factor-comparison method

factor-comparison method
A method of job evaluation in which jobs are compared with each other in terms of compensable job factors These may include skill, effort, decision making, working conditions, and responsibility for people, finance, or equipment. Ideally, all factors should be present in all the jobs being evaluated to some degree, so that each job can be scored under each factor heading. The total scores across factors can then determine the sorting of jobs into a set of pay grades, usually by comparison with a number of benchmark jobs Compare classification method; Hay method; job-component method; point method; ranking method

Big dictionary of business and management. 2014.

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  • Factor analysis — is a statistical method used to describe variability among observed, correlated variables in terms of a potentially lower number of unobserved, uncorrelated variables called factors. In other words, it is possible, for example, that variations in …   Wikipedia

  • classification method — A method of job evaluation in which jobs are placed in certain predefined categories on the basis of job title, job description, and comparison with benchmark jobs It is mainly associated with large hierarchical organizations such as the civil… …   Big dictionary of business and management

  • point method — An analytical method of job evaluation in which jobs are scored on a number of different features (e. g. skills, effort, level of responsibility, working conditions, etc. ). The scores are then summed and used to create a graded pay structure.… …   Big dictionary of business and management

  • ranking method — 1) A simple method of job evaluation in which jobs are ranked according to an informal assessment of their overall importance to the organization. This method is fast and inexpensive but becomes difficult to sustain as organizations get larger… …   Big dictionary of business and management

  • job-component method — A method of job evaluation in which jobs are ranked according to a statistical analysis of the behavioural demands they impose. The data is usually obtained from employees answers to a standardized questionnaire. Compare classification method;… …   Big dictionary of business and management

  • compensable job factor — In job evaluation, any of a range of factors that are held to determine the value of a job to the organization and hence the level of remuneration paid to the job holder. These factors usually include the skills, training, and experience required …   Big dictionary of business and management

  • Hay method — A job evaluation system based on three core factors: know how, problem solving, and accountability. The system, which is named after the US management expert Edward N. Hay, is essentially a combination of the point method and the factor… …   Big dictionary of business and management

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