Job evaluation and compensation

Correct Answer: Factor Comparison Method

The Factor Comparison Method involves identifying key job factors, assigning a monetary value to each factor, and then determining the job's worth by summing the values of its factors. The Point Factor Method uses points instead of monetary values to evaluate jobs based on key factors. The Ranking Method orders jobs based on overall value without breaking them down into specific factors. The Classification Method groups jobs into predefined categories based on their duties and responsibilities, rather than assigning specific values to each factor.

Correct Answer: Competency-Based Job Evaluation

Competency-Based Job Evaluation assesses positions based on the skills, competencies, and alignment with the organization's strategic objectives, rather than solely on compensable factors. Other methods like Factor Comparison, Market Pricing, and Point Factor Job Evaluation primarily focus on compensable factors or external market data.

Correct Answer: Factor Comparison Method

The Factor Comparison Method is the correct answer because it effectively integrates both qualitative and quantitative analyses by assigning monetary values to compensable factors, such as skills, responsibilities, and working conditions. This allows for a precise comparison of jobs based on these financial benchmarks. The Point-Factor Method, while also using compensable factors, typically assigns points rather than monetary values, making it more of a quantitative approach. The Job Classification System categorizes jobs into different classes or grades without necessarily assigning specific monetary values to the factors. Competency-Based Evaluation focuses on assessing the skills and competencies required for a job, rather than incorporating monetary valuations of job factors.