Which of the following is true of the factor-comparison method of job evaluation?
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1. Which of the following is true of the factor-comparison method of job evaluation? -It is time consuming and difficult to use, which accounts for its limited popularity in organizations. 2. Which of the following is true of a pay adjustment matrix? -It reflects an employee’s vertical movement in an organization. 3. Which of the following is true of pay compression? -It is frequently a result of labor market pay levels increasing faster than current employees’ pay adjustments. 4. Organizational policies that discourage employees from sharing pay information with each other may violate the __________. -National Labor Relations Act 5. An employer using the first-quartile strategy chooses to “lag the market.” -True
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 definitionFactor 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. The aim of factor comparison is to assign financial value to the relative parts of each job role. Factors of factor comparison1. Skill 2. Mental effort 3. Physical effort 4. Responsibility 5. Working conditions Factor comparison steps1. Selecting key jobs across the company, arund 20-25 jobs. 2. Selecting corresponding evaluation parameters for each of the selcted jobs. 3. Giving ranks to each job under each formulated factor in an independent fashion. 4. Assigning an equivalent monetary value to each job parameter. 5. Dividing money value of the job amongst the formulated factors. Advantages and disadvantages of factor comparison The advantages of factor comparison method- its broad application, - ensuring companies that their recruitment and selection methods provide a reasonable return on investment, - fair way of assigning money value - flexibility of the method as there is no upper limit on the rating of the factors. The disadvantages of factor comparison: - someone has to make a decision on evaluating the relative worth of each factor, - cost, - it's time consuming. Do you use a modern recruitment software? If not, you're missing out. See how your life can be easier. Start your free 14-day TalentLyft trial.Start my free trialSimilar to thisA set of compensable factors are identified as determining the worth of jobs. Typically the number of compensable factors is small (4 or 5). Examples of compensable factors are:
Next, benchmark jobs are identified. Benchmark jobs should be selected as having certain characteristics.
The jobs are then priced and the total pay for each job is divided into pay for each factor. See example matrix below:
This process establishes the rate of pay for each factor for each benchmark job. Slight adjustments may need o be made to the matrix to ensure equitable dollar weighting of the factors. The other jobs in the organization are then compared with the benchmark jobs and rates of pay for each factor are summed to determine the rates of pay for each of the other jobs.
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What is factor comparison method in job evaluation?Factor comparison is a process that human resources professionals use to evaluate and compare different job candidates. By evaluating factors such as education, experience, skills, and qualifications, human resources professionals can identify the best candidates for a given position.
Which methods of comparison are used in a job evaluation?See Performing Job Analysis. Four primary methods of job evaluations used to set compensation levels are point factor, factor comparison, job ranking and job classification.
Which of the following is an advantage of the factor comparison method for job evaluation?It provides more accurate results than either the ranking or job grading methods do. It uses compensable factors, of which the worth of each is easily determined.
Which are the factors of job evaluation?These factors can then be further defined.. Skill. Experience. Education. Ability.. Responsibilities. Fiscal. Supervisory.. Effort. Mental. Physical.. Working Conditions. Location. Hazards. Extremes in Environment.. |
