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.

I'm familar with Hay and have the Hay documents but haven't worked for a company who has used Hay.  If the company you work for values the internal relationship of jobs more importantly than what the market says, then I guess Hay is great.  I think the world has completely changed and about 80% of companies go with some sort of market pricing approach.  I just joined a small/medium sized company who is developing their approach to pay.  I've been fortunate to use one of the top consulting firms and they have provided me with statistics.  Gone also is the way of broadbanding although companies seem so be modifying traditional grades and allowing for larger differential between grades and maybe allow a wider spread within a grade.  Hope this helps.