Explain the various job evaluation methods and its objectives with illustrations.

Job evaluation is a systematic process of determining the relative worth of jobs within an organization. It plays a crucial role in Human Resource Planning by helping organizations design a fair compensation system, develop job hierarchies, and make strategic decisions regarding workforce planning. The primary objective of job evaluation is to establish equitable wage and salary structures based on the responsibilities, duties, and value of each job. Several job evaluation methods are employed to achieve these objectives, each with its own approach and utility.

1. Ranking Method:
This is the simplest form of job evaluation. Jobs are arranged from highest to lowest in terms of their value or importance to the organization. This method does not provide a _______ _______ ______ ________ ____ _______ _______ ___ ______ ___ ______.
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