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.
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More on compensation and benefits: Broadbanding, Employee Benefits, Executive Compensation, Golden Handcuff, Golden Handshake, more...
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