BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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compensation where the company assesses the value of the work based on productivity, gains, cost savings, and quality
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compensation for employees who learn additional skill/knowledge
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compensation for using your personal resources
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compensation for having interpersonal skills
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Detailed explanation-1: -’ 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-2: -In knowledge-based. pay (KBP) the worker is paid at a rate based on the knowledge and skill he or she has. In KBP the worker starts out at a flat hourly pay rate, then receives pay increases as he or she learns how to perform a certain job better, or how to perform other jobs within the plant or department.
Detailed explanation-3: -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-4: -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.