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NEW Like any other system, there are pros and cons to Competency-based Pay…
Advantages of Competency-based Pay (CBP):
MOTIVATION: CBP is a great motivator for employees. Instead of basing pay on seniority and job level, employees are invited to achieve as much as they are able and willing to. If employees motivate and develop themselves, they can accomplish amazing things for the firm.
CULTURE: CBP will help to reinforce a company culture of self-motivation and self-improvement. A culture in which employees are actively seeking to improve their skills, etc., finding new ways to contribute to the company. Competency-based pay helps to tie your company’s culture directly to the success of the company.
TRANSPARENCY: CBP improves transparency within the company because employees will know what is expected of them to improve at their job and how they will be rewarded through the competency-based pay system.
RETENTION: Employee retention is likely to go up. CBP helps to bring costly
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