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Compensation Discussion Essay

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Below is an essay on "Compensation Discussion" from Anti Essays, your source for research papers, essays, and term paper examples.

Different employers wish to emphasize different aspects of work; the different approaches should support the organization’s strategy. Therefore, a wide variety of job evaluation approaches exist. Some organizations desire to be more formalistic, legalistic, and so they use very detailed plans. Our class textbook talks about three common job evaluation methods. These include ranking, classification, and the point method. Different job evaluation plans generate different pay structures like our class discussed in a previous discussion.
The ranking method simply orders the job descriptions from the highest to lowest that are based on global definition of relative value or contribution to the organization’s success. It’s a type of performance appraisal format that requires that the rater compare employees against each other to determine the relative ordering of the group on some performance measure. The ranking method is fast, simple, and easy to explain where as it is also cumbersome as the number of jobs increase. There are two forms of the ranking method, alternation ranking and paired comparison. Alteration ranking orders job descriptions alternately at each extreme and agreement is reached among evaluators on which jobs are the most and least valuable. Paired comparison method uses a matrix to compare all possible pairs of jobs.
Classification is a job evaluation method that involves slotting job descriptions into a series of classes or grade that cover the range of jobs and that serve as a standard against which the job descriptions are compared. Classification is fit for grouping a wide range of work together in one system.   The job descriptions may leave too much room for manipulation, which can be a disadvantage of classification.  
The point method employs compensable factors, factor degrees numerically scaled, and weights reflecting the relative importance of each factor. Once scaled degrees and weights are established for each factor, each job is...

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