Paying employees according to their value in the labor market in terms of knowledge and abilities is the premise behind

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Skill-based pay programs are designed to pay employees according to their knowledge and abilities, rather than just their job title or length of service. This helps to ensure that employees are recognized and rewarded for their skills, which can help to motivate and retain them in the long term. Flexible benefit plans, profit-sharing programs, and informal reward systems are not directly related to paying employees based on their value in the labor market in terms of knowledge and abilities.

Paying Employees According to Their Value in the Labor Market