What is skill-based pay?
Skill-based pay is a system of financial remuneration based on an employee’s skills, and is often, though not always, supplemental to another payment system. Under skill-based pay, staff members are provided with extra pay or bonuses after the company is provided with certification confirming an employee’s mastering of a skill, knowledge, etc.
Using this concept as a supplemental bonus system for employees provides them with a great opportunity to boost their skills set, which in turn, will likely improve the company’s performance. The options are nearly limitless, from on-site training and leadership courses to up-scaling technological expertise and higher education.
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