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Job ranking refers to a system that ranks all occupations inside a firm and assigns them to a defined scale based on the overall tasks, responsibilities, pay level, and obligations of each job. Each work is frequently awarded grades or job categorization levels so that it may be properly managed and categorized inside the firm.
Although various firms have distinct ranking schemes, the ultimate purpose is to appropriately establish job responsibilities. This also allows businesses to compare similar jobs at other firms in their industry. As a result, a job categorization system looks at the skills and abilities rather than the skill level and ability of someone already in that position.
There are various factors/parameters affecting the job ranking. Some of these factors are:
Jobs that require more skills and knowledge are more worth than the jobs which require less skills. Also highly skilled jobs demand more payout/compensation as compared to the jobs that require less skills of an individual.
One of the major factor in any job evaluation would be the amount of required to fulfil a specific job. More will be the efforts required, more will be the value of that job and more compensation will be paid to that individual.
The roles and responsibilities of an individual are one of the major factor affecting the ranking of job. Number of responsibilities an individual is handling in a specific job role determines the payout an individual will get.
The risk associated with a particular job role also determines the ranking of job of an individual. More critical is the job role, more value it will have for the organization. In addition to the factors stated above risk association with the job role is also another factor affecting job ranking.
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