A set of compensable factors are identified as determining the worth of jobs. Show
Typically the compensable factors include the major categories of:
These factors can then be further defined.
The point method is an extension of the factor comparison method. Each factor is then divided into levels or degrees which are then assigned points. Each job is rated using the job evaluation instrument. The points for each factor are summed to form a total point score for the job. Jobs are then grouped by total point score and assigned to wage/salary grades so that similarly rated jobs would be placed in the same wage/salary grade.
Tips
GroupingAfter ranking, the jobs should be grouped to determine the appropriate salary levels. SoftwareInteractivePoint-Method Program
(https://hr-software.net/cgi/JobEvaluation.cgi) Universal Compensable Factors, Hay Factors and Dimensions UNIVERSAL COMPENSABLE FACTORS 1. Skills:
2. Responsibilities:
3. Efforts:
4. Working Conditions:
The above are commonly known as Universal Compensable Factors. HAY FACTORS AND DIMENSIONS (KORN FERRY)
I tried to make the list a comprehensive one by integrating lots of articles, books, and other sources. I hope it will be helpful. Will be happy to see your reactions! Sources: X Welcome to the Employee Compensation (Pay Structure) forum. The topic being discussed here is: "Universal Compensable Factors, Hay Factors and Dimensions". Will you join us? It's free. Log in Which job evaluation method identifies a job various compensable factors for which the Organisation is willing to provide compensation?The point factor method is the most commonly used approach to job evaluation. This method identifies four primary compensable factors used to determine pay. These factors include: Skills (years of experience, level of education and overall ability)
What method of job evaluation uses compensable factors?The point factor method is a commonly used quantitative technique. This approach breaks down jobs into compensable factors identified during a job analysis. Points are assigned to the factors, and a pay structure is established for the position.
Which job evaluation method identifies a job various compensable factors quizlet?The point method of job evaluation involves identifying several compensable factors, each having several degrees, as well as the degree to which each of these factors is present in the job.
What is compensable factors How does an organization determine compensable factors?A compensable factor is a value or trait that employers use to determine how much to pay an employee. Compensable factors for sales employees could include the dollar value of new account registrations, contract extensions and upselling activities, as well as experience, education, and tenure.
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