Hi,
If anybody can help me in conducting a salary survey on my own behalf, I would be obliged.
What I am currently doing for my company is simply acting as a job seeker and applying to jobs on portals. When I get calls I ask for salary and say that I am not interested. Also I check the "salary offered" details from competitor companies in their job posting.
Is there a better way to check the salary ranges for diff profiles!
Help me out as we want to make sure that our salaries match with employees' expectation and industry standards.
Gunjan
From India, New Delhi
39If anybody can help me in conducting a salary survey on my own behalf, I would be obliged.
What I am currently doing for my company is simply acting as a job seeker and applying to jobs on portals. When I get calls I ask for salary and say that I am not interested. Also I check the "salary offered" details from competitor companies in their job posting.
Is there a better way to check the salary ranges for diff profiles!
Help me out as we want to make sure that our salaries match with employees' expectation and industry standards.
Gunjan
From India, New Delhi
Gunjan, Let me know if you also do recruiting & different methods you use to do recruiting & I can help you with a couple of methods to conduct a salary survey.
From India, Delhi
From India, Delhi
yes, i m also doing recruitments for my company. i am using monster.com and conducting campus placements.
From India, New Delhi
From India, New Delhi
I will make you understand this with the help of a example - Let's say you are looking for a MBA – Fin of a average college with about 2 years of experience & has done a lot of Financial Planning work. Now you have 2 options out here. If you want to do a salary survey of your competitors who are in the same business you are OR you want to do the salary survey of the above profile from the companies who are not your competitors but have those kind of profiles as mentioned above OR both competitors and in general.
Now log onto Monster. Pick up at least 5-10 CV’s of a similar profile what you are looking at from your competitor Co. Call them up as your Company or as a Consultant (I prefer Consultant) & share that you have a opening with you for which you are looking candidates (make sure you make the opening interesting enough that they should get pretty interested in that). Once they say that they are interested engage them in a conversation (long Or short your wish ) & in the end check with them their salary (specifically check their fixed salary as a lot of people share their CTC when someone checks on their salary) To make this whole thing more genuine check with them on their Notice Period & expected salary.
In the same flow check with them that why they are looking for a change (Now that’s a question to which quite many people open up like anything telling all their pain points & why they are looking for a change) & that’s where you can slowly touch the issue that “how is their Current Company in terms of giving annual salary hikes “ & lot many times on this you get some real good data which you can utilize in future.
By doing the same exercise with about 5-10 candidates (from your competitor Co. Or other Co.’s) you will get a broad or a close range of salaries what the above mentioned profile is drawing in the market & that will be reliable to a large extent because you have got the figures from those people who are actually drawing it.
Understand that people might tell you a little different salary from actually what they are drawing but again people don’t fudge it too much.
From the different salary figures data that you get you can average out the salary what a MBA Fin with 2 experiences is drawing in the market.
What you have to remember is that your target companies from which you are talking to the candidates should be at par or close to your company in business parameters.
Although it is a lengthy process but usually gives good results.
Second method will be that from all the different campuses that you have a tie up with.
Ask them to send data related to salary figures (Average/Max/Min) what your competitors are paying in the campus.
Third when you interview people for the different positions in your company definitely check with them about their current fixed salary & make a database for them so that if next year you have to interview someone for the same role & you check the salary from the person then you will be able to gauge how much the difference has come in between a year for the same role.
What I mentioned above are cost free methods to get a insight about salary drawn & you can do on your own.
From India, Delhi
Now log onto Monster. Pick up at least 5-10 CV’s of a similar profile what you are looking at from your competitor Co. Call them up as your Company or as a Consultant (I prefer Consultant) & share that you have a opening with you for which you are looking candidates (make sure you make the opening interesting enough that they should get pretty interested in that). Once they say that they are interested engage them in a conversation (long Or short your wish ) & in the end check with them their salary (specifically check their fixed salary as a lot of people share their CTC when someone checks on their salary) To make this whole thing more genuine check with them on their Notice Period & expected salary.
In the same flow check with them that why they are looking for a change (Now that’s a question to which quite many people open up like anything telling all their pain points & why they are looking for a change) & that’s where you can slowly touch the issue that “how is their Current Company in terms of giving annual salary hikes “ & lot many times on this you get some real good data which you can utilize in future.
By doing the same exercise with about 5-10 candidates (from your competitor Co. Or other Co.’s) you will get a broad or a close range of salaries what the above mentioned profile is drawing in the market & that will be reliable to a large extent because you have got the figures from those people who are actually drawing it.
Understand that people might tell you a little different salary from actually what they are drawing but again people don’t fudge it too much.
From the different salary figures data that you get you can average out the salary what a MBA Fin with 2 experiences is drawing in the market.
What you have to remember is that your target companies from which you are talking to the candidates should be at par or close to your company in business parameters.
Although it is a lengthy process but usually gives good results.
Second method will be that from all the different campuses that you have a tie up with.
Ask them to send data related to salary figures (Average/Max/Min) what your competitors are paying in the campus.
Third when you interview people for the different positions in your company definitely check with them about their current fixed salary & make a database for them so that if next year you have to interview someone for the same role & you check the salary from the person then you will be able to gauge how much the difference has come in between a year for the same role.
What I mentioned above are cost free methods to get a insight about salary drawn & you can do on your own.
From India, Delhi
Well Prashant, I also did something similar when I needed for my organization but we should have some platform / media for having access to such information as in west esp US you can actaully get a lot of information from various surveys done from time to time.
We have been facing a lot of difficulties with regards to this and I am sure many other HR professionals face similar problems.
Saurabh
From China, Leizhou
We have been facing a lot of difficulties with regards to this and I am sure many other HR professionals face similar problems.
Saurabh
From China, Leizhou
Saurabh,
That's what I mentioned "Cost Free" & "On your own " methods. As i said they are beneficial when one doesn't want to spend money on a Comp Benchmarking especially firms /co's with small headcount then I guess that it can be used to get an "insight" and not a exact understanding.
One really wants to get a precise comp benchmarking then Comp Specialist Companies like Mercer, Hewitt etc. can be engaged for a salary survey but then they will come with a price even if you buy Comp data reports from them (heard that they charge decent amounts). Even though if you will engage a small vendor to do the same it will also incur cost.
Another method was sending questionnaires to target audience to get the salary info to make a consensus. Wasn't really successful as I tried that even myself. But still others can give it a shot.
I know in US a lot of survey keeps on happening in reference to salary benchmarking & people actively participate in those survey & quite a few times reports on that are also free to get.
Out here “I GUESS “it’s not the case. Out here what I have seen that the frequency of these kinds of survey is not all that high + people are not too enthusiastic to share their salary information & mostly one has to pay to get an access to these reports.
From India, Delhi
That's what I mentioned "Cost Free" & "On your own " methods. As i said they are beneficial when one doesn't want to spend money on a Comp Benchmarking especially firms /co's with small headcount then I guess that it can be used to get an "insight" and not a exact understanding.
One really wants to get a precise comp benchmarking then Comp Specialist Companies like Mercer, Hewitt etc. can be engaged for a salary survey but then they will come with a price even if you buy Comp data reports from them (heard that they charge decent amounts). Even though if you will engage a small vendor to do the same it will also incur cost.
Another method was sending questionnaires to target audience to get the salary info to make a consensus. Wasn't really successful as I tried that even myself. But still others can give it a shot.
I know in US a lot of survey keeps on happening in reference to salary benchmarking & people actively participate in those survey & quite a few times reports on that are also free to get.
Out here “I GUESS “it’s not the case. Out here what I have seen that the frequency of these kinds of survey is not all that high + people are not too enthusiastic to share their salary information & mostly one has to pay to get an access to these reports.
From India, Delhi
Well I think ,as you said, it is all because we do not want to be Transparent sharing our Salary information but at the same time are very interested to know the same aboit others. Saurabh
From China, Leizhou
From China, Leizhou
"Exactly".
& the thought that knowing "my salary" shouldn't let me down in front of my peers or my batch people is another cause + If people know each others salary then lot many times it creates a lot of turbulence in the depratment as everyone thinks that he is worth more then what he/she is getting & why the other guy is paid more when he is doing the same job :-)
From India, Delhi
& the thought that knowing "my salary" shouldn't let me down in front of my peers or my batch people is another cause + If people know each others salary then lot many times it creates a lot of turbulence in the depratment as everyone thinks that he is worth more then what he/she is getting & why the other guy is paid more when he is doing the same job :-)
From India, Delhi
Dear Saurabh and Prashant,
Thanks a lot.
I feel unless one goes for a typical suyvey, its very unsure to find about the exact salary.
Although I have gone through the resumes of people having similar profiles, but I never called them up. I think it is a good option as many companies dont hire professional surveyers.
Above all, no matter what we pretend to find out and get, most of the bosses dont take these figures in consideration while doing increments.
Thats Ironical but true. I did a survey for many employees, but at the end they got the increment as per the perception of the employer.
Somewhere we all have this complex in sharing our details to others.
Nice discussion.
Thanks
From India, New Delhi
Thanks a lot.
I feel unless one goes for a typical suyvey, its very unsure to find about the exact salary.
Although I have gone through the resumes of people having similar profiles, but I never called them up. I think it is a good option as many companies dont hire professional surveyers.
Above all, no matter what we pretend to find out and get, most of the bosses dont take these figures in consideration while doing increments.
Thats Ironical but true. I did a survey for many employees, but at the end they got the increment as per the perception of the employer.
Somewhere we all have this complex in sharing our details to others.
Nice discussion.
Thanks
From India, New Delhi
Gentleman,
Compensation or Remuneration practices in India are not uniform. Because compensation or remuneration elements are different in nature and practice or in other workds basic philosophy of remuneration differ from organization to organization and employer to employers.
If you take benchmark jobs for salary survey the job description also varies from company to company which will endup in job title match instead of job matching.
Further, for good survey point you have to select criteria of employers/companies and specific region to ascertain cost of living elements and market pricing of the benchmarked jobs.
I think it won't be difficult to conduct such salary survey if you request your organization and competitors to participate in salary survey for ascertaining the worth of benchmark jobs or take services of professional consultants for secrecy of data if other companies express reservation and insist for secrecy of data. Only third party can assure data sharing secrecy.
If there is no hinderence, you can offer joint survey by the representatives of participant companies to involve in salary survey and share survey results open minded approach. then you develop data collection tool of questionnires covering compensation elements and range from minimum to maximum benefits and cost analysis of the benefits as part of compansation packages. Then conduct analysis of data for minimum-mid-maximum salary range to each benchmarked jobs.
These are guidelines for managing your salary survey.
Partha
From Saudi Arabia
Compensation or Remuneration practices in India are not uniform. Because compensation or remuneration elements are different in nature and practice or in other workds basic philosophy of remuneration differ from organization to organization and employer to employers.
If you take benchmark jobs for salary survey the job description also varies from company to company which will endup in job title match instead of job matching.
Further, for good survey point you have to select criteria of employers/companies and specific region to ascertain cost of living elements and market pricing of the benchmarked jobs.
I think it won't be difficult to conduct such salary survey if you request your organization and competitors to participate in salary survey for ascertaining the worth of benchmark jobs or take services of professional consultants for secrecy of data if other companies express reservation and insist for secrecy of data. Only third party can assure data sharing secrecy.
If there is no hinderence, you can offer joint survey by the representatives of participant companies to involve in salary survey and share survey results open minded approach. then you develop data collection tool of questionnires covering compensation elements and range from minimum to maximum benefits and cost analysis of the benefits as part of compansation packages. Then conduct analysis of data for minimum-mid-maximum salary range to each benchmarked jobs.
These are guidelines for managing your salary survey.
Partha
From Saudi Arabia
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