BUSM 1100 Lecture Notes - Subfactor, Prevailing Wage, Job Evaluation
Document Summary
Job evaluation method in which number of compensable factors are identified, degree to which each of these factors is present in the job is determined, and an overall point value is calculated. Requires job descriptions and specifications: canada four compensable factors: skill, effort, responsibility, working conditions, include sub-factors to factors. Determine factor weights and degrees how often skill/effort/responsibility is used. Survey aimed at determining prevailing wage rates. A good salary survey provides specific wage rates for comparable jobs. Formal written questionnaire surveys are most comprehensive. Ways: informal communication with other employers, reviewing newspaper/internet job ads, surveying employment agencies, buying commercial/professional survey, reviewing online compensation surveys, conducting forma questionnaire-type surveys with other employers. Stage 3: combine the job evaluation and salary survey information to. Plotting a wage curve: graphic description of relationship between value of job and the average wage paid for this job. Pay range series of steps or levels within a pay grade, usually based on years of service.
