This blog was originally published on Eightfold.ai.
You’ve heard of “pay for performance.” But many organizations are shifting the way they hire and promote from a job-centric point of view to a skills-centric point of view. Perhaps, then, “pay for skills” is a more appropriate way of compensating people to help attract, build and retain critical skills.
In a recent Mercer survey of over 400 companies across the globe, 46% of participants say they do not have programs that link pay to the development of skills.
But, to deliver on the primary aim of attracting and retaining critical skills, employers must increase pay for skills across the employee lifecycle.
Want to find out the five tips for creating a successful “pay for skills” program? Download our Future-proof your organization - Spotlight on pay for skills point of view.