Total Rewards Module 3 - Establishing Job Worth Flashcards
What is the process for establishing job worth?
Job analysis
Job description and specification
Base pay methods
=Job worth which leads to Job structure
What are the five common approaches to job analysis?
Position Analysis Questionnaire (PAQ) Critical Incident Task Inventory Competency-Based Functional Job Analysis
What is position analysis questionnaire?
Collection of quantifiable data to determine the degree to which large number of standard worker-oriented job elements are performed in a job.
Job elements include mental processes, work output, etc.
What is task inventory analysis?
Involves the identification of all job tasks specific to an organization in order to create a job questionnaire for incumbents to complete.
What is the critical incident method?
Involves the collection of specific task statements that describe the tasks most important in carrying out the job successfully.
What is competency-based analysis
Focuses on identifying the key competencies required in performing the job versus the tasks involved.
What is functional job analysis?
Results in task statements comprised of four components: Who performs what To whom or what With what tools, equipment, or processes To achieve what purpose or outcome
What are the methods of determining base pay?
Market Pricing Method
Pay for Knowledge Method
Job Evaluation Method
What is the market pricing method? What are the advantages and disadvantages?
Uses market surveys to determine average market rate.
Advantages: simple, uses salary surveys, ensures market competitiveness
Disadvantages: availability and quality of job matches, no control, may violate pay equity
What is the pay for knowledge method?
Looks at employees skills, competencies, and knowledge.
Advantages: encourages employee growth, flexible job assignment, no job descriptions required
Disadvantages: can result in over paying, difficult to align with the market, may violate pay equity
What is the job evaluation method?
A systematic approach to examining the whole job or the sum of its parts to determine job worth.
Advantages: centralized control, ensures internal equity and external competitiveness, encourages development of job descriptions and specifications, pay equity compliant
Disadvantages: requires a job-evaluation system, can be perceived to be subjective, less flexible
What are the non-quantitative methods of job evaluation?
Ranking - according to value
Job Classification/Grading - generic job descriptions used to anchor a job grading structure against which all jobs are compared
What are the quantitative methods of job evaluation?
Factor Comparison - dollar values are assigned to job factors and added to determine value
Point-Factor - numerical values are assigned to job factors to determine values
These are compensable factor job methods
What are universal compensable factors?
Skill, effort, responsibility, and working conditions
What is skill?
The experience, training, ability, and education required to perform a job.
