Study on skill based Compensation structure with reference to Randstad
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Abstract
In skill-based pay (SBP) systems, employees are compensated for the range, depth and types of skills they possess. They are paid for the ability they can use, not for the job they are doing at a given time. This is a basic departure from traditional job-oriented pay plans, which pay employees for the jobs they hold. Skill-based pay refers to a pay system in which pay growth is linked to the number or depth of skills the employee acquires and applies, and is a tool for developing broader and deeper skills in the workforce. Such increases are in addition to the normal wage increase that employees can receive.
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References
Company website:https://www.randstad.in/
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