Pay system

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Pay system

Interpersonal skills Internal and Pay system contacts In this point-factor system, autonomy ranks the highest and is given a weight of twenty-nine, while knowledge is given a rate of twenty, for example. Each of the compensable factors has a narrative that explains how points should be distributed for each factor.

The points are then multiplied by the weight for knowledge, the weight is twenty to give a final score on that compensable factor. After a score is developed for each, the employee is placed on the appropriate pay level for his or her score, as illustrated in Figure 6.

This proprietary job evaluation method focuses on three factors called know-how, problem solving, and accountability.

Then job descriptions are reviewed and assigned a set of statements that most accurately Pay system the job. The point values for each of the statements are added for each job description, providing a quantitative basis for job evaluation and eventually, compensation.

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An advantage of this method is its quantitative nature, but a disadvantage is the expense of performing an elaborate job evaluation.

Pay Systems Once you have performed a job evaluation, you can move to the third step, which we call pay grading. This is the process of setting the pay scale for specific jobs or types of jobs. The first method to pay grade is to develop a variety of pay grade levels.

Then once the levels are developed, each job is assigned a pay grade. When employees receive raises, their raises stay within the range of their individual pay grade, until they receive a promotion that may result in a higher pay grade.

The advantage of this type of system is fairness. Everyone performing the same job is within a given range and there is little room for pay discrimination to occur. However, since the system is rigid, it may not be appropriate for some organizations in hiring the best people.

Organizations that operate in several cities might use a pay grade scale, but they may add percentages based on where someone lives. If an organization has offices in both places, it may choose to add a percentage pay adjustment for people living within a geographic area—for example, 10 percent higher in New York.

Pay system

One of the downsides to pay grading is the possible lack of motivation for employees to work harder. They know even if they perform tasks outside their job description, their pay level or pay grade will be the same. This can incubate a stagnant environment.

Sometimes this system can also create too many levels of hierarchy. For large companies, this may work fine, but smaller, more agile organizations may use other methods to determine pay structure. For example, some organizations have moved to a delayering and banding process, which cuts down the number of pay levels within the organization.

General Electric delayered pay grades in the mids because it found that employees were less likely to take a reassignment that was at a lower pay grade, even though the assignment might have been a good development opportunity Ferris, So, delayering enables a broader range of pay and more flexibility within each level.

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Sometimes this type of process also occurs when a company downsizes. Rather than have, say, thirty pay levels, it may reduce this to five or six levels, with greater salary differentials within the grades themselves.

This allows organizations to better reward performance, while still having a basic model for hiring managers to follow. In this model, analysis of the going rate for a particular job at a particular time is considered when creating the compensation package.WAMAP is a web based mathematics assessment and course management platform.

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