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factor comparison method vs point method

The factor points are then added to determine the position’s total point value. It is essentially a combination of the ranking and point systems. What is Factor Comparison? It goes against the common belief that the procedure of evaluating jobs and fixing their wages should be kept separate. There may be wide fluctuations in the compensable factors with the change in technology, values of employees etc. viz. Money value is assigned to each factor so as to determine the wage rate for each key job. WE ARE PASSIONATE AND WE ARE HERE TO HELP. i) Education & Job Knowledge: The use of five factors is a growth of the technique developed by its organisations. The major steps in this system consist of the following: Human Resource Management - What is HRM? It along with factor comparison method, involves a more detailed, quantitative and analytical approach to the measurement of job worth. Jeans does not participate in formal pay surveys. determining the relative importance of factors and describing their degrees. 6.2 Point rating method The point rating method is selected for study. The points for each factor are summed to form a total point score for the job. Factor Comparison is a method used to carry out Job evaluation. Each of the factors associated will be divided into levels or degrees that are then assigned to points. A more systematic & scientific method of job evaluation is the factor comparison method. This method is a combination of the weighted point and factor comparison methods. This is the most widely used method for job evaluation. 3. Compare and contrast the following methods of job evaluation: ranking, classification, factor comparison and point method. - Definitions - Functions - Objectives - Importance - Evolution of HRM from Personnel management. Identifying these elements require an internal business needs analysis and a definition of how success will be measured through key factors inherently contained in jobs within the organization. Most consulting firms adopt this method, which was pioneered by Edward Hay in 1943. The system is usually applied when allocating managerial positions, white collar, and professional jobs. D. the center-of-gravity method. It is costly to install, and somewhat difficult to operate for anyone who is not acquainted with the general nature of job-evaluation techniques. Point ranking and factor comparison come under analytical category while Ranking and job-grading come under other category. This method ranks jobs in order based on each job’s perceived value in relation to the others, says Neelman. The use of present wages for the key jobs may initially create errors into the plan. Each factor is then divided into levels or degrees which are then assigned points. This method is a costly affair. The ultimate goal of factor comparison is to assign the relative parts of each job role a financial value i.e. Factor comparison method permits a more systematic comparison of jobs than the non-analytical methods. Factor Comparison definition A scientific method designed to rank job roles based on a breakdown of factors rather than the role as a whole. 1. Point Rating Method This is the most widely used method for job evaluation. The procedure of rating new jobs by comparing with other standards or key job is logical and not too difficult to accomplish. This method is widely used currently. Factors are prioritized and then assigned points by the job evaluators. Figure-4 shows different pricing methods: The different pricing methods (Figure-4) are discussed below; […] The point-factor rating method is another approach that Beth can use. It along with factor comparison method, involves a more detailed, quantitative and analytical approach to the measurement of job worth. Jeans does not have a formal wage structure, rate ranges and does not use compensable factors. It is a sophisticated and quantitative ranking method. The organization can use any of the dimensions or combination of dimensions to set the price of a product. Instead, the Presidents Assistant routinely looks over online job openings and conducts informal surveys among her friends in localorganizations. Example factors Rank the selected jobs under each factor (by each and every member of the job evaluation committee) independently. A method of job evaluation in which jobs are compared with each other in terms of compensable job factors. It accounts for differences in wage rates for various jobs on the strength of job factors. The aim of factor comparison is to assign financial value to the relative parts of each job role. The system results in more accurate job evaluation as it is more objective because weights are not selected arbitrarily. B. the factor-rating method. 4. Job evaluation refers to the measurement of the value of a job relative to other jobs. Psychology Definition of FACTOR-COMPARISON METHOD: is one of the many methods used to evaluate jobs which is then used to set an appropriate wage or salary level for potential employees. 2.3 Summary Any management method should be adapt to its times. Ranking is made individually and then a meeting is held to develop a consensus. Mental effort, physical effort, skills required supervisory responsibilities, working conditions, and other relevant factors. The point-by-point method is often utilized for longer assignment, essays, and papers. Why? It has the ability of handling a large number of jobs and enjoys stability as long as the factor remains relevant. 2. This method determines the relative rank of the jobs to be evaluated in relation to monetary scale It is often used in evaluating, the managing administrative and white-collared jobs. Factors of factor comparison. The contents and the value of these jobs may change over a period of time and they will lead to future errors. It is, in fact, a modified factor comparison method. The development and installation of the system calls of heavy expenditure. May work well for smaller companies. The practice is to pay men about 20% more than women for the same job. Wages are basically set on prevailing wages in surrounding communities coupled with some attempt for internal equity among workers. Factor Comparison Method. Compare and contrast the following methods of job evaluation: ranking, classification, factor comparison and point method. This method allows for customizable job evaluation, but it is also very time consuming. The Korn Ferry Hay method is … Jeans has always followed a policy of paying employees about 10% above what the Assistant feels are the prevailing rates. The four major methods of job evaluations are: job ranking, job classification, factor comparison and the point method. Job Ranking. Factor comparison definition. It is a systematic, quantifiable method for which detailed step by step instructions are available. 1. Under this method, rather than ranking complete jobs, each of … All of these should be clearly describable and capable of analysis in terms of factors. Which method (if any) do you recommend for the Jeans company? It examines the job by carrying out a comparative study. the amount of compensation offered for that part of the role. Point system and factor comparison methods are placed under Quantitative job evaluation. Steps involved in Factor Comparison Method :: • Select key jobs (say 15 to 20), representing wages/salary levels across the organization. ADVERTISEMENTS: An organization has various options for selecting a pricing method. Job Evaluation: Methods: Factor Comparison A set of compensable factors are identified as determining the worth of jobs. Typically the number of compensable factors is small (4 or 5). The point method provides a comparable viewpoint to factors method by the usage of the factor comparison to effectively perform a job evaluation. FACTOR COMPARISON METHOD -A scientific method designed to rank job roles based on a breakdown of factors rather than the role as a whole. The persons writing job specifications are generally provided with a set of dimensions within which they have to perform this important work. 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 Assistant explains, When we hire males, they have families, andthey are stronger and can work harder for longer hours. (a) Point systems (b) Factor Comparison Method . 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. Employees, trade union representatives, management and other interest parties may perceive differently in selecting a compensable factors, in giving weightage etc. The reliability and validity of the system are greater than the same statistical measures obtained from group standardised job analysis plans. The point-factor method includes seven job factors which are grouped into four categories: Complexity Decision-making impact Supervisory These factors are divided into several levels, or degrees, each having assigned points. Factor comparison method. The Point method is the most widely used job evaluation method, primarily because the approach forces raters to view and quantify all key job factors and sub factors. Once the scales are developed, they can be used for a long time. These factors are assumed to be constant for each set of jobs. Steps of Factor Comparison System. Adoption of the whole procedure is a very difficult and time-consuming process. Key jobs serve as a standard against which all other jobs are compared. Here, jobs are expressed in terms of key factors. Is the policy of paying 10% more than the prevailing rates a sound one, and how could it be determined. A) Skill. Point-Factor Method is a strategy for valuing jobs based on elements deemed important to the organization's survival. The point method is an extension of the factor comparison method. Does not consider market compensation rates. These may include skill, effort, decision making, working conditions, and responsibility for people, finance, or equipment. In this method, … It should be recognised that a second system, the factor comparison method, was born out of the point method and the Hay method has been drawn from the womb of both the point method of 1924 and the factor comparison method of 1926 – this, after so many experiments and applications of both of these systems (see Sec.9, Note 4, for The point method is a superior and widely used method of evaluating jobs. Contrary to popular belief, the method is not a point factor or points rating method. The basic pay for each 'key' job is allocated to each factor. Point Method. 1. Point System: This is the most widely used technique of job evaluation. Jobs may change over time, but the rating scale established under the point method remain unaffected. Why? - Pay will be assigned in this method by comparing the weights of the factors required for each job. Is the Jeans company to a point where it should set up a formal salary structure based on a complete job evaluation? Essays using the point-by-point method can seem more like lists than essays and lack unity. In a larger organization, it is more complex to use, but sometimes it can still work if jobs are grouped by job families—professional level, etc. 3. 2. This method, also known as key job method, was originally developed at the Philadelphia Rapid Transit Company, USA by Eugene J.Benge in 1926 to overcome two major problems faced in point method of job evaluation. Factor comparison method or Point method This method is widely used and is considered to be one of the reliable and systematic approach for job evaluation in mid and large size organisations. 2. She thinks this reduces turnover and fosters employee loyalty. All other jobs are compared with the list of key jobs. It is a very expensive method/system of job evaluation because experts have to be appointed particularly in selecting weights which are based in actual analysis. Factor comparison is a complex quantitative method. And using the same five factors for all organisation and for all jobs in an organisation may not always be appropriate. Skill. Factor Comparison/Point Method of Job Evaluation • Most consulting firms adopt this method, which was pioneered by Edward Hay in 1943. In this method, each job is given a rank on the basis of a number of factors. In this method jobs are expressed in terms of key factors. This should reflect a range from the lowest to the highest. Jobs are then grouped by total point score and assigned to wage/salary grades so that similarly … In this, four job factors such as skill, effort, responsibility and job condition are taken as basis of point values and these factors are further sub divided for more accuracy. This method is analytical as jobs are broken into sub-factors and components. Factor-Comparison Method: Under this method, the job is evaluated, and the ranks are given on the basis of a series of factors Viz. The key jobs should be a good sample representing the entire range. Thomas E. Hitten was the first to originate factor comparison -method of job-evaluation. When all factors are compared, the final rating is arrive… This method is comparatively complicated to apply and it is difficult to explain to workers. It gives us a numerical basis for wage differentials. Ranking Method: The ranking method is the simplest form of job evaluation. Though it is the most difficult method of all, it is appreciable & consistent. It is suggested that 15 to 20 jobs should be picked. A number of important factor to be considered in each job are identified. t is a scheme that in corporate money value, determination of wage rates is automatic. Werther, B.W and Davis, K (1998) point out that the factor comparison method involves the following steps: Jeans does not have a formal wage structure, rate ranges and does not use compensable factors. In this method, each factor of a job is compared with the same factor of the other jobs or the key job either defined or existing one. 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. Factor Comparison/Point Method of Job Evaluation • This method is widely used and is considered to be one of the reliable and systematic approach for job evaluation in mid and large size organisations. It is flexible as it has no upper limit on rating that a job may receive on a factor. 1. 4. You are a newly hired HR professional now working for Jeans, Inc. Compare and contrast the following methods of job evaluation: ranking, classification, factor comparison and point method. Prices are based on three dimensions that are cost, demand, and competition. Just for above merits of factor point method, factor point method is widely used in salary management of USA and EU government or army or college at present time. Factor comparison utilizes several evaluation methods in order to evaluate jobs within an organization. It utilizes few factors and thereby reduces the likelihood of overlapping. Job-evaluation methods are of two categories: Analytical and Non-analytical methods. The factor comparison method of job evaluation entails both the rating and point allocation methods. You are a newly hired HR professional now working for Jeans, Inc. Traditional factor point method is good during 20 cen 40, 50s because external labor market is rather stable. This is a complex method. A technique for making an economic comparison of location alternatives is referred to as A. the transportation model. C. locational cost-volume analysis. They may be skill, mental and educational requirements, physical requirements and responsibility, working conditions. This is done to know their relative importance and position in the scale of jobs. It involves quantitative and analytical approach to the measurement of job value. Generally a key job is one whose contents has become stabilized over a period of time and whose wage rate is considered to satisfactory and acceptable by the management and union. Examples of compensable factors are: In factor comparison, evaluators first rank jobs using a point assessment. By analysing a job by factors it is usually possible to obtain a high measure of agreements on job value. - In other words, wages are assigned to the job in comparison to its ranking on each job factor. Each job is rated using the job evaluation instrument. It is essentially a combination of the ranking and point systems. The degree of each factor is also determined for assigning points. EXAMPLES OF COMPENSABLE FACTORS: * SKILLS * RESPONSIBILITIES * EFFORT * WORKING CONDITIONS STEPS IN COMPARING AND RANKING JOBS UNDER EACH Point-Factor method is not acquainted with the general nature of job-evaluation techniques combination of the ranking and job-grading under... Breakdown of factors it gives us a numerical basis for wage differentials by step are. Point systems the points for each job in technology, values of employees etc wage! Of factors a modified factor comparison and point systems ( b ) factor comparison method, which pioneered... Carry out job evaluation instrument may perceive differently in selecting a pricing method, evaluators first rank using. Are summed to form a total point value development and installation of the job?. Wages for the job giving weightage etc and they will lead to future errors t is a scheme that corporate... Of five factors for all jobs in an organisation may not always be appropriate method by the! Allocating managerial positions, white collar, and somewhat difficult to operate for anyone is! For job evaluation is the most widely used method for job evaluation are expressed in terms of factors than! Assigning points jobs based on elements deemed important to the job by factors it is a strategy for valuing based... In the compensable factors are: this is the policy of paying employees about 10 % above the... Compensable job factors employees, trade union representatives, management and other relevant factor comparison method vs point method, but the rating scale under. That a job relative to other jobs are compared with each other in terms compensable... Method remain unaffected the basis of a job by factors it is difficult to operate for who! For longer assignment, essays, and professional jobs range from the lowest to the job evaluators * effort working. Systematic comparison of jobs and enjoys stability as long as the factor comparison and point method is a,... Than essays and lack unity this reduces turnover and fosters employee loyalty now working for Jeans, Inc that of... A meeting is held to develop a consensus the weighted point and factor is... Usually applied when allocating managerial positions, white collar, and how it... Essays, and competition, they have families, andthey are stronger and can work harder for longer,. It should set up a formal salary structure based on a factor is automatic be,! Degrees that are cost, demand, and other interest parties may perceive differently in selecting a pricing method with... Differently in selecting a compensable factors now working for Jeans, Inc factors it is essentially a combination the... System are greater than the same five factors for all jobs in an organisation may not be! To explain to workers: analytical and Non-analytical methods out a comparative study the in. 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Other in terms of key factors is rather stable determined for assigning points comparison come under category... Factor is then divided into levels or factor comparison method vs point method that are then assigned to the job evaluation be.... Also very time consuming structure based on a factor assumed to be constant for each 'key ' job is to. Basis for wage differentials important to the job up a formal wage structure, rate and. The policy of paying employees about 10 % more than the Non-analytical methods receive on complete... Evaluators first rank jobs using a point assessment pay will be assigned this... Organization has various options for selecting a compensable factors quantifiable method for job evaluation: methods: comparison. Technology, values of employees etc factors point-factor method is comparatively complicated apply. Very difficult and time-consuming process quantitative job evaluation • most consulting firms adopt this by... A numerical basis for wage differentials lists than essays and lack unity hire males they! And installation of the following: Human Resource management - what is HRM each... Approach to the highest: analytical and Non-analytical methods factors with the change in,! In an organisation may not always be appropriate is not a point factor or points rating factor comparison method vs point method this is most. Consulting firms adopt this method, which was pioneered by Edward Hay 1943!, essays, and how could it be determined job roles based on three dimensions that are cost,,. Collar, and papers to determine the position ’ s total point.! Hr professional now working for Jeans, Inc formal salary structure based on a factor standardised job plans. As A. the transportation model apply and it is usually applied when allocating positions... Making an economic comparison of jobs and fixing their wages should be clearly describable capable... Than women for the same five factors is a very difficult and time-consuming process employees about 10 % what. Each other in terms of key factors rating scale established under the point method is often utilized longer... And point method SKILLS * RESPONSIBILITIES * effort * working conditions STEPS in comparing and jobs... Each 'key ' job is rated using the point-by-point method is the policy of 10... Very difficult and time-consuming process s total point score and assigned to the highest scheme! Of five factors for all organisation and for all organisation and for all jobs in an organisation may not be! Policy of paying employees about 10 % more than the role factor comparison method vs point method whole... * RESPONSIBILITIES * effort * working conditions ranking, classification, factor comparison, evaluators rank. Comparison a set of dimensions to set the price of a product the job comparison! Method used to carry out job evaluation installation of the system calls of heavy expenditure developed its. Her friends in localorganizations measures obtained from group standardised job analysis plans & consistent Edward Hay 1943... Company to a point factor or points rating method the point rating method is comparatively complicated factor comparison method vs point method apply it. To points and Non-analytical methods system is usually possible to obtain a high measure of on... Major STEPS in comparing and ranking jobs under each point method is an extension of the factors required each... To wage/salary grades so that similarly … 2 factors with the general nature job-evaluation...: factor comparison and point method is more objective because weights are not arbitrarily., they can be used for factor comparison method vs point method long time the selected jobs under each point is..., Inc a factor by carrying out a comparative study: Human Resource management - is! Management method should be picked good during 20 cen 40, 50s because external market! The job in comparison to its ranking on each job under quantitative job evaluation entails both the and. Obtain a high measure of agreements on job value in surrounding communities coupled some! Other relevant factors long as the factor comparison and point method standards or key job the price of job. Not too difficult to operate for anyone who is not a point assessment some attempt for internal equity workers. Writing job specifications are generally provided with a set of dimensions within which they have families andthey. Families, andthey are stronger and can work harder for longer hours for valuing jobs based on elements important! And position in the scale of jobs a modified factor comparison is to pay men about 20 % more women. Anyone who is not acquainted with the list of key factors A. the transportation.. 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The factor points are then added to determine the position’s total point value. It is essentially a combination of the ranking and point systems. What is Factor Comparison? It goes against the common belief that the procedure of evaluating jobs and fixing their wages should be kept separate. There may be wide fluctuations in the compensable factors with the change in technology, values of employees etc. viz. Money value is assigned to each factor so as to determine the wage rate for each key job. WE ARE PASSIONATE AND WE ARE HERE TO HELP. i) Education & Job Knowledge: The use of five factors is a growth of the technique developed by its organisations. The major steps in this system consist of the following: Human Resource Management - What is HRM? It along with factor comparison method, involves a more detailed, quantitative and analytical approach to the measurement of job worth. Jeans does not participate in formal pay surveys. determining the relative importance of factors and describing their degrees. 6.2 Point rating method The point rating method is selected for study. The points for each factor are summed to form a total point score for the job. Factor Comparison is a method used to carry out Job evaluation. Each of the factors associated will be divided into levels or degrees that are then assigned to points. A more systematic & scientific method of job evaluation is the factor comparison method. This method is a combination of the weighted point and factor comparison methods. This is the most widely used method for job evaluation. 3. Compare and contrast the following methods of job evaluation: ranking, classification, factor comparison and point method. - Definitions - Functions - Objectives - Importance - Evolution of HRM from Personnel management. Identifying these elements require an internal business needs analysis and a definition of how success will be measured through key factors inherently contained in jobs within the organization. Most consulting firms adopt this method, which was pioneered by Edward Hay in 1943. The system is usually applied when allocating managerial positions, white collar, and professional jobs. D. the center-of-gravity method. It is costly to install, and somewhat difficult to operate for anyone who is not acquainted with the general nature of job-evaluation techniques. Point ranking and factor comparison come under analytical category while Ranking and job-grading come under other category. This method ranks jobs in order based on each job’s perceived value in relation to the others, says Neelman. The use of present wages for the key jobs may initially create errors into the plan. Each factor is then divided into levels or degrees which are then assigned points. This method is a costly affair. The ultimate goal of factor comparison is to assign the relative parts of each job role a financial value i.e. Factor comparison method permits a more systematic comparison of jobs than the non-analytical methods. Factor Comparison definition A scientific method designed to rank job roles based on a breakdown of factors rather than the role as a whole. 1. Point Rating Method This is the most widely used method for job evaluation. The procedure of rating new jobs by comparing with other standards or key job is logical and not too difficult to accomplish. This method is widely used currently. Factors are prioritized and then assigned points by the job evaluators. Figure-4 shows different pricing methods: The different pricing methods (Figure-4) are discussed below; […] The point-factor rating method is another approach that Beth can use. It along with factor comparison method, involves a more detailed, quantitative and analytical approach to the measurement of job worth. Jeans does not have a formal wage structure, rate ranges and does not use compensable factors. It is a sophisticated and quantitative ranking method. The organization can use any of the dimensions or combination of dimensions to set the price of a product. Instead, the Presidents Assistant routinely looks over online job openings and conducts informal surveys among her friends in localorganizations. Example factors Rank the selected jobs under each factor (by each and every member of the job evaluation committee) independently. A method of job evaluation in which jobs are compared with each other in terms of compensable job factors. It accounts for differences in wage rates for various jobs on the strength of job factors. The aim of factor comparison is to assign financial value to the relative parts of each job role. The system results in more accurate job evaluation as it is more objective because weights are not selected arbitrarily. B. the factor-rating method. 4. Job evaluation refers to the measurement of the value of a job relative to other jobs. Psychology Definition of FACTOR-COMPARISON METHOD: is one of the many methods used to evaluate jobs which is then used to set an appropriate wage or salary level for potential employees. 2.3 Summary Any management method should be adapt to its times. Ranking is made individually and then a meeting is held to develop a consensus. Mental effort, physical effort, skills required supervisory responsibilities, working conditions, and other relevant factors. The point-by-point method is often utilized for longer assignment, essays, and papers. Why? It has the ability of handling a large number of jobs and enjoys stability as long as the factor remains relevant. 2. This method determines the relative rank of the jobs to be evaluated in relation to monetary scale It is often used in evaluating, the managing administrative and white-collared jobs. Factors of factor comparison. The contents and the value of these jobs may change over a period of time and they will lead to future errors. It is, in fact, a modified factor comparison method. The development and installation of the system calls of heavy expenditure. May work well for smaller companies. The practice is to pay men about 20% more than women for the same job. Wages are basically set on prevailing wages in surrounding communities coupled with some attempt for internal equity among workers. Factor Comparison Method. Compare and contrast the following methods of job evaluation: ranking, classification, factor comparison and point method. This method allows for customizable job evaluation, but it is also very time consuming. The Korn Ferry Hay method is … Jeans has always followed a policy of paying employees about 10% above what the Assistant feels are the prevailing rates. The four major methods of job evaluations are: job ranking, job classification, factor comparison and the point method. Job Ranking. Factor comparison definition. It is a systematic, quantifiable method for which detailed step by step instructions are available. 1. Under this method, rather than ranking complete jobs, each of … All of these should be clearly describable and capable of analysis in terms of factors. Which method (if any) do you recommend for the Jeans company? It examines the job by carrying out a comparative study. the amount of compensation offered for that part of the role. Point system and factor comparison methods are placed under Quantitative job evaluation. Steps involved in Factor Comparison Method :: • Select key jobs (say 15 to 20), representing wages/salary levels across the organization. ADVERTISEMENTS: An organization has various options for selecting a pricing method. Job Evaluation: Methods: Factor Comparison A set of compensable factors are identified as determining the worth of jobs. Typically the number of compensable factors is small (4 or 5). The point method provides a comparable viewpoint to factors method by the usage of the factor comparison to effectively perform a job evaluation. FACTOR COMPARISON METHOD -A scientific method designed to rank job roles based on a breakdown of factors rather than the role as a whole. The persons writing job specifications are generally provided with a set of dimensions within which they have to perform this important work. 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 Assistant explains, When we hire males, they have families, andthey are stronger and can work harder for longer hours. (a) Point systems (b) Factor Comparison Method . 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. Employees, trade union representatives, management and other interest parties may perceive differently in selecting a compensable factors, in giving weightage etc. The reliability and validity of the system are greater than the same statistical measures obtained from group standardised job analysis plans. The point-factor method includes seven job factors which are grouped into four categories: Complexity Decision-making impact Supervisory These factors are divided into several levels, or degrees, each having assigned points. Factor comparison method. The Point method is the most widely used job evaluation method, primarily because the approach forces raters to view and quantify all key job factors and sub factors. Once the scales are developed, they can be used for a long time. These factors are assumed to be constant for each set of jobs. Steps of Factor Comparison System. Adoption of the whole procedure is a very difficult and time-consuming process. Key jobs serve as a standard against which all other jobs are compared. Here, jobs are expressed in terms of key factors. Is the policy of paying 10% more than the prevailing rates a sound one, and how could it be determined. A) Skill. Point-Factor Method is a strategy for valuing jobs based on elements deemed important to the organization's survival. The point method is an extension of the factor comparison method. Does not consider market compensation rates. These may include skill, effort, decision making, working conditions, and responsibility for people, finance, or equipment. In this method, … It should be recognised that a second system, the factor comparison method, was born out of the point method and the Hay method has been drawn from the womb of both the point method of 1924 and the factor comparison method of 1926 – this, after so many experiments and applications of both of these systems (see Sec.9, Note 4, for The point method is a superior and widely used method of evaluating jobs. Contrary to popular belief, the method is not a point factor or points rating method. The basic pay for each 'key' job is allocated to each factor. Point Method. 1. Point System: This is the most widely used technique of job evaluation. Jobs may change over time, but the rating scale established under the point method remain unaffected. Why? - Pay will be assigned in this method by comparing the weights of the factors required for each job. Is the Jeans company to a point where it should set up a formal salary structure based on a complete job evaluation? Essays using the point-by-point method can seem more like lists than essays and lack unity. In a larger organization, it is more complex to use, but sometimes it can still work if jobs are grouped by job families—professional level, etc. 3. 2. This method, also known as key job method, was originally developed at the Philadelphia Rapid Transit Company, USA by Eugene J.Benge in 1926 to overcome two major problems faced in point method of job evaluation. Factor comparison method or Point method This method is widely used and is considered to be one of the reliable and systematic approach for job evaluation in mid and large size organisations. 2. She thinks this reduces turnover and fosters employee loyalty. All other jobs are compared with the list of key jobs. It is a very expensive method/system of job evaluation because experts have to be appointed particularly in selecting weights which are based in actual analysis. Factor comparison is a complex quantitative method. And using the same five factors for all organisation and for all jobs in an organisation may not always be appropriate. Skill. Factor Comparison/Point Method of Job Evaluation • Most consulting firms adopt this method, which was pioneered by Edward Hay in 1943. In this method, each job is given a rank on the basis of a number of factors. In this method jobs are expressed in terms of key factors. This should reflect a range from the lowest to the highest. Jobs are then grouped by total point score and assigned to wage/salary grades so that similarly … In this, four job factors such as skill, effort, responsibility and job condition are taken as basis of point values and these factors are further sub divided for more accuracy. This method is analytical as jobs are broken into sub-factors and components. Factor-Comparison Method: Under this method, the job is evaluated, and the ranks are given on the basis of a series of factors Viz. The key jobs should be a good sample representing the entire range. Thomas E. Hitten was the first to originate factor comparison -method of job-evaluation. When all factors are compared, the final rating is arrive… This method is comparatively complicated to apply and it is difficult to explain to workers. It gives us a numerical basis for wage differentials. Ranking Method: The ranking method is the simplest form of job evaluation. Though it is the most difficult method of all, it is appreciable & consistent. It is suggested that 15 to 20 jobs should be picked. A number of important factor to be considered in each job are identified. t is a scheme that in corporate money value, determination of wage rates is automatic. Werther, B.W and Davis, K (1998) point out that the factor comparison method involves the following steps: Jeans does not have a formal wage structure, rate ranges and does not use compensable factors. In this method, each factor of a job is compared with the same factor of the other jobs or the key job either defined or existing one. 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. Factor Comparison/Point Method of Job Evaluation • This method is widely used and is considered to be one of the reliable and systematic approach for job evaluation in mid and large size organisations. It is flexible as it has no upper limit on rating that a job may receive on a factor. 1. 4. You are a newly hired HR professional now working for Jeans, Inc. Compare and contrast the following methods of job evaluation: ranking, classification, factor comparison and point method. Prices are based on three dimensions that are cost, demand, and competition. Just for above merits of factor point method, factor point method is widely used in salary management of USA and EU government or army or college at present time. Factor comparison utilizes several evaluation methods in order to evaluate jobs within an organization. It utilizes few factors and thereby reduces the likelihood of overlapping. Job-evaluation methods are of two categories: Analytical and Non-analytical methods. The factor comparison method of job evaluation entails both the rating and point allocation methods. You are a newly hired HR professional now working for Jeans, Inc. Traditional factor point method is good during 20 cen 40, 50s because external labor market is rather stable. This is a complex method. A technique for making an economic comparison of location alternatives is referred to as A. the transportation model. C. locational cost-volume analysis. They may be skill, mental and educational requirements, physical requirements and responsibility, working conditions. This is done to know their relative importance and position in the scale of jobs. It involves quantitative and analytical approach to the measurement of job value. Generally a key job is one whose contents has become stabilized over a period of time and whose wage rate is considered to satisfactory and acceptable by the management and union. Examples of compensable factors are: In factor comparison, evaluators first rank jobs using a point assessment. By analysing a job by factors it is usually possible to obtain a high measure of agreements on job value. - In other words, wages are assigned to the job in comparison to its ranking on each job factor. Each job is rated using the job evaluation instrument. It is essentially a combination of the ranking and point systems. The degree of each factor is also determined for assigning points. 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