employees. The bank seeks to link the pay of workers with their performance. The total compensation of the workers contains both the fixed as well as variable component. The fixed component comprise of salary while the variable component consists of incentives and bonus which are linked with the performance (DBS, 2014). Figure 2: DBS bank Pay Structure (DBS, 2014) The fixed salary offered by the company is competitive and comparable to the market average, which makes it attractive for the workers. Further, the DBS adopts analytical approach in fixing the salary by taking into account the factors such as market dynamics, skills, and experience. The fixed salary is reviewed for increment on an annual basis considering the market conditions. The bank makes every effort to retain the right talent through increments in the salary at the rate higher than the average market rate (DBS, 2014). Further, the variable part of compensation comprises cash bonus and incentives which are linked to the performance of the workers on individual basis as well on group/department basis. The bank maintains adequate system for performance evaluation which is crucial to implement the performance linked compensation policies. For the bonus eligibility, the workers performance is evaluated based on the balanced score card methodology (DBS, 2014). The balance score card helps in linking the performance measurement with the organizations overall goals and objectives (Niven, 2010). Further, the bank also offers awards to the workers on achieving the target output. In addition to this, the bank also provides deferred incentives or rewards in the form of shares to retain the talented employees. The share based incentives accrue over the years because these are given to retain the employees. The benefits of linking the pay of workers to their performance are enormous. The firms can make differentiation points by adopting a superior pay performance structures. The quality and quantity both are affected positively when the workers are kept motivated and interested in their job. DBS has been able to get a competitive edge by retaining skilled and experienced workforce and the primary reason for this retention of the skilled and experienced has been the pay performance structure of the bank (DBS, 2015). However, there are various challenges in implementing the pay performance system within a firm. The meaningful evaluation of the performance is always the biggest challenge. Further, it is not sure that performance of every worker will improve because everyone does not get motivated by money (Li, Liu, Li, 2008). Recommendations and Comments Based on the findings of the report, it could be recommended to the Fair Work Commission Australia to adopt a suitable pay performance structure that promotes equality and motivates the worker to work efficiently (Wilkinson et al., 2009). The commission should set the wages rates keeping a portion fixed and other as variable. The variable portion of the wages pay should be directly linked to the performance of the workers. Further, the firms should implement incentive policies on same lines as implemented by DBS bank. The firms should also have adequate mechanism for making effective evaluation of workers performance. In this regards, it is recommended that the firms should adopt balanced score card strategy as the mechanism for performance evaluation (Wilkinson et al., 2009). Conclusion The discussion carried out in this report revolves around the issue of fixing the pay of workers based on the performance. In this regards, the report provides discussion on the efficiency wages theory and various concepts connected with this theory such as employee shirking and employee turnover. The efficiency theory is based on the belief that the firms paying higher wage only can sustain in the long run. The firms can retain the workers for longer time by paying them higher wages than the market equilibrium rate. The retention of workers is important to reduce labor turnover and enhance the workers efficiency. Further, the reduction in the employee turnover also reduces the recruitment costs such as hiring cost and training cost. Therefore, it is crucial to implement the performance based pay to achieve the long terms goals and objectives of the firm. References Australian government. 2016. Fair work act 2009. Retrieved March 12, 2017, from https://www.legislation.gov.au/Details/C2016C01108 Cahuc, P., Carcillo, S., Zylberberg, A. 2014. Labor Economics. MIT Press. DBS. 2014. Remuneration Report of DBS of 2014. Retrieved March 13, 2017, from https://www.dbs.com/annualreports/2014/pdfs/governance/dbs-2014ar-remuneration.pdf DBS. 2015. DBS Group: How we create value. Retrieved March 13, 2017, from https://www.dbs.com/annualreports/2015/how-we-create-value/index.html De Silva, S. 2017. An introduction to performance and skill-based pay systems. Retrieved March 13, 2017, from https://www.ilo.org/public/english/dialogue/actemp/downloads/publications/srspaysy.pdf Deb.T. 2009. Managing Human Resource and Industrial Relations. Excel Books India. Dunlop, J. Segrave, M. 2016. The Theory of Wage Determination. Springer. FCW. 2017. About us. Retrieved March 12, 2017, from https://www.fwc.gov.au/about-us Hill, C. Jones, G. 2009. Strategic Management Theory: An Integrated Approach. Cengage Learning. Li, Y., Liu, W., Li, H. 2008. The Theory of Pay Effectiveness. International Journal of Business and Management, 3(6), pp. 93-96. Niven, P.R. 2010. Balanced Scorecard Step-by-Step: Maximizing Performance and Maintaining Results. John Wiley and Sons. Reilly, P. 2003. The link between pay and performance. Retrieved March 12, 2017, from https://www.employment-studies.co.uk/system/files/resources/files/mp18.pdf Smith, S.W. 2003. Labour Economics. Psychology Press. Wilkinson, A., Bacon, N., Redman, T., Snell, S. 2009. The SAGE Handbook of Human Resource Management. SAGE. Yellen, J.T. 2013. Efficiency Wage Models of Unemployment. American Economic Association, 74(2), pp. 200-205.