The company has a performance-based pay system where bonuses are tied to measurable results.

performance-based 是由名词 performance（表现、绩效）加上连字符和形容词 based（基于...的）组成的复合形容词。performance 指"工作表现、业绩"，based 表示"以...为基础"。 performance-based 合起来表示"以绩效为基础的"，用来描述根据员工表现决定报酬的制度。