The Hay System is a point factor job evaluation approach. Every major compensation consulting firm has its own point factor job evaluation product, many of which are custom tailored to the organization (most small consulting firms as well). It is also possible to develop and implement your own (custom) point factor approach. WorldatWork used to (and I'm sure they still do) have some very good materials on job evaluation approaches and particularly point factor - it might be helpful to learn a bit more about the topic and tools so that you can approach your issue and the search for alternatives with that information under your belt.
I'm sure others will be able to recommend particular products based on their personal experiences.