As Mentioned Above, The Three Factors Of The Hay Method

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As mentioned above, the three factors of the Hay Method were applied to all of the jobs in FastCat to develop the two pay structures. Know-how consists of the cognitive abilities required for a job, such as planning, communication, and knowledge. This particular factor is important in all jobs at FastCat. When determining the ratings for each job title, we evaluated the education level required for the job as well as the level of experience and job knowledge required. For example, the Software Solutions Consultant requires a Bachelor’s degree in Business or Computer Science, as well as a minimum of five years of experience in technical sales support. Therefore, this position scored a 5 in know-how. On the contrary, the Administrative…show more content…
We felt as though the positions in the research and development pay structure were more heavily focused on problem solving because they are the people generating and maintaining the software. Therefore, we weighted problem solving as 40% for those employees. This can be linked to our pay objective of fostering development of innovative and affordable products. By ensuring that our research and development employees are rewarded for their problem solving skills, we can trust that they will be developing state of the art software. In addition, this aligns with our objective of promoting teamwork because our problem solvers in research and development will be compensated for solving problems within their teams. While the remaining positions do involve problem solving as well, we did not feel that was the most important of the three components for the business employees. The final factor of the Hay Method, accountability, involves the impact of the work as well as freedom on the job. When evaluating each of the job descriptions for the positions, we looked at the level of independence that the person would have on the job as well as the number of people that depend on the individual. For example, the Implementation Consultant has a lot of freedom on the job and acts as a liaison when implementing the software for the clients. Due to this nature of the work, this position received a
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