If you’re looking to raise your income, knowledge-based pay is a great way. By expanding your knowledge in your field, you can increase your earning potential and eventually command a higher salary.
Knowledge-based pay is when you are paid based on the amount of knowledge you have. The more knowledgeable you are, the more you will be paid. This type of pay scale is often used in fields with a constant need for education and training, such as the medical field.
One of the benefits of knowledge-based pay is that it gives individuals an incentive to learn and update their skills continuously.
In its simplest form, knowledge is defined as a justified true belief. However, different types of knowledge can be categorized based on how we acquire or validate that belief.
There are several benefits to implementing a knowledge-based pay system in your organization. Some of the key benefits include: