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Competency-Based Pay
Pay based on an employee’s skill level, variety of skills possessed, or increased job knowledge
Hay Profile Method
A job evaluation technique using three factors—knowledge, mental activity, and accountability—to evaluate executive and managerial positions.
Market Pricing
The practice of setting salaries based on the prevailing wage rates for similar positions in the external labor market.
Knowledge and Accountability
The principle that having access to information or understanding responsibilities leads to being held responsible for actions and decisions.
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