What best describes the status granted to teachers after completing a probationary period, indicating near permanent employment?

The concept that best describes the status granted to teachers after completing a probationary period, which signifies a near-permanent employment status, is teacher tenure. Tenure provides teachers with job security, ensuring that they cannot be dismissed without just cause after they have successfully completed the required probationary term. This status is designed to protect educators from arbitrary dismissal and allows them to teach with greater academic freedom, fostering an environment where they can advocate for their students and implement innovative teaching methods without fear of losing their job.

In contrast, pay-for-performance refers to a compensation model based on a teacher's effectiveness, which is not directly related to job security or permanent status. Professional status, while it may imply a level of recognition, does not specifically encompass the legal protections and employment assurances that tenure provides. Value-added rewards pertain to methods of assessing teacher effectiveness based on student performance, which is also not tied to job security or tenure status. Thus, teacher tenure is the correct term that encapsulates the near-permanent employment aspect granted to educators following a probationary period.