![]() ![]() There are four main techniques: Ranking, Classification, Factor Comparison, and Point Method. Job Evaluation A system for comparing jobs for the purpose of determining appropriate compensation levels for individual jobs or job elements.Job analysis techniques include the use of interviews, questionnaires, and observation. Job Analysis The process of analyzing jobs from which job descriptions are developed.Descriptions may be developed for jobs individually or for entire job families. Job Descriptions A critical component of both compensation and selection systems, job descriptions define in writing the responsibilities, requirements, functions, duties, location, environment, conditions, and other aspects of jobs.The components of a compensation system include These systems utilize many similar components including job descriptions, salary ranges/structures, and written procedures. Various compensation systems have developed to determine the value of positions. What are the components of a compensation system?Ĭompensation will be perceived by employees as fair if based on systematic components. Examples of such plans include: bonuses, commissions, stock, profit sharing, gain sharing. Conversely, an employer wishing to reduce employee turnover may seek to increase salaries and salary levels.Ĭompensation may also be used as a reward for exceptional job performance. In an attempt to save money, employers may opt to freeze salaries or salary levels at the expence of satisfaction and morale. Often there is a balance (equity) that must be reached between the monetary value the employer is willing to pay and the sentiments of worth felt be the employee. Morale and job satisfaction are affected by compensation. While an employer may set compensation levels for new hires and advertize those salary ranges, it does so in the context of other employers seeking to hire from the same applicant pool. To some extent, the availability and cost of qualified applicants for open positions is determined by market factors beyond the control of the employer. Recruitment and retention of qualified employees is a common goal shared by many employers. Time and Attendance/Workforce Management. ![]()
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