Hi All , Can someone tell me the difference between Performance Appraisal & Salary Correction ? Would be wonderful if it can be followed by an example :?: Regards Prashant
From India, Delhi
10From India, Delhi
Hi Prashant
Appraisal is the evaluation of performance of an employee
Salary correction : This is a process where in the organisation wants to assess whether there is any gross difference in the salaries that they are paying vs the salaries offered to people with similar skill sets in like industries. To do this organisations generally undertake a salary survey (generally through external agencies like Hewitt/Mercer etc) to find the benchmark salaries for different skill sets and based on this data, make the corrections in keeping with the market. This excercise is done to keep the salaries competitive and to an extent prevent employees quitting for higher salaries
Regards,
Sherine
From India, Bangalore
Appraisal is the evaluation of performance of an employee
Salary correction : This is a process where in the organisation wants to assess whether there is any gross difference in the salaries that they are paying vs the salaries offered to people with similar skill sets in like industries. To do this organisations generally undertake a salary survey (generally through external agencies like Hewitt/Mercer etc) to find the benchmark salaries for different skill sets and based on this data, make the corrections in keeping with the market. This excercise is done to keep the salaries competitive and to an extent prevent employees quitting for higher salaries
Regards,
Sherine
From India, Bangalore
Hi sherine ,
Thanks a lot for to the point answer. Also I want to cross check that just like PA is a regular excersie I guess Salary Correction is not a regular excersie but it happens within stipulated time frames
Regards
Prashant
From India, Delhi
Thanks a lot for to the point answer. Also I want to cross check that just like PA is a regular excersie I guess Salary Correction is not a regular excersie but it happens within stipulated time frames
Regards
Prashant
From India, Delhi
In addition to Sherine’s excellent reply, I might add that salary correction is also used to correct internal inequities in the salaries paid to employees.
Vicki Heath
Human Resources Software and Resources
http://www.businessperform.com
From Australia, Melbourne
Vicki Heath
Human Resources Software and Resources
http://www.businessperform.com
From Australia, Melbourne
Hi,
As an organization we buy the salary survey reports from organization like Hweitt , in Januray every year, and compare our existing salary bands and if we see that we are below market we do give correction to our employees- this usally happens in February.
So from last three years we see this happening as regular feature.
Cordially,
preet
From India, Bangalore
As an organization we buy the salary survey reports from organization like Hweitt , in Januray every year, and compare our existing salary bands and if we see that we are below market we do give correction to our employees- this usally happens in February.
So from last three years we see this happening as regular feature.
Cordially,
preet
From India, Bangalore
Hi Prashant,
If I may add, a performance appraisal is done periodically, with a yearly performance appraisal being conducted to gauge the staffs performance so that they can tie this in with their yearly increment. As such, a decently performing staff will definitely receive some increment on a yearly basis.
On the other hand, a salary revision (or in your case, a salary correction), is conducted with a bigger gap of time. With the purpose as mentioned by Sherine, a salary revision is usually conducted every 3 @ 5 years once, depending on a number of factors including, the industries growth, market growth, etc.
Hope this helps.
If I may add, a performance appraisal is done periodically, with a yearly performance appraisal being conducted to gauge the staffs performance so that they can tie this in with their yearly increment. As such, a decently performing staff will definitely receive some increment on a yearly basis.
On the other hand, a salary revision (or in your case, a salary correction), is conducted with a bigger gap of time. With the purpose as mentioned by Sherine, a salary revision is usually conducted every 3 @ 5 years once, depending on a number of factors including, the industries growth, market growth, etc.
Hope this helps.
Prashant, Progressive organisations make it an annual exercise, so that they stay competitive. You can do this depending on your kind of industry. Sherine
From India, Bangalore
From India, Bangalore
Hello Preeti,
Can you tell me where we can get to buy such salary survey reports? Contact details would be appreciated. We are into the pharmaceutical business and I am hoping this report covers our industry. Approximately, how much do these reports cost?
Thanks. Appreciate your help.
BHR
From India, Bangalore
Can you tell me where we can get to buy such salary survey reports? Contact details would be appreciated. We are into the pharmaceutical business and I am hoping this report covers our industry. Approximately, how much do these reports cost?
Thanks. Appreciate your help.
BHR
From India, Bangalore
Hello All,
Also wanted to understand the salary distribution post the correction. If this correction happens for example in the middle of a fiscal year would there be a pro-rata distribution of the corrected amount or would it be effective from the date of correction. Would the effected employee be entitled for arrears?
Thanks.
Ambarindera.
From United States, Round Rock
Also wanted to understand the salary distribution post the correction. If this correction happens for example in the middle of a fiscal year would there be a pro-rata distribution of the corrected amount or would it be effective from the date of correction. Would the effected employee be entitled for arrears?
Thanks.
Ambarindera.
From United States, Round Rock
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