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Single Factor Analysis in Grading Jobs: The How-to Retain Talent
Abstract
Although human resources management is important in organization, its tenet of job evaluation is significant. Job evaluation is a management approach that enables employers to grade and reward jobs in comparison to what they are worth in the company in an equitable manner. The company will be able to craft a compensation plan aligned to performance. The Paterson derived job evaluation is a systemic way of determining the worth of a job in relation to other jobs in the organization using one single factor: decision making. This single factor is juxtaposed along the attributes of a selected multiple factors to progress the structuration of grades and compensation. Paterson defines six kinds of decisions or levels of work which are strategic intent, strategic execution, tactical management, advanced operational, operational and primary. These are found in any company and applied in the design and implementation of competitive conditions of employment to retain talent. There are more businesses floundering because of the failure to control costs. The single factor job evaluation system enables the firm to design and implement a sustainable performance strategy to retain talent in advancing the competitive advantage.
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