Compensation And Benefits - Doc Download

Dear Seniors,
I would appreicate if you could let me know the JOB EVALUATION BY
HAY CHART PROFILE METHOD .
I know that this is divided into four factors.
1. Such as KNOW HOW
2. PROBLEM SOLVING
3. ACCOUNTABILITY
4. PHYSICAL ENVIRONMENT/WORKING CONDITIOS.
My Question is :-
1. How many dimension these factors are subdivided, level of points.
2. What % should be alloted to each factors, each there any specific rule such 50% for know How and remaning to other factors. If so how the points are alloted.
3. Use of Weber formula in Hay Method.
4. What is the limitation of promotion as per Hay method, if so why?
I lookforward for your feedback.
Regards
Saji

Hello Saji,

I can only subscribe following information and methodology. Hay Group’s Job Evaluation methodology help bring together the right people, jobs and structures to execute their strategies.

Hay Guide Chart Methodology focuses on three core factors and eight sub-factors:
Using these 8 sub factors, Hay conducts evaluations for all the jobs. The outcome is a one line rationale for each evaluation. The evaluations will be reviewed by a steering committee and also may include the involvement of heads of departments.

This Job Evaluation system provides a consistent and objective framework to analyze organizational structures, evaluate people and jobs, define career progressions, develop reward programs and manage human resources more effectively.

Factors:
Know How
Technical know-how
Management breadth
Human relations skills
Problem Solving
Thinking environment
Thinking challenge
Accountabilityy
Thinking environment
Area of impact
Nature of impact

Remaining methodology is each factors is constituted of sub-factors with proper point weightages and degree levels are properly defined. While evaluating jobs each degree level and points are selected as per matching definations.

Attached one sample which is useful in understanding the methodology. There are many point factors rating scales from different diferent consulting companies such as Ernst & Young , Meric, Watson Waytt, etc they adopt similar methodologies what is important is principles and methodologies and its architecture compatible as per compensation philosophies of the companies these are acustamised job evaluation methodologies instead of following Brand of any particular company like Hay Group etc doesnot make any sence in you have in-house expertise to develop your own Job evaluation System because this system needs updating and enhancement from time to time which is expensive in light of the Hay Group and other branded Job Evaluations cost morethan INR 20,00,000 plus training cost and updating etc.

Regards

Captain

Captain,
This information has been very useful but still i have some doubt, is it possible for you to give your personal email ID and would be interested in exploring more.
Can you tell me more on the statement below
Definition and points allotment to each degree level.
Regards
Saji

Hi Friend,
My Attachment describe the 80% point rating factor job evaluation method. I only did not added the degree level definitions that you have to work out to design your acustamised methodologies.
Moreover, Let me inform you frankly that this kind of know-how cannot learned on internet. You have to
sit with one experts and understand :
what are stapes and stages of compensation management?
How these steps are linked with Job Analysis then Job Descriptions and finally Job Evaluation?
How salary Grades Structure is prepared?
How Salary Survey conducted to update Salary Grades with market prices?
How job weightages and job families are grouped and job evaluation points awarded?
Therse are huge exercise and expertise that is only possible if you will be undergoing some training on these subjects.
Half knowledge is dangerous.
Captain

Hi Saji,
I did have some details on Incentive Plans For Managers, which I thought may be useful to you in your research. I'm attaching it here.
Regards,
Aditi

can any one suggest an effective incentive scheme for a spinning mill... which incentive is better?? how can be prepared it?? what are the data need for preparing an incentive scheme?? how we aply it in real time situation??/