Competence-based Pay, (also skill-based pay or knowledge-based pay)
Compensation for the different skills or increased knowledge employees possess rather than for the job they hold in a designated job category.
Greater productivity, increased employee learning and commitment to work, improved staffing flexibility to meet production or service demands, and the reduced effects of absenteeism and turnover,
Broadbanding
Collapses many traditional salary grades into a few wide salary bands.