If a company seriously believes that developer productivity can be accurately tracked, why not directly tie compensation to it? It really shouldn't matter at al

If a company seriously believes that developer productivity can be accurately tracked, why not directly tie compensation to it? It really shouldn't matter at all where work happens in this case. On the other hand, if they only believe that productivity can only be accurately measured in secret then the "trackers" have some explaining to do in terms of the actual value they are adding to the organization.