Job evaluation is the process of analyzing and assessing jobs to determine their relative worth. It involves job analysis, establishing job descriptions and specifications, and then systematically evaluating jobs based on factors like skills, effort, responsibility, and working conditions. The main methods of job evaluation are ranking, classification, point, and factor comparison. Each method has its own process for evaluating jobs and grouping them into grades or pay scales based on their relative value to ensure fair wages. Choosing the right method depends on factors like the organization's size and needs.