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Prepare a paper that explains the strategic differences between pay for performance and pay for knowledge systems. Include an analysis of how various pay plans used for teams align with pay for performance and pay for knowledge systems.
• The paper should be presented in an APA format.
• The paper should be 4 pages in length, excluding the title page and reference list. 3 peer reviewed references including Martocchio, J. J. (2020). Strategic Compensation: a human resource management approach (10th ed.). Hoboken, N.J., Pearson Education, inc.
Pay-for-knowledge plans reward managerial, service, or professional workers for successfully learning specific curricula. Skill-based pay, a term used mostly for employees who do physical work, increases the workers’ pay as they master new skills. For example, both unions and contractors who employ carpenters use skill-based pay plans. Carpenters earn additional pay as they master more advanced woodworking skills (e.g., cabinet making) (Martocchio, 2020).