What is the relationship between compensable factors and job specifications? Compensable factor is a fundamental element of a job such as skills, effort, responsibility and working conditions. The relationship with this and job specification is that they both focus on the aspects of the actual job to determine pay.
Contents
- 1 What are compensable job factors?
- 2 What does compensable factor mean?
- 3 What do you think are the compensable factors to be considered in determining the worth of a job?
- 4 What are the four compensable factors?
- 5 Why is compensable factor important?
- 6 What are compensable factors examples?
- 7 How do you determine compensable factors?
- 8 What’s compensable mean?
- 9 What is a job specification?
- 10 Why job evaluation is an important factor for compensation and benefits?
- 11 Which job evaluation method uses a set of compensable factors to determine the value of each job?
- 12 What is factor comparison in job evaluation?
- 13 Which of the following is true about compensable factors?
- 14 What are the factors used in job pricing?
What are compensable job factors?
Typically, compensable factors include effort, skill needed in order to perform a job, and responsibility. These factors are used to establish job worth when creating a job hierarchy in order to set a wage structure.
What does compensable factor mean?
Compensable factor A job attribute described in a job evaluation plan that provides the basis for evaluating the relative worth of a job inside the organization. Each compensable factor has a number of different degree levels on which jobs are evaluated.
What do you think are the compensable factors to be considered in determining the worth of a job?
These factors include:
- Skills (years of experience, level of education and overall ability)
- Responsibilities (number of direct reports, fiscal accountability and the list of responsibilities of the position itself),
- Mental and physical effort (degree and amount of concentration, level and frequency of physical effort)
What are the four compensable factors?
The Equal Pay Act of 1963 has defined 4 most basic compensable factors: effort, skill, responsibility and working conditions.
Why is compensable factor important?
These compensable factors are the yardsticks used to determine the relative position of jobs. In a sense, choosing compensable factors is the heart of job evaluation. Not only do these factors place jobs in the organization’s job hierarchy, but they also serve to inform job incumbents which contributions are rewarded.
What are compensable factors examples?
Here, courtesy of BLR’s Job Descriptions Encyclopedia, are the primary compensable factors:
- Experience.
- Education.
- Responsibility.
- Complexity of duties.
- Supervision received.
- Supervision exercised.
- Consequences of error.
How do you determine compensable factors?
Compensable Factor Examples
- Experience. How long should the incumbent have worked in this job or in closely related jobs to be fully qualified?
- Education.
- Responsibility.
- The complexity of duties.
- Supervision received.
- Supervision exercised.
- Consequences of error.
- Working conditions.
What’s compensable mean?
: that is to be or can be compensated a compensable job-related injury.
What is a job specification?
A job specification is a detailed description of the role, including all responsibilities, objectives and requirements. A person specification is a profile of your ideal new employee, including skills, experience and personality type.
Why job evaluation is an important factor for compensation and benefits?
The purpose of conducting job evaluation is to fairly determine the monetary value / worth of a job in relation to other jobs in an organization. Using job evaluation results, one can develop appropriate salary grades and decide on other compensation issues.
Which job evaluation method uses a set of compensable factors to determine the value of each job?
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 factor comparison in job evaluation?
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.
Which of the following is true about compensable factors?
Which of the following is true of compensable factors? They are the characteristics of jobs that a firm values and chooses to pay for. A rate of pay for each unit produced is known as: piecework rate.
What are the factors used in job pricing?
5 essential factors for determining compensation
- Years of experience and education level.
- Industry.
- Location.
- In-demand skill sets.
- Supply and demand.
- The cost of not offering competitive pay.
- What happens if you can’t pay market value?
- Take the guesswork out of determining compensation.
