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 …
Jobs are divided into component factors. Points or weights are assigned to each factor depending on the degree of its importance in a particular job, the total points for a job indicate its relative worth or value. Procedure- Determine the …
Few Key jobs are selected and compared in terms of common factors. Procedure involved- Select and Define the factors Select Key Jobs Rank Key Jobs by Factors Decide Rates For Key Job Apportion the Wage Rate Evaluate the Remaining Jobs. …
Also known as job classification. Job classes or grades are established. A job grade is a group of different jobs of similar difficulty or requiring similar knowledge and skills to perform. Each job grade is defined in the form of …
In this method, each job as a whole is compared with other jobs. After comparison, all jobs are arranged from the highest to the lowest in order to their importance as judged by duties, responsibilities, and demands on the jobholder. …
Divided into- 1. Non-Quantitative Method – A job is compared as a whole with other jobs. Ranking or Job Comparison Grading or Job Classification 2. Quantitative Methods – Key factors of the job are selected and measured. Point Rating Factor …
It is the process of analysis and assessment of jobs to ascertain reliably their relative worth using the assessment as the basis for a balanced wage structure. Job evaluation is an orderly and systematic technique of determining the relative worth …
Justice Higgins developed his concept of a living wage as one which should not only provide for food, clothing and shelter but for some frugal comfort of life, good education to children, some amusement and provision for sickness and old-age …
It is the wage that is sufficient to cover the bare physical needs of a worker and his family. Wages defined by Benham – “Wages are a sum of money paid under contract by an employer to a worker for …