BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Skill-based pay is a salary system that determines an employee’s pay based on his or her knowledge, experience, education or specialized training. Depending on the company, the employee might also receive a higher salary for earning formal certification in his or her industry.

Detailed explanation-2: -’ is that skill-based pay is a model of compensation in which a person’s skills and experience determine their salary. For example, under the skill-based pay model, a team lead with several decades of management experience may earn higher compensation than a less-experienced candidate applying for the same position.

Detailed explanation-3: -Knowledge-based pay is a term that relies on an individual’s desire to enhance their knowledge to raise their income or other benefits. When an employee’s knowledge base grows, he or she will be able to take on more difficult and profitable assignments on behalf of the organization.

Detailed explanation-4: -This is because skill-based pay encourages employees to continue their education and improve their abilities while remaining in their positions. As a result, companies may be able to maintain their workforce size and have higher employee retention rates.

Detailed explanation-5: -Competency-based pay is a pay structure that compensates employees based on their skill set, knowledge, and experience rather than their job title or position. A competency-based pay plan encourages employees to reach the pay rate that they want by taking charge of improving their skills and work.