This is a compensation system that aims at paying the employees on the basis of the skills and knowledge they possess and not on the basis of their designation in the organization. This provides recognition to the breadth, depth and the type of skill that an employee possesses.
This is also termed as a system of appraisal of the employee as against the core competencies that are necessary to get a particular job done. This is somewhat similar to the skills-based pay but used in a wider context. 
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