The Hay Plan is a special type of point method of job evaluation used by the consulting firm, the Hay Group.
It uses 3 factors and numerically measures the degree to which each of these factors is required in each job.
The three factors and their sub-factors are as follows-
Know-How- Functional expertise ie technical knowledge, Managerial Skills, Human Relations ie. responsibility for monitoring others.
Problem Solving (Mental Activity) – It is the amount of original thinking required by the job for decision making. It includes freedom to think. Types of mental activity required are complexity, abstractness, originally of thoughts.
Accountability– It means answerability for actions taken on the job. It includes freedom to act, monetary aspect, and impact of the end results.
Tag:11commerce, 11economics, 11thcommerce, 12accounts, 12commerce, 12economics, advantages of Grading Method of Job Evaluation, BComAccounts, CAFinalAccounts, CAfoundation, CAfoundationAccounts, CAfoundationEconomics, CAfoundationLaw, CAHARSHITA, CAInterAccounts, commerceachiever, commerceoptional, disadvantages of Grading Method of Job Evaluation, Economics, gLOSSARY OF hrm, Grading Method of Job Evaluation, Hay Plan, Hay Plan of job evaluation, HR Glossary, incometax, mba hr, mba hr notes, suitability of Grading Method of Job Evaluation, tax, the Hay Plan, UGCNETCommerceOptional, UPSC Commerce Optional Previous Year Papers, UPSCcommerceOptional, UPSCoptional