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Discuss the Fundamental Components and Uses of Competency-Based Pay Systems

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Discuss the fundamental components and uses of competency-based pay systems.


Definitions:

Conscientiousness

One of the five major personality traits, indicating a person's tendency to be organized, responsible, and hardworking.

External Locus of Control

A psychological concept where individuals believe that external forces or circumstances primarily govern their life outcomes and successes.

Intellectual Capital

Represents the intangible assets of an organization, including employee knowledge, brand equity, and customer relationships, that contribute to its competitive advantage.

Organizational Behavior

The study of human behavior in organizational settings, focusing on individual, group, and structural dynamics to improve organizational effectiveness.

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