Compose a 1500 words assignment on designing compensation systems and employee benefits. Needs to be plagiarism free! In addition to this, job evaluation provides a measure of evaluating the employees’ performance and enables employers to rank them on a scale of either 1 to 5 or from excellent to unsatisfactory, whereas on the other handjob analysis is undertaken to explain in detail the nuts and bolts of a job that an organization is going to advertise (Martocchio, 2011).
Job evaluation of handjob analysis help organizations to build internally consistent job structures. Detailed job analysis gives a meticulous insight of the type of the job an organization aspires to create and this is done by keeping in view roles, responsibilities, skills, knowledge, abilities and working conditions (Martocchio, 2011). This analysis provides detailed information to the employers on what type of person with what sort of skill set they aim to find out.
However, as job evaluation calculates the net worth of the jobs in an organization, so it provides a detailed insight of the compensation packages and the salaries being given to the prospective individuals. Job analysis linked with job evaluation helps organizations not only in defining a job, but also in identifying the salaries and wages attached to that particular job (Durai, 2011). Thus, a considerate conductance of these activities helps organizations in building strong and consistent job structures.
Every organization has oral or written, formal or informal compensation plan. In todays’ era of innovation and competition there are few challenges that are faced by compensation managers while developing compensation plan. These challenges are as follows:
In today’s era different organizations make their compensation plan according to their affordability. .
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