What Are the Four Main Elements of a Competency-Based Pay

question 37

Essay

What are the four main elements of a competency-based pay plan?

Distinguish between cost centers and profit centers and their evaluative metrics.

Identify and differentiate between variable, fixed, and controllable costs.

Appreciate the importance of budget reports for managerial feedback and control.

Understand the significance of comparing actual to planned results and the utility of budget reports.