Description
Increasingly, companies are basing compensation systems on what workers know instead of the more common systems based on the hours they are on the job or how much they produce. How do you feel about this? What do you think are the advantages and disadvantages of a knowledge-based compensation plan?
please cite references
Explanation & Answer
Attached.
Running head: COMPENSATION PLAN
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Compensation plan
Name of student
Affiliations
Date
COMPENSATION PLAN
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I strongly support and like this kind of system because it bases its increase in pay on the skills of
an employee rather than the period spent on performing a task. The system is considered unique
due to its determining factor of increase in payments to workers. Adoption of this system by many
organizations will promote and motivate employees to continue learning to acquire more skills in
which they will stand a position to be considered for an increase in compensation amounts. The
plan, therefore, puts a high...