Dear All, Please help me in doing the benchmarking of the salary for our existing employees and the new hires. From where I can get the reliable data to benchmark the salary?
Thanks
Nupur
MoMAGIC Technologies
From India, Mumbai
Thanks
Nupur
MoMAGIC Technologies
From India, Mumbai
Salary Bench marking can be done by several methods. The organization may engage professionals who will collect data from market based on Employer wish to bench mark the different organizations ( usually similar nature of organizations ).
The organization itself may approach to other organizations to collect data. But it is difficult process as most of the organizations are not interested to share data.
The third way is professionals organizations are publishing bench marking data every year. The detail data may be available at price. Watson Wyatt is one such professional organization who are publishing data all India basis every year.
To my opinion first method is the best method.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
From India, New Delhi
337The organization itself may approach to other organizations to collect data. But it is difficult process as most of the organizations are not interested to share data.
The third way is professionals organizations are publishing bench marking data every year. The detail data may be available at price. Watson Wyatt is one such professional organization who are publishing data all India basis every year.
To my opinion first method is the best method.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
From India, New Delhi
Hi Nupur.
With reference to you mail related to Benchmark comparison for your employees
Comprehensive and effective Bench-marking strategy:-
1. Look for Bench marking Resources.
2. Choose your KPI to measure the success ration:
3. Use your Bench-marking to make Data driven decisions.
Benefits of Benchmarking
1. Increase efficiency
2. Set clear business goals
3. Provide new opportunity for discovery
4. increase Sales Performance
5. Motivate Employees
6. Better understanding of competition
7. Improve Product Quality
These are some of the factors in Benchmarking system
Also, you may note that Bechmarking depends on the type of industries as to whether it is Manufacturing Sector, or Software company or Business sectors.
While performing Bench Mark system on individuals the following has to be kept in Mind.
1. Intelligent Quotient IQ)
2. Emotional Quotient (EQ)
3. Grasping power
4. Aptitude to learn
5. Attitude towards coworkers.
Hope this will provide some kind of information to implement the Benchmarking system.
From India, Bangalore
With reference to you mail related to Benchmark comparison for your employees
Comprehensive and effective Bench-marking strategy:-
1. Look for Bench marking Resources.
2. Choose your KPI to measure the success ration:
3. Use your Bench-marking to make Data driven decisions.
Benefits of Benchmarking
1. Increase efficiency
2. Set clear business goals
3. Provide new opportunity for discovery
4. increase Sales Performance
5. Motivate Employees
6. Better understanding of competition
7. Improve Product Quality
These are some of the factors in Benchmarking system
Also, you may note that Bechmarking depends on the type of industries as to whether it is Manufacturing Sector, or Software company or Business sectors.
While performing Bench Mark system on individuals the following has to be kept in Mind.
1. Intelligent Quotient IQ)
2. Emotional Quotient (EQ)
3. Grasping power
4. Aptitude to learn
5. Attitude towards coworkers.
Hope this will provide some kind of information to implement the Benchmarking system.
From India, Bangalore
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Compensation Benchmarking Survey.doc
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