Job Price Compensable Factors and Parameters: The Framework of the Job Evaluation System
Purpose: This paper reviews how organizations establish the remuneration system by focusing on job evaluation methods. The goal of these article reviews is to identify the internal and external compensable factors in order to create a win-win situation for both the employer and the emp...
| Main Authors: | , , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
CSRC Publishing
2022-09-01
|
| Series: | Sustainable Business and Society in Emerging Economies |
| Subjects: | |
| Online Access: | https://publishing.globalcsrc.org/ojs/index.php/sbsee/article/view/2402 |
| _version_ | 1811257429027979264 |
|---|---|
| author | Shaira Ismail Azlin Shafinaz Arshad Nurul Hayani Abd Rahman Nani Ilyana Shafie |
| author_facet | Shaira Ismail Azlin Shafinaz Arshad Nurul Hayani Abd Rahman Nani Ilyana Shafie |
| author_sort | Shaira Ismail |
| collection | DOAJ |
| description |
Purpose: This paper reviews how organizations establish the remuneration system by focusing on job evaluation methods. The goal of these article reviews is to identify the internal and external compensable factors in order to create a win-win situation for both the employer and the employee and to address any inconveniences that may arise regarding wage or pay consistency and equity.
Design/Methodology/Approach: The comprehensive review of the job evaluation methods was conducted to justify its fairness and equality in determining the “right pay for the job”, considering the job incumbents and addressing the internal and external factors. The primary instrument used to construct the pay structure is job evaluation. However, measurement inaccuracy exists in job evaluations as a result of the system's inability to correctly identify the internal and external compensating elements.
Findings: These compensable factors are typically linked to the organization's financial capacity and pay policy, the SKAOs held by job holders, the job tasks, and environmental factors like the local economy, geographic location, rules, regulations, market pricing and more.
Implications/Originality/Value: Compensable factors are essential for figuring out the "appropriate pay" or "right pricing" for specific jobs.
|
| first_indexed | 2024-04-12T17:57:12Z |
| format | Article |
| id | doaj.art-2bd5b0734c14412eaf4fb5178ef04cfb |
| institution | Directory Open Access Journal |
| issn | 2708-2504 2708-2172 |
| language | English |
| last_indexed | 2024-04-12T17:57:12Z |
| publishDate | 2022-09-01 |
| publisher | CSRC Publishing |
| record_format | Article |
| series | Sustainable Business and Society in Emerging Economies |
| spelling | doaj.art-2bd5b0734c14412eaf4fb5178ef04cfb2022-12-22T03:22:18ZengCSRC PublishingSustainable Business and Society in Emerging Economies2708-25042708-21722022-09-014310.26710/sbsee.v4i3.2402Job Price Compensable Factors and Parameters: The Framework of the Job Evaluation SystemShaira Ismail0Azlin Shafinaz Arshad1Nurul Hayani Abd Rahman2Nani Ilyana Shafie3Universiti Teknologi MARA, Cawangan Pulau Pinang, MalaysiaUniversiti Teknologi MARA, Cawangan Selangor, MalaysiaUniversiti Teknologi MARA, Cawangan Kedah, MalaysiaUniversiti Teknologi MARA, Cawangan Selangor, Malaysia Purpose: This paper reviews how organizations establish the remuneration system by focusing on job evaluation methods. The goal of these article reviews is to identify the internal and external compensable factors in order to create a win-win situation for both the employer and the employee and to address any inconveniences that may arise regarding wage or pay consistency and equity. Design/Methodology/Approach: The comprehensive review of the job evaluation methods was conducted to justify its fairness and equality in determining the “right pay for the job”, considering the job incumbents and addressing the internal and external factors. The primary instrument used to construct the pay structure is job evaluation. However, measurement inaccuracy exists in job evaluations as a result of the system's inability to correctly identify the internal and external compensating elements. Findings: These compensable factors are typically linked to the organization's financial capacity and pay policy, the SKAOs held by job holders, the job tasks, and environmental factors like the local economy, geographic location, rules, regulations, market pricing and more. Implications/Originality/Value: Compensable factors are essential for figuring out the "appropriate pay" or "right pricing" for specific jobs. https://publishing.globalcsrc.org/ojs/index.php/sbsee/article/view/2402Job pricingCompensable factorsJob incumbent’s SKAOsEquity pay system and job evaluation method |
| spellingShingle | Shaira Ismail Azlin Shafinaz Arshad Nurul Hayani Abd Rahman Nani Ilyana Shafie Job Price Compensable Factors and Parameters: The Framework of the Job Evaluation System Sustainable Business and Society in Emerging Economies Job pricing Compensable factors Job incumbent’s SKAOs Equity pay system and job evaluation method |
| title | Job Price Compensable Factors and Parameters: The Framework of the Job Evaluation System |
| title_full | Job Price Compensable Factors and Parameters: The Framework of the Job Evaluation System |
| title_fullStr | Job Price Compensable Factors and Parameters: The Framework of the Job Evaluation System |
| title_full_unstemmed | Job Price Compensable Factors and Parameters: The Framework of the Job Evaluation System |
| title_short | Job Price Compensable Factors and Parameters: The Framework of the Job Evaluation System |
| title_sort | job price compensable factors and parameters the framework of the job evaluation system |
| topic | Job pricing Compensable factors Job incumbent’s SKAOs Equity pay system and job evaluation method |
| url | https://publishing.globalcsrc.org/ojs/index.php/sbsee/article/view/2402 |
| work_keys_str_mv | AT shairaismail jobpricecompensablefactorsandparameterstheframeworkofthejobevaluationsystem AT azlinshafinazarshad jobpricecompensablefactorsandparameterstheframeworkofthejobevaluationsystem AT nurulhayaniabdrahman jobpricecompensablefactorsandparameterstheframeworkofthejobevaluationsystem AT naniilyanashafie jobpricecompensablefactorsandparameterstheframeworkofthejobevaluationsystem |