Quantitative Methods in Evaluation
The evaluation of jobs and employees within an organization can take many forms. One especially objective form of evaluation is quantitative evaluation. Quantitative evaluation allows evaluators to use arithmetical techniques to assign points, grades or rankings to employees and jobs. Quantitative ranking is not a specific technique, rather it is a set of many techniques, each of which may be applied in a situation that requires an objective form of assessing job or employee value.
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Statistical Analyses
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There many statistical analyses. They have the advantage of offering many different approaches and accounting for many different conditions of evaluation. Most statistical analyses applied in the fields of employee and job evaluation emphasize the analysis of differences between groups. Statistical analysis such as ANOVA, null hypothesis confidence testing and factor analysis allow evaluators to group employees in an objective manner. The evaluators may then use a number of variables to assess the performance of these groups.
Factor Evaluations
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Factor evaluations allow objective analyses that arrive from subjective assessments of job breakdown. This refers to breaking down specific jobs into factors that represent responsibilities, prerequisites, cost and skills. Under each category, evaluators assess the jobs numerically, giving these factors scores on an arbitrary scale (e.g. 1 to 10). In this way, the value of each job is a function of the numbers associated with the factors. Evaluators may then use total scores or scaled scores to scrutinize a job or compare jobs within the organization.
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Quantitative Job Ranking
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The goal of quantitative job ranking is to establish an objective internal hierarchy of jobs within an organization. By this method, job evaluators categorize the jobs in a company by a quantifiable trait, such as production or value to the company. Evaluators can then form a connection or hierarchy for these jobs according to this quantity. This form of job evaluation is malleable in the sense that it can be done for internal departments instead of the company as a whole. This allows the evaluations to maintain an idea of the overall importance of each department working together while breaking down the value of the employees in each department.
Market Pricing
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Market pricing derives its name from the stabilized value of a certain position on the job market. Using economic concepts, job evaluators use market pricing to fix the values and wages of employees within a company. This method works by comparing employees in a company to potential employees, i.e. those on the market. This method is heavily objective due to the existence of a general wage among positions of a similar type.
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