From Treat People Right!: How Organizations and Employees Can Create a Win/Win Relationship to Achieve High Performance at All Levels:
Financial status and rewards in most organizations are based on the types of jobs people do. This approach is based on the assumption that job worth can be determined and that the person doing the job is worth only as much as the job itself is worth….
It is not clear that the worth of people can be equated with the worth of their job. This approach clearly does not fit with a company that depends on people for its competitive advantage. The alternative that is being increasingly adopted is person-based pay. It bases pay on each individual’s skills and competencies.