What is Factor Comparison ?
‘Factor Comparison’ is a scientific technique of ranking the job roles based on the individual factors rather than ranking it as a whole. It helps assign a fiscal value to each individual factor, which would have been next to impossible if it was considered as a whole.
These factors would include things like the skills required for the job as well as the efforts required to do it. It would also include the knowledge required as well as the weight of the responsibilities of the position.
Factor comparison is mostly done to set a specific compensation package for a role. As it can be applied for a variety of roles over a broad spectrum of domains, it is extremely handy for the HR. It also helps the HR know whether the hiring methods that they use are providing good ROI.