Can any one help me as how to fix the salary for Employees based on their Education, Experience, Designation wise. Ours is an Infrastructure Company based at Hyderabad. How do I frame a salary structure.
Regards,
Ravindra
HR
From India, Hyderabad
Regards,
Ravindra
HR
From India, Hyderabad
For fixing salary, you need to take various factors into consideration like 1) what is the level at which the candidate is recruited.
2) his educational qualifications
3) His skill sets
4) His total experience and trainings.
5) how much value and potential that can be added by the candidate
70 the scarcity of talent in that particular field for which he is recruited.
6) what is teh compensationthat is normally paid for that kind of skill sets and level of the post in the industry to which your company belongs.
all these factors should weigh for deciding an employee's compensation.
B.Saikumar
HR & Labour Law advisor
Mumbai
you need
From India, Mumbai
542) his educational qualifications
3) His skill sets
4) His total experience and trainings.
5) how much value and potential that can be added by the candidate
70 the scarcity of talent in that particular field for which he is recruited.
6) what is teh compensationthat is normally paid for that kind of skill sets and level of the post in the industry to which your company belongs.
all these factors should weigh for deciding an employee's compensation.
B.Saikumar
HR & Labour Law advisor
Mumbai
you need
From India, Mumbai
Hi,
thanks for your reply. The 6th point that you mentioned, How do I find and confirm what is it prevailing in the Industry. I belongs to Infrastructure Industry at Hyderabad, A.P. Can you help me with this. If possible, please share your phone number so that I can speak to you for some time.
Regards,
Ravindra
From India, Hyderabad
thanks for your reply. The 6th point that you mentioned, How do I find and confirm what is it prevailing in the Industry. I belongs to Infrastructure Industry at Hyderabad, A.P. Can you help me with this. If possible, please share your phone number so that I can speak to you for some time.
Regards,
Ravindra
From India, Hyderabad
You can look forward to hire a consultancy to do the salary survey for your company within your industry and location. It will help. You can also check on SalaryExpert - Salary Survey, Compensation Data, Salaries, and Career Planning .
From India, Mumbai
From India, Mumbai
Dear Sanjeev,
Please share your review on Payscale, Salary Expert and other sites. I have not bought any salary report from them. Primarily used it as an individual user. However the data at times seems very inconsequential. It seems the salary data for certain areas such as IT or Marketing is still better, guess it depends on the visitors who upload their existing information to find a comparative view.
It did help to gain a broad perspective. However, I wish to know if the data worked for other sectors.
While suggesting any market corrections to the existing pay structures, I had to provide reference to competitor's pay scale.
PS: Please join in the discussion at Salary Survey. Need your inputs there. Thanks in advance :)
From India, Mumbai
Please share your review on Payscale, Salary Expert and other sites. I have not bought any salary report from them. Primarily used it as an individual user. However the data at times seems very inconsequential. It seems the salary data for certain areas such as IT or Marketing is still better, guess it depends on the visitors who upload their existing information to find a comparative view.
It did help to gain a broad perspective. However, I wish to know if the data worked for other sectors.
While suggesting any market corrections to the existing pay structures, I had to provide reference to competitor's pay scale.
PS: Please join in the discussion at Salary Survey. Need your inputs there. Thanks in advance :)
From India, Mumbai
(Cite Contribution),
It is good to refer to such websites for reference purposes, however, its not a good idea to adopt them in totality. In case a company likes to redesign the compensation structure, the best practice is to hire an agency to conduct an exclusive survey for the organization. Kindly note that the information given on websites like PayScale - Salary Comparison, Salary Survey, Search Wages or SalaryExpert - Salary Survey, Compensation Data, Salaries, and Career Planning are country specific and are influenced by best practices applicable in US market.
I hope this will help.
From India, Mumbai
It is good to refer to such websites for reference purposes, however, its not a good idea to adopt them in totality. In case a company likes to redesign the compensation structure, the best practice is to hire an agency to conduct an exclusive survey for the organization. Kindly note that the information given on websites like PayScale - Salary Comparison, Salary Survey, Search Wages or SalaryExpert - Salary Survey, Compensation Data, Salaries, and Career Planning are country specific and are influenced by best practices applicable in US market.
I hope this will help.
From India, Mumbai
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Salary-Note.doc
SALARY SHEET CALCULATION.xls