How exactly is it done ? Is it simply getting in touch with HR from similar companies and finding out the salary structure there ?
From India, Mumbai
2From India, Mumbai
Hi Dear,
It cannot be possible to benchmark the salary structure because Every organisation has their own salary structure. There are lots of deferent organisation running in this universe, but the Minimum wage has been fixed for Unskill, Semi-Skilled, Skilled and highly skilled workers.
apart from Basic, and other components including allowances system etc. and every company has their own incentive scheme for retaining the best employee, Which comes in salary structure.
Now you can understand that salary structure can changed by Location to Location, Exp. to Exp. might be some time give more salary for same exp. for getting the job done.
The better way to understand the structure, analysed past 1 years Data from Resume Banks.and analyes current cost of index of your country and calculate it.
From India
It cannot be possible to benchmark the salary structure because Every organisation has their own salary structure. There are lots of deferent organisation running in this universe, but the Minimum wage has been fixed for Unskill, Semi-Skilled, Skilled and highly skilled workers.
apart from Basic, and other components including allowances system etc. and every company has their own incentive scheme for retaining the best employee, Which comes in salary structure.
Now you can understand that salary structure can changed by Location to Location, Exp. to Exp. might be some time give more salary for same exp. for getting the job done.
The better way to understand the structure, analysed past 1 years Data from Resume Banks.and analyes current cost of index of your country and calculate it.
From India
waiting for some more replies How exactly is it done ? Is it simply getting in touch with HR from similar companies and finding out the salary structure there ?
From India, Mumbai
From India, Mumbai
I have been exposed to salary benchmarking activity twice in my career, I'm not 100% sure that this is the correct way but this is what I have been advised to do by my head.
1. Initial step is to make a note of all the positions & the no. of yrs of experience required for each position.
2. Also, note down the minimum qualification required for each of the position(as this would help you in figuring out as how much your competitors are paying to a fresh graduate).
3. Now you would need to Map out the list of companies with whom you want to map the salary.
4. In my case I'm noting down the minimum & maximum gross salary for each of the positions.
5. While doing the benchmarking of salary would suggest to note down the Hierarchy for each department & also find out as how much timeframe does it take for an individual to reach the next level in the hirarchy.
6. In case where some employees have stayed with a particular organisation for a longer duration, find out about the annual appraisals that has taken place over the years. This will give you an idea about the appraisals %age for every year.
I guess thats about it...
Would request to enlighten me if I'm wrong in my approach.
Regards
From India, Delhi
1. Initial step is to make a note of all the positions & the no. of yrs of experience required for each position.
2. Also, note down the minimum qualification required for each of the position(as this would help you in figuring out as how much your competitors are paying to a fresh graduate).
3. Now you would need to Map out the list of companies with whom you want to map the salary.
4. In my case I'm noting down the minimum & maximum gross salary for each of the positions.
5. While doing the benchmarking of salary would suggest to note down the Hierarchy for each department & also find out as how much timeframe does it take for an individual to reach the next level in the hirarchy.
6. In case where some employees have stayed with a particular organisation for a longer duration, find out about the annual appraisals that has taken place over the years. This will give you an idea about the appraisals %age for every year.
I guess thats about it...
Would request to enlighten me if I'm wrong in my approach.
Regards
From India, Delhi
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Compensation Benchmarking Survey.doc
Published_draft _rules_on Employees_ compensation 3.6.2020.pdf