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?
A)Internal equity pay
B)Market survey pay
C)Competency-based pay
D)Job-based pay
E)External equity pay

Question

Quizplus · Accepted Answer

Competency-based pay is a pay structure that focuses on individual characteristics such as skill or knowledge, but it usually applies to exempt employees. It differs from job-based pay in that it is not tied to a specific job description, and instead rewards employees based on their demonstrated competencies. Internal equity pay and external equity pay refer to pay structures that ensure fairness in pay between employees within an organization or in comparison to competitors, respectively. Market survey pay involves researching industry pay practices and adjusting pay accordingly to remain competitive.

Which Type of Pay Is Similar to Pay Structures Based