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Competency-based pay is a compensation model that focuses on paying the person rather than paying for the job. It's intended to motivate staff to develop knowledge and skills that contribute to the practice's success.
Traditional Pay vs Competency-Based Pay
The main difference here is potential. While traditional pay schemes reward employees for the work that they do, competency-based pay scheme rewards employees based on their potential to improve upon their skills and encourages employees to improve their skills to perform the job better.
Pros of Competency-Based Pay Structure
Cons of Competency-Based Pay Structure