However, the skilled-based approach has potential challenges to use new skills effectively. Can you share more around that? I feel that both plans have benefits, but it depends on the organization, the vision and missions, the company's profitability, and the pay structure the organization currently has such as hourly or salary. I would like to see all employees be paid salary so overtime can be reduced, and yearly bonuses can be distributed based on the company's performance vs. individual performance. Thoughts?

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The skilledbased approach to compensation and skill development certainly has its advantages such as promoting continuous learning skill enhancement a... View the full answer