Universal Compensable Factors, Hay Factors and Dimensions

Employee Compensation (Pay Structure)
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Munadil Shafat
Student (MBA), Bangladesh
UNIVERSAL COMPENSABLE FACTORS Compensable factors simply refer to the factors of a job for which a company is willing to pay. Different types of job may contain different compensable factors. But there are Universal Compensable Factors that exist in almost any jobs we see around. As you may know, identifying compensable factors is a crucial step in job evaluation process. There are 4 universal compensable factors i.e. Skills, Responsibilities, Efforts and Working Conditions. In this post, I will go through each of the universal compensable factors and will elaborate the list (Note: it is not an exhaustive list): 1. Skills: Technical skills and certification Work experience Verbal and written skills Problem solving skills Education Interpersonal skills e.g. leadership skills etc. 2. Responsibilities: Managerial responsibilities Impact on end results Financial responsibilities Scope of the job Impact of absence 3. Efforts: Complexity of tasks Diversity of tasks Cr (...) Read more? Sign up for free

  David Wilson
Manager, Canada
 

Developing Compensable Factors

Hi Munadil Shafat, I agree with your list of the f (...)

  Munadil Shafat
Student (MBA), Bangladesh
 

Adaptive Compensation Factors

@David Wilson: Sorry for the late response. I comp (...)

  David Wilson
Manager, Canada
 

Practical Know-How on Developing Compensable Factors

Hi Munadil: There are lots of books, but someti (...)

  Munadil Shafat
Student (MBA), Bangladesh
 

Professor Assistance on Implementing a Pay Structure

@David Wilson: The know-how you shared is wonderfu (...)

  David Wilson
Manager, Canada
 

Try a Local or National HR Compensation Professional

@Munadil Shafat: Perhaps you can find a local or n (...)

 

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