Knowledge-Based Pay Definition
A system that defines the salary of an employee by the amount of education he or she has obtained while on the job.
Knowledge-based pay is a system in which employees receive compensation rates based on their current or recently obtained education rather than on salary trends or other individuals’ pay. The skill level and education attained by the employer plays the most significant role in determining the pay the individual receives.
Related Blog Article:
What is Knowledge-Based Pay?