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factor comparison method of job evaluation pdf

There are several job evaluation methods from which to select. Factor comparison is a complex quantitative method. Job Ranking If you've been running your business long enough, you know how the jobs rank in importance to the overall goal and mission of the company. This factor plan was, in turn, used to evaluate a sample of 54 jobs carried out in the Company. Factor comparison is systematic and scientific method designed to carry out job evaluation which instead of ranking job as a whole, ranks according to a series of factors.. JOB EVALUATION Presented by- Sandeep Singh 2. subject of Job Evaluation, confronted the generally accepted approach of using the point method scales, when determining job factors in relation to relative job worth. Points were assigned to each job class based on the following factors and subfactors: Table 2: Gender neutral job comparison system Employers can adopt one of several alternate methods. Select key benchmark jobs Step 3. Jobs and employees who perform those jobs are ranked from highest to lowest, depending on their quality and value to the organization. /F5 18 0 R Methods of Job Evaluation – Top 5 Methods: Ranking, Paired Compensation, Grading, Point System … Points Rating: This is the most widely used method of job evaluation. 836 0 obj <> endobj It is a technique of job analysis, assessment and comparison and ... POINT FACTOR ANALYSIS METHOD OF JOB EVALUATION . The job evaluation factors for the new management classification plan are: • Managerial and Consultative Role – 6 levels • Impact – 10 levels ... by comparison to level definitions within the factor and confirming through comparison to benchmark descriptors. Thomas E. Hitten was the first to originate factor comparison method of job evaluation. 3.1 Various methods for job evaluation classified according to characteristics 72 3.2 Classification of the job evaluation methods discussed according to characteristics and the benefits and disadvantages 73 3.3 Analytical model for comparing job evaluation systems 77 3.4 Characteristics, factors/aspects of the Hay Guide Chart and Profile Method 78 It requires specialists to compare job descriptions with the point manual for each sub-factor. The point method is an extension of the factor comparison method. /F4 15 0 R The factor-comparison method is yet another approach for job evaluation in the analytical group. In this method, each job is given a rank on the basis of a number of factors. 2. In this method, each job is given a rank on the basis of a number of factors. Analytical Job Evaluation Methods. Job evaluation determines the value of one job in relation to others in the organization in order to ensure a fair job hierarchy and/or salary system is in place. 3 Factor comparison method or Point. >> It is therefore useful for business situations which typically involve setting priorities in the context of limited resources. There are several job evaluation methods from which to select. Job Evaluation: Methods: Factor Comparison A set of compensable factors are identified as determining the worth of jobs. job analysis is recorded in the precise language of a job description. These may include skill, effort, decision making, working conditions, and responsibility for people, finance, or equipment. The Hay Guide Charts® are proprietary instruments that yield consistent and legally defensible work evaluations. Though it is the most complex method of all, it is consistent and appreciable. Rank key jobs according to wages assigned to each factor Step 6. Factor-Comparison Method: Under this method, the job is evaluated, and the ranks are given on the basis of a series of factors Viz. Factor Comparison Method: This method is a combination ranking and point system of job evaluation. 1 PhD Business Administration, Assistant professor, Department of management and Marketing, University of Bahrain, Kingdom of Bahrain. In the point factor analysis method (also called point method) of job evaluation, the organization identifies the compensable fact ors and breaks them down into degrees. On the basis of job analysis, each member of the job evaluation committee ranks each job independently either against the benchmark job or against all other jobs. The Four basic methods have traditionally been used: ranking, classification, factor comparison, and point-rating. 2. >> This method determines the relative rank of the jobs is evaluated in relation to the monetary scale. j� In his article “characteristics of factor comparison job evaluation”, (Hay (1), 1946), Hay had expressly shown his confidence and belief in the judgement of the skilled and well trained evaluators to present/produce equal intervals; usually geometrically increased, from lower to higher jobs. Each factor is then divided into levels or degrees which are then assigned points. %PDF-1.5 Mental effort, physical effort, skills required supervisory responsibilities, working conditions, and other relevant factors. Distribute wage rates by factors Step 5. As originally developed this method involves ranking of jobs in respect of certain factors and usually involves the assigning of money wages to the job depending upon the ranking. Under this method, one begins with the selection of factors, usually five of them: mental requirements, skill requirements, physical exertion, responsibility, and job conditions. It attempts to make a methodical comparison between jobs to assess their relative worth for the purpose of establishing a … Hence, they need to choose other methods of evaluation while for small companies, it is perfect as it will take less time, money, and other resources. Point factor method is most representative and most widely used job evaluation method. Methods used for job evaluations include the job ranking method, the classification method, the point-factor method and factor comparison method. Rank key jobs by factor Step 4. In rating jobs on this factor consideration is given to the ratings of benchmark descriptors and the position’s << /ProcSet [/PDF /Text ] Ranking method. Factor Comparison or Weight-in-Money Method. 3 0 obj Hay Job Evaluation: Foundations H ay Group pioneered the “factor comparison”job evaluation method and modified it in its Guide Charts in the early 1950s. Typically the number of compensable factors is small (4 or 5). With competition outside firms increasing, external labor market price has more and more influence on internal labor market price since 20cen80s, traditional point factor method developing before and after METHODS OF J/E • Qualitative Method • Ranking or Job Comparison • Grading or Job Classification • Quantitative Method • Point Rating • Factor Comparison 8. %PDF-1.6 %���� This method is a combination of the weighted point and factor comparison methods. Advantages of Factor Comparison Method: (i) It has the ability of handing a large number of jobs and enjoys stability as long as the factors remain relevant. Quantitative Job Evaluation Methods •Factor Comparison Job Evaluation Method Step 1. Methods The next step in the job evaluation process is to select or design a method of evaluating jobs. 2. The factor-comparison method is yet another approach for job evaluation in the analytical group. Job evaluation refers to the measurement of the value of a job relative to other jobs. stream << 4. On a high level, the steps for this approach are as follows: Jobs are listed; Evaluation factors are defined; Scoring degrees on these factors are determined ; Per job, points are allocated for each factor; A wage structure is defined STEP 2: Select a job evaluation method The process of defining a job is called job analysis. 2) Mental effort, 3) Physical effort, 4) Responsibility, and. Mental effort, physical effort, skills required supervisory responsibilities, working conditions, and other relevant factors. A more detailed description on these methods of job evaluation is … Job ranking is the simplest and easiest job evaluation method. }�p;�*F3� �c� ��� ���(�`%�V�z�B�v�r���q&g. 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