________ is any salary increase the firm awards to an individual employee based on his or her individual performance.

Question

Quizplus · Accepted Answer

Merit pay is specifically tied to an individual employee's performance and is intended as a reward for good performance. Variable pay can refer to any pay that fluctuates based on various factors, including performance, but it is a broader term that includes bonuses, commissions, and other forms of pay beyond just salary increases. Competency-based pay is based on an employee's skill level, not their performance. Piecework refers to a pay system where employees are paid based on the amount of work they complete.

________ Is Any Salary Increase the Firm Awards to an Individual