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Skill-based pay encourages the expansion of both individual and team engagement, even though the acquired skills do not always result in financial gains for the organization.
What Is Skill-Based Pay?
The skill-based pay (SBP) system is a means of compensating workers that offers higher pay in return for formal certification of the employee's mastery of skills, knowledge, and/or competencies. It is the knowledge that can be seen when someone can complete a task with expertise.
What is the importance of skills in business?
Business acumen is essential to the continued productivity of a firm. The methods required in achieving organizational goals as well as the internal and external factors that affect an organization's success can be better understood by professionals who have these skills.
Learn about Skill-Based Pay: https://brainly.com/question/5690738
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