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Internal Equity
The principle of ensuring that employees who perform similar jobs or have comparable skills and responsibilities within an organization are paid equitably.
Competency-Based Pay
A compensation system that rewards employees based on their skills, knowledge, and performance rather than their job title or position.
Skilled-Based Pay
A compensation strategy where employees are paid based on their skills, certifications, or knowledge, rather than their job title or position.
Incentive Pay
A form of compensation designed to reward employees for achieving performance targets or completing specific objectives.
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