knowledge-based pay

knowledge-based pay definition - business

knowledge-based pay

Compensation that is a function of an employee's skill and knowledge as well as the job being performed. For example, public school systems typically pay teachers based on their educational level as well as number of years of service. Organizations offering knowledge-based pay often absorb the expense of additional training.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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