Skill-Based Pay is a compensation system where employees earn more based on the number or level of skills they acquire and apply, encouraging development.
- What is skill-based pay?
Answer: It is pay based on the skills an employee acquires. - What are examples?
Answer: Examples include bonuses for learning new software. - What are the benefits?
Answer: It motivates learning and flexibility. - What are the challenges?
Answer: Challenges include tracking and cost. - How does HR manage it?
Answer: HR defines skills, assesses mastery, and adjusts pay.
