Vibes for DR GEORGE.....I don't like it when people who have never done your job decide how you should DO your job.
Thanks, Jrand! But it's not so much someone else deciding how I should do my job, but someone else thinking they know WHAT I do in my job, which is probably why the outside consulting firm decided to downgrade my job...because they don't have all the information. 
If the downgrade holds would it reduce your salary?
I gather you were given the reasons your job was downgraded and are able to see what they are missing in their evaluation.
If my position is downgraded (actually, even more...see below), I would be what they call "Y-listed." I wouldn't lose any pay, but I wouldn't get any increases (C.O.L.A., or anything else) until the top of the new position pay range reaches my current rate of pay.
As for the reasons for my job being downgraded...I was given the opportunity to no longer be a supervisor. I've never really been comfortable doing that, but the job itself is no problem, so I accepted. They created a new position that essentially does everything I do now including a few other things that my supervisor doesn't want to do, but I won't be supervising anyone anymore. But I never saw an actual job description, and I was told (but I never got this in writing) that my new position wouldn't be part of this classification and compensation study. I made that assumption because me not being a supervisor anymore happened in April, and the class & comp study started last year in August. So, for the consulting firm to make a recommendation on a newly created position created after the process started, and when I had no input in regards to the information that they used to make the recommendation seems to me that their recommendation to lower it even more is crap.
