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Factor Evaluation System vs. Hay's Profile Method

Discuss the differences and similarities between the factor evaluation system and Hay's profile method. Explain their strengths and weaknesses and compensations and benefits.

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Factor Evaluation System is a technique for job evaluation, which is used to determine the duties and responsibilities of a job with the use of the four point factor system. Hay's Profile Method is also one such method used for job evaluation, which is used to measure various types of positions in organizations.

Differences:

In the factor evaluation system, a job is evaluated on the basis of various job factors and afterwards these factors are compared. In the factor evaluation system, various job elements are assessed, and afterwards one job is ranked in comparison to another to evaluate it. The rate for a job is then provided with the use of scale of money values. The jobs are assessed with the use of major job factors. This system is complex, and the analysis is difficult to explain because of the various job dimensions.

On the other hand, in Hay's Profile Method there are just three main factors, know-how, problem solving and accountability, which are used for job evaluation. In Hay's Method, different factors which are made up of a combination of different job elements are compared and weighted to evaluate the job. It is helpful to explain the balance in the total ...

Solution Summary

Detailed response to the query with references. Factor Evaluation System is a technique for job evaluation, which is used to determine the duties and responsibilities of a job with the use of the four point factor system. Hay's Profile Method is also one such method used for job evaluation, which is used to measure various types of positions in organizations.

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