How can Compensable Factor Cube help to design competency based pay plan for a university?
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The Factor Cube
The factor cube will assist a public university in its goal to hire the most competent staff and faculty will adhering to the strict salary guidelines set forth by its state legislature. The cube will factor the common terms of the university's current payroll structure and look for differences in the payroll structure from where it is and where the university wants to take it. The final outcome will factor the information to design a competency based pay plan. Quadratic equations are a technique that will abridge the process.
"Competency-based pay fits today's new environment. It provides an ongoing incentive to employees to enhance their ability to perform their jobs. Employees are rewarded with salary increases when they add new knowledge or skills or when they demonstrate higher level competence ...
The solution discusses a Factor Cube for a University. The competency based pay plans for a university is determined.