Skills based pay is gaining momentum as a highly incentivized alternative to more traditional compensation. It maximizes flexibility and responsiveness, prioritizes results over qualifications, promotes a more equitable environment, and better aligns compensation with business imperatives. Successful implementation requires a multifaceted approach to identify skills gaps, establish the developmental incentives to address those gaps, and reward value accordingly.
This Session will Examine
- Defining Skills-Based Pay: Understanding the concept and its importance in modern HR practices.
- Transparency and Fairness: Using a skills-based approach to eliminate biases and ensure equitable pay decisions.
- Integration Challenges: Addressing potential obstacles in adopting AI-driven pay structures.
- Future Trends: Predicting the evolution of skills-based pay and how it will impact the future of comp and HR more broadly.
- Leveraging AI to support the multifaceted transformation towards a skills-based environment, particularly with gap analysis and resource optimization
