Question

Respond to one of the three topics below.

Explain some differences with the types of health insurance plans from the perspective of an employee.

What is a defined benefit pension plan, a defined contribution plan and 401k accounts. Do you have a preference for one of these? Why?

What is a competency-based compensation program?*

Answer 1

Answer:

Question:$\rightarrow$ What is a competency-based pay plan:

• Competency-based pay plan can be seen as a payment structure that is mainly used by the organizations to compensate the manpower on the basis of their skill set, their expertise, knowledge, and experience These plans can be seen as an alternative to the pay based in the job position and the job title.
• The main focus of these plans is to motivate and encourage the manpower to have a greater contribution towards the organizational goals by having a greater set of skills and abilities.

$\rightarrow$The 5 important elements for the success of these plans are:-

1. Development of the skill gap analysis that can help in finding the gap between the current position to the expected position
2. Developing the proper plan so that the skill gap can be reduced
3. Delegation of tasks as per the skills, experience, and ability of the employee
4. facilitating continued learning so that the skill improvement can be ensured
5. Developing and managing the skill development plans

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