COMPETENCIES AND COMPETENCY MODELS: DOES ONE SIZE FIT ALL?
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Abstract
Although competencies are not new, paying for competencies is rapidly gathering attention. In many firms, the rate of change is so great that the individual job has ceased to be useful as the atom around which organizations and human resources practices are structured. Job-based pay has outlived its usefulness in such companies. Firms are searching for a new logic to pay and a new basis for salary structures that are better aligned with organizational strategies, structures, cultures and other HR practices. At this point, competency-based pay is the most promising base pay alternative to job-based pay.