MHR 523 Lecture Notes - Lecture 7: Job Evaluation, Prevailing Wage, Total Rewards

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Five elements: compensation, benefits, work-life balance, performance and recognition, development and career opportunities. Stage 3: combine job evaluation and salary survey to determine pay. A systematic comparison to determine relative worth of jobs within a firm. Benchmark job critical to operations or commonly found in other organizations. Compensable factors fundamental, compensable element of a job. Jobs are ranked based on a common criteria. Various jobs are classified into different groups. Each group has relative ranks assigned to the jobs. Jobs are broken down into compensable factors and assigned weights or points. Compensable factors are used to determine the worth of jobs. 1: select compensable factors and rank all benchmark jobs, compare jobs to market rates and assign monetary values for each compensable factor, evaluate all jobs by comparing them with their respective benchmark jobs. Information can be obtained through any or a combination of. Stage 3: combine job evaluation and salary survey information.

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