What are the characteristics of competency-based pay?
Competency-based pay is a form of compensation that focuses on the behavior required to achieve desired business results. Competencies are not just specific skills, but can be classified as anything that matters to performance. There are differences between skill-based pay and competency-based pay. For example, pay for skills may focus on: • equipment operation abilities; • equipment set-up and changeover skills; • elementary equipment troubleshooting; and • team problem solving skills. Pay for competencies, on the other hand, may focus on qualities or traits that some would argue can not be taught: • customer service orientation; • interpersonal understanding; • flexibility; and • team commitment. Creating a link between business culture and compensation can be an effective way to achieve business goals. Reprinted with permission.
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