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Statistics for Business and Economics13th EditionDavid R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams 1,691 solutions Quantitative Methods of job evaluation are: (a) Factor Comparison Method The relative worth of job is studied on the basic of five important factors related to a job. These factors are (1) working condition, (2) physical requirements, (3) mental requirements, (4) skill requirements and (5) responsibilities involved. Some key jobs are selected for the study. A factor comparison scale is developed and the key jobs selected are fitted to this scale. Now a job comparison scale is constructed and other jobs are evaluated and compared with these key jobs. Advantages 1. This method is more systematic and objective. 2. It can be applied to a variety of jobs. 3. It is easily understood by the workers. 4. It can also be applied to new jobs created in the organisation. Disadvantages 1. It is costly and time consuming to rate every job on a five factor analysis. 2. It requires more knowledge and skill on the part of the evaluators. 3. The pay fixed for each job under factor comparison method is based on judgements that are not objective. 4. The use of only five factors for job evaluation is questionable as job differ across and within organisation (b) Point Method Job elements or factors are identified under this method. A job manual is used which contains these factors and the degree of each factor to be valued. It also states the weightage to be given to each factor. Points are assigned to job based on these factors, their degrees and weightages. The total points credited to each job determine the value of such jobs and suitable wage rates are fixed. Advantages 1. It is complex in nature and difficult to workers at lower level. 2. The assignment of weights to factors may be biased. 3. It is expensive and a lot of clerical work is involved. 4. The factors identified may not be exhaustive and accurate . Disadvantages 1. Job evaluation is the basis for determination of wages and salary for employees. 2. It prevents disparity in the payment of wages and facilitates employees satisfaction. 3. It provides a basis for wage revision and negotiation with trade unions. 4. It also helps in determining incentive and bonus plans for employee. Which of the following is a disadvantage of the factor comparison method of job evaluation? Factor Comparison definition A scientific method designed to rank job roles based on a breakdown of factors rather than the role as a whole. The ultimate goal of factor comparison is to assign the relative parts of each job role a financial value i.e. the amount of compensation offered for that part of the role. Factor comparison breaks down a job into a small number of key factors, such as skills, effort, knowledge and responsibilities. The next stage is to identify benchmark jobs, which are well-known positions that retain consistency across different companies and organisations. Each job is then assigned a salary, which is further broken down for each factor. Advantages of factor comparison include its broad application – it can be applied to a wide range of job roles and industries, and can also be applied to new roles in order to compare them to similar positions. Distilling the value of the job in monetary terms can also help organisations make sure their recruitment methods provide a decent ROI. One of the main disadvantages is that someone has to make a decision on the relative worth of each factor e.g. someone may believe knowledge is worth more than skills and give this factor ‘too much’ salary. What is the major disadvantage of the factor comparison system of job evaluation?The disadvantages of factor comparison: - someone has to make a decision on evaluating the relative worth of each factor, - cost, - it's time consuming.
Which of the following is a disadvantage of the job classification method of job evaluation?A disadvantage of job classification is that data pools are small because they only apply to the company that created them. This means whenever companies create a new job, the only thing you have to compare it to is the other jobs that already exist within the company.
What are the advantages of Factor comparison method?(1) It is a systematic, quantifiable method for which instructions are available. (2) Jobs are compared to other jobs to determine a relative value. (3) It is a fairly easy system lo explain to employees. (4) There are no limits to the value which may be assigned to each factor.
What is meant by 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.
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Which of the following is a disadvantage of the factor comparison method of job evaluation?
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