What type of compensation program compensates employees for the knowledge they possess?
A) seniority-based pay plans
B) performance-based pay plans
C) competency-based pay plans
D) merit-based pay plans

Question

Quizplus · Accepted Answer

Competency-based pay plans compensate employees for the knowledge, skills, and abilities they possess, rather than their tenure or performance. This type of program rewards employees for acquiring and developing new skills and knowledge to enhance their job performance.

What Type of Compensation Program Compensates Employees for the Knowledge