Reward management Business & Marketing Coursework Paper (Coursework Sample)

Reward management
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Question 2
* Job evaluation methods
Various job evaluation methods can be utilized in an organization. Each of the methods plays a crucial role and can be applied separately depending on the nature or size of the organization. The following are some of the methods that an organization can utilize;   
* Ranking method; This method ranks jobs in order based on each job’s perceived value about the others. This is a method that does not consider the market rate for compensation meaning that its pay rate depends on the nature and size of an organization. The method works better for small organizations or new market entrants who might not have the resources to meet market demands. 
* Classification method; this is the most common job evaluation method or approach. Under this evaluation method, jobs are categorized based on the skills and responsibilities of the employee. This is a simple method that has been under use for decades and it's not time-consuming as compared to other methods. All jobs must fall in a particular category and this is why many experts criticize this method. The determination of which job should fall under a particular category is always a subject of debate.    
* Point-factor method; this is an evaluation method that is applied to evaluate well-established job positions such as management positions in an organization. This approach usually adds value to a particular position or other job factors. Mostly those other job factors are separated into groups or well-defined categories such as responsibility, skill, and effort. This job evaluation method in many cases does not reflect market values since it does not have external components. It is usually used by well-established organizations that do not have to generate a hierarchy.