Hi All,
I have recently joined a small start up ( fin service sector) 60 people as lead HR. I understand the process of performance appraisal but do not have hands exp on the process of salary increment .please can some comp and benefits person help me and detail the steps thereafter.
What after i have the ratings and a budget for HR
pls highlight the critical decision making aspects
Thx in anticipation
From India, New Delhi
I have recently joined a small start up ( fin service sector) 60 people as lead HR. I understand the process of performance appraisal but do not have hands exp on the process of salary increment .please can some comp and benefits person help me and detail the steps thereafter.
What after i have the ratings and a budget for HR
pls highlight the critical decision making aspects
Thx in anticipation
From India, New Delhi
Hi Anuradha
I have managed regional compensation for several years with leading corporates, and here is my take on this.
Salary increases are a factor of the following:
1. Salary budget of the organization for the year
2. Absolute performance and relative performance of the individual employee
3. Position of the employee with regards to the market benchmark/reference
4. Position of the employee compared to similar others within the organization
What is really helpful is to create a spreadsheet with all employees' names and their current compensation and the above, with a cell for increments, such that the person recommending increases can easily see the pre and post increase positioning for the employee.
Hope this is helpful.
Regards
Nidhi
hw ur doing pms rating mathod or wt ???? u may call for further? ur from ashish 7838606486 delhi
From India, New Delhi
7From India, New Delhi
Thx nidhi that was helpful further what is the inflation element increase one should use for the coming year.
Thx for the contact , Ashish the performance method would be ratings, will call once I am working on it.. as of now if it is possible foryou to pen down the first few steps to take after collating the ratings then it would be helpful.
From India, New Delhi
Thx for the contact , Ashish the performance method would be ratings, will call once I am working on it.. as of now if it is possible foryou to pen down the first few steps to take after collating the ratings then it would be helpful.
From India, New Delhi
Dear Nidhi, Will it be possible for you to give an example of the process you have advised me on. Any documents/spreadsheets with dummy data that may be relevant can also be helpful
From India, New Delhi
From India, New Delhi
Hi Friends, I was expecting few more responses on the salary increment query i had posted.Please be generous as it will me help plan my way ahead.
From India, New Delhi
From India, New Delhi
Hi Anuradha
I believe the current projected inflation rate for 2011 as per RBI is 9% - you can crosscheck from their website. Look for CPI - thats the most relevant for urban employees.
Regards
Nidhi
I believe the current projected inflation rate for 2011 as per RBI is 9% - you can crosscheck from their website. Look for CPI - thats the most relevant for urban employees.
Regards
Nidhi
Dear Nidhi,
Further to my query, I need some specfic advise, please can I get your contact detail, had it been possible I would have discussed it here but there are multiple issues that are making it difficult for me to pen down. BEing close to year end they are urent as well.
Will truly appreciate your help, my email id is
thx
Anuradha
From India, New Delhi
Further to my query, I need some specfic advise, please can I get your contact detail, had it been possible I would have discussed it here but there are multiple issues that are making it difficult for me to pen down. BEing close to year end they are urent as well.
Will truly appreciate your help, my email id is
thx
Anuradha
From India, New Delhi
Hi Anuradha
Sorry, I am logging in after a long time, so didnt get to respond to you earlier.
1. Inflation for this year is forecasted between 5.5 - 9% as per IMF forecasts in January 2011. You can visit the IMF website for more updated information.
2. Salary forecasts for 2011: Mercer 11% and Hewitt 13%
3. Worksheet is simple - am giving you the column headings
name etc...current compensation...perf rating...percentage increase...revised compensation...position in range....
Hope this helps.
Nidhi
Sorry, I am logging in after a long time, so didnt get to respond to you earlier.
1. Inflation for this year is forecasted between 5.5 - 9% as per IMF forecasts in January 2011. You can visit the IMF website for more updated information.
2. Salary forecasts for 2011: Mercer 11% and Hewitt 13%
3. Worksheet is simple - am giving you the column headings
name etc...current compensation...perf rating...percentage increase...revised compensation...position in range....
Hope this helps.
Nidhi
Thx Nidhi,
One more question ,are you fromt he fin service industry, i am trying to develop salasry bands for my company ,at present it is really in bad shape therefore i wanted to know the currently prevelant salary bands in the fin services/broking sector.Any guidance on that please anyone??
From India, New Delhi
One more question ,are you fromt he fin service industry, i am trying to develop salasry bands for my company ,at present it is really in bad shape therefore i wanted to know the currently prevelant salary bands in the fin services/broking sector.Any guidance on that please anyone??
From India, New Delhi
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