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Describe the approach of competency based pay

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Reference no: EM132942317

Traditional pay plans can backfire if a high-performance work system is the goal of an organization. A competency based pay plan is considered to be more effective in the organizations who want to improve the performance of employees. Describe the approach of competency based pay. Why the competency based pay should be used by organizations? Also explain the pros and cons of this approach.

Reference no: EM132942317

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