Can you really pay for performance with base salaries?
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No company I've ever met can afford to award salary increases based on last year's performance without first factoring in company budget and the employee's current compensation vs. market. Skill based pay is not immune to these primary factors. It is possible to "pay for performance" with bonuses, but most certainly not with base salaries.
glmarkle 1 month ago
WIth skilled base pay companies can stragetically target the set of skills they want their employees to obtain. This is what performance based pay is all about, a salary based on a plan to fullfill the company requirement. employeed motivated to enhance skill---> employee performance rises---> company performance rises---> success and profit gained...The pay system cut down the pay by time strategy where employees really relied on their lack of skills allowing them to repeat jobs for more pay!
atown2k3 1 month ago
Reward system can greatly affect the behaivour of the employee or the organization, so it it important to set a reward system objectives, one of these objectives consists of promotoing skills and knowledge development, before companies did not consider the performance of an individual, hence employees did not consider enhancing their set of skills needed by the company, when skill based bpay was introduced, employees were more motivated in developing the skills valued by the organisation. WIN
atown2k3 1 month ago