Skill-Based Pay
Skill-based pay is a form of compensation based on an employee's skills and abilities, rather than on seniority or job position.
Employees with high skills and good job performance will be paid more than those with longer work experience but poor skills and abilities.
Example
A company develops a skills-based pay program, using a skills assessment chart such as leadership ability, problem-solving ability, and teamwork ability.
Employees with high skills will be paid more, motivating employees to develop new skills.
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