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Performance Management Systems and Strategies by Dipak Kumar Bhattacharyya

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COMPETENCY-BASED PAY

Theoretically, in today's organizations we are more used to the term competency rather than skill. Competency is more holistic, as it aggregates knowledge, skill, and abilities of employees, and even integrates with the behavioural requirements. Instead of paying for the position and the job title, competency-based pay emphasizes on the job accomplishments, much wider than job efficiency (outcome of skill only). Competency-based pays directly measure knowledge and skills in terms of criticality involved, amount of depth in the job content, and the skills breadth.

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