Skill Based Programs
A program that rewards employees for attainment of additional skills and knowledge on a formalized basis.
Design Features:
- Establishes an environment in which attainment of skill and knowledge is considered to be highly desirable.
- Provides increased compensation and/or rewards for skill attainment
- Clarifies career path for each position and the associated educational support.
Advantages:
- Encourages skill acquisition and commitment by individual employees.
- Permits flexibility in worker assignments which may result in reduced staffing requirements.
- Typically results in increased job satisfaction and lower turnover of skilled employees.
Disadvantages:
- Very complicated program to install and maintain, requiring considerable time, resources, and money.
- Training is very expensive and can easily be underestimated.
- Emphasis is on attainment of skills and knowledge, and is not necessarily results oriented.
- Unless carefully monitored, may end up with too many high skilled, high priced employees.
- Does not enhance teamwork.
To find out more on how Compensation Resources, Inc. can help your company with Skill Based Programs, please contact us or call us directly to speak with our compensation consultants at 877-934-0505.
