Factor-comparison | Meaning and Definition

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:

  • 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