Factor comparison is a systematic method of evaluating a job based on various factors instead of evaluating the job as one single factor. The goal of factor comparison is to assign financial value to the various factors of the job’s role.
The factor comparison model for job evaluation is used by HR to compare the different values and factors affecting a particular job role and hire on the basis of the factors required for a particular job role. To form an effective factor comparison method you should follow the below-mentioned steps;
Identify and list all the factors affecting a particular job role and its compensation. It may include things like previous job experience, educational analysis, skills, and abilities of the candidate.
Once the factors are identified they should be listed in the order of importance of the factors for the particular job role.
Create a value for each factor after researching the job listing and the average compensation given for a particular job role.
After the values have been set, compare the values with different factors and form a proper evaluating process that should be followed to hire a candidate.
Factor comparison is calculated based on the following factors;
Factor comparison is used to reduce the unnecessary individual items and form a proper and organized criteria which helps in deciding the compensation for the employees for a particular job role.
Factor comparison has the following benefits;
Factor comparison has the following demerits;
Let your HR and workforce focus on most important business decisions while factoHR can reduce the burden of daily activities of the organization.