Which of the following statements best defines "Competency-based pay"? * 2 points It is a system that compensates employees for their job-related skills and knowledge, rather than how well he or she performs on the present job. It is an incentive plan in which employees can buy a specific amount of stock in their company at or below the current market price. It is a reward for employees for acquiring new skills, competencies, and knowledge necessary to perform work. It generally rewards employees for acquiring job-related competencies, knowledge, or skills rather than for demonstrating successful job performance.