What is the meaning of factor?
Some parameters or factors are considered while undertaking any evaluation or measurement that not altogether predicts any rank for a job but are divided into various factors that rank the job and create a successful evaluation.
What is the meaning of comparison?
Comparison also holds the same meaning. The comparison here is comparing the factors that determine the job evaluation.
What is the Factor-Comparison method?
Factor comparison is a scientific and systematic method mainly created and developed for job evaluation. There are a series of parameters or factors involved in the factor-comparison method. This method helps by assigning and giving value to each job role in a company and not just to the whole job.
Factors involved in the Factor-Comparison:
There are several factors involved in the factor-comparison:
- Physical effort
- Mental effort
- Working conditions
- Skill
- Responsibility
Advantages of Factor-Comparison:
- This application is very broad
- This assigns the money in a fair method
- This gives surety to the company to get a reasonable return on the company's investments.
- This is a flexible method as it doesn't consist of any upper limit to its rating on various factors
Disadvantages of Factor-Comparison
Here are some of the disadvantages of Factor-Comparison:
- The cost is very high
- It is necessary to make decision on evaluating each factor
- It was very time consuming process
Factor comparison steps
Here are some of the steps involved in the factor comparison:
- Selecting key jobs across the comparison, around 20 to 25 jobs
- Selecting evaluation parameters for each of the job selected
- Providing ranks to each job under each sector
- Assigning a monetary value to each job parameter
- Dividing money value of the job amongst all the formulated factors
