Question

Which type of pay is similar to pay structures based on individual characteristics such as skill or knowledge but usually refers to a plan that covers exempt employees?

Answer 1

Competency-based pay is type of pay that is similar to pay structures based on individual characteristics. This type pf pay refers to a plan that covers exempt employees. According the competency-based pay approach employees are rewarded based on their skills, knowledge and experience they apply in the workplace, and not based on their position or job title.