Universal Compensable Factors, Hay Factors and Dimensions

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Universal Compensable Factors, Hay Factors and Dimensions
Munadil Shafat, Student (MBA), Bangladesh, Premium Member
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
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