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Skilled Based Pay
10
Maryam, Dana, Almaha
Skilled Based Pay
Definition of:
Skilled Based Pay
The employee’s wages are calculated based on a set of skills, knowledge, and experiences.
The aim is to encourage employees to contribute to the company by improving their efficiency.
01
How?
How does this benefit employees?
A Team leader with several decades of management experience may earn higher compensation than a less experienced candidates applying for the same position.
The goal of skill-based payment is to attract experienced candidates while encouraging professionals within the company to pursue self-development and training.
02
Benefits
for Companies
The benefits of these companies may increase the average employee tenure by investing in more training resources and skill-based pay models.
03
Disadvantages
of skilled based pay
Skill based pay will:
1. increase copmany expenses.
2. Employees with the same role might have different pay because of having more skills than the other, this might create conflict and jealousy between employees.
04
In Conclusion
Skilled Based Pay
When pay focuses on the skills of a professional, that professional is more likely to improve his abilities and undergo more training to obtain greater pay
05
Conclusion
Skilled Based Pay
This culture of self-improvement can lead to stronger performance, a clearer understanding of the organization, and greater opportunities for innovation. However, some conflicts may arise due to jealousy and adding more expenses to the company.