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Definition: Competency-based Pay is a pay system that compensates employees on their skill set, their knowledge, and their experience. It's an alternative to traditional pay approaches that are based on job title and position. The idea behind competency-based pay is to encourage employees to improve themselves (skills, knowledge and experience) and thus contribute more to the company. |
More on compensation and benefits: Broadbanding, Efficiency Wage, Employee Benefits, Equity-based Compensation, Executive Compensation, more on compensation and benefits... MBA Brief provides concise yet precise definitions of organizational concepts, management methods, and business models as taught in an MBA program. We keep it short and provide links to high-quality websites where you can learn more about your topic.
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