What is the Hay Point method?
The Hay Group Chart Profile method of job evaluation is used worldwide because it can be used to measure any type of position in any organization, regardless of industry. An evaluation conducted pursuant to the Hay method assigns points for three primary job components: know-how, problem solving and accountability.
What is the Hay method of job analysis?
The Hay Method of Job Evaluation measures jobs by assessing three distinct factors – the knowledge needed to do the job, the problem solving/thinking required by the job and the extent to which the job is accountable, within procedure, policy and managerial control/supervision, for achieving its objectives through the …
What is point evaluation method?
a method of evaluating jobs for the purpose of setting wage or salary levels in which a number of compensable job factors are identified, each factor is divided into degrees or levels, and points are assigned to each level; jobs can then be rated according to their total point score.
What is factor comparison?
Factor comparison is systematic and scientific method designed to carry out job evaluation which instead of ranking job as a whole, ranks according to a series of factors. The aim of factor comparison is to assign financial value to the relative parts of each job role.
What is hay model?
In Ontario, consistent with Pay Equity legislation, four factors are used in job evaluation: Skill, Effort, Responsibility and Working Conditions, which Hay translates into Knowledge, Problem Solving, Accountability and Working Conditions. The system works on an integration of all the factors.
How do you use Point method?
The point method is an extension of the factor comparison method. Each factor is then divided into levels or degrees which are then assigned points. Each job is rated using the job evaluation instrument. The points for each factor are summed to form a total point score for the job.
What is hay grading system?
Hay Job Evaluation is a method used by corporates and organizations to map out their job roles in the context of the organizational structure. Clarity in result areas and accountabilities in the processes of the organization. Enabling salary and benefit grading or benchmarking due to standardization of job levels.
What is point factor job evaluation?
Point-factor based job evaluation is a quantitative form of job evaluation that uses defined factors and levels within them. Job requirements are compared to the definitions of the factor levels, with corresponding points assigned to the job based on the relevant level.
What is a point factor system?
The point factor method is a commonly used quantitative technique. This approach breaks down jobs into compensable factors identified during a job analysis. Points are assigned to the factors, and a pay structure is established for the position.
What is Point factor approach?
How do you do the factor comparison method?
Factor comparison steps
- Selecting key jobs across the company, arund 20-25 jobs.
- Selecting corresponding evaluation parameters for each of the selcted jobs.
- Giving ranks to each job under each formulated factor in an independent fashion.
- Assigning an equivalent monetary value to each job parameter.
How does the Hay Point system work in an organization?
Hay Job Evaluation is a method used by corporates and organizations to map out their job roles in the context of the organizational structure. Clarity in result areas and accountabilities in the processes of the organization. Enabling salary and benefit grading or benchmarking due to standardization of job levels.
What are the three factors of the Hay Plan?
This being the case, it becomes evident that the Hay Plan is based on three factors: (1)The Know–how: All types of skill, knowledge, experience, education and special training required by the job. (2)Problem–solving: The level or degree of the conceptual skill in terms of initiation, creativity, and analysis.
How are jobs assessed using the hay method?
Initially, the Hay Method is based on the idea that jobs can be assessed in terms of: 1 The knowledge required to do the job. 2 The analytical ability needed to solve common problems 3 The responsibilities assigned. 4 The working conditions associated with the job.
How is the Hay Group chart profile used?
The Hay Group Chart Profile method of job evaluation is used worldwide because it can be used to measure any type of position in any organization, regardless of industry. An evaluation conducted pursuant to the Hay method assigns points for three primary job components: know-how, problem solving and accountability.