Dear seniors,
Greetings,
Our appraisals are due this month. Management has asked me to conduct an inflation and cost of living impact analysis for the salary hike proposal. Additionally, I am required to perform education, experience, and job gravity analysis for every employee. Based on both analyses, I need to prepare a salary mapping and a proposal outlining the recommended hike for our employees.
This is the first time I am undertaking such an assignment, and I feel clueless. I kindly request all seniors in this forum to guide me on how to approach this task. I have a deadline to submit my analysis report by this upcoming Friday.
Your assistance is greatly appreciated.
From India, Pune
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26Greetings,
Our appraisals are due this month. Management has asked me to conduct an inflation and cost of living impact analysis for the salary hike proposal. Additionally, I am required to perform education, experience, and job gravity analysis for every employee. Based on both analyses, I need to prepare a salary mapping and a proposal outlining the recommended hike for our employees.
This is the first time I am undertaking such an assignment, and I feel clueless. I kindly request all seniors in this forum to guide me on how to approach this task. I have a deadline to submit my analysis report by this upcoming Friday.
Your assistance is greatly appreciated.
From India, Pune
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Dear friend,
I do not know anything about your qualifications, experience, or the industries you have worked with. But let me tell you that the assignment given to you, viz "inflation, cost of living impact analysis for a salary hike proposal. Along with this, I am also required to do education, experience, and gravity of work analysis for every employee. Based on both analyses, I have to prepare salary mapping and a proposal which states how much hike we should give to our employees."
Attribution: https://www.citehr.com/479598-salary...#ixzz2o8WEBHVN
is something that a seasoned HR professional will have difficulty in doing single-handedly!!
The assignment is quite complex. I can only give you certain ideas on it.
[1]
What industry are you in? Are you aware of the industry average salary for different positions/grades in a company similar to yours or your nearest competitor? Are you acquainted with the concept of the Consumer Price Index and CPI for Industrial Workers, etc.? What has been the approximate hike in D.A. in the last 4 quarters? Can you somehow extrapolate the effect of Cost of Living, using the above indices, on a sample salary in every pay-range as applicable in your company?
[2]
To analyze education, experience, and gravity of work analysis for every employee, Hay's method is most appropriate. However, it's not practical in your case since it's time-taking and you do not need precise information.
You can have a point system in which you give appropriate weightage to the 3 components. Then for every component, you can fix up a scale of measurement. For example, in the case of education; on a scale of 1-25, you can give points for the number of years of study, then additional points for professional courses, like 5 for Diplomas/certificates, 10 for degrees, etc. Then from 1 to 10 points for the reputation/ranking of the Institutes. Similarly, for experience - points for the number of years, points for the range of salaries; points for the reputation/size of companies worked.
"Gravity of work" analysis depends on a lot of factors such as the number of reportees, level of boss to whom he reports, value and nature of the decisions/contributions made by him, etc. This will also involve competency mapping.
[3]
Based on these, you have to arrive at the proposed salary band/structure at each level. Compare this with his existing salary. Factor in his current performance scores; and arrive at an approximate salary proposal.
The above are only bare outlines. Depending on the time-frame, your capabilities and resources, size of the organization, etc., you will have to arrive at an acceptable proposal.
I once again reiterate that it's a complex assignment and better left to the experts or outsourced if precision is required. A single HR individual can only produce an approximation and somewhat satisfactory proposal.
Warm regards.
From India, Delhi
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I do not know anything about your qualifications, experience, or the industries you have worked with. But let me tell you that the assignment given to you, viz "inflation, cost of living impact analysis for a salary hike proposal. Along with this, I am also required to do education, experience, and gravity of work analysis for every employee. Based on both analyses, I have to prepare salary mapping and a proposal which states how much hike we should give to our employees."
Attribution: https://www.citehr.com/479598-salary...#ixzz2o8WEBHVN
is something that a seasoned HR professional will have difficulty in doing single-handedly!!
The assignment is quite complex. I can only give you certain ideas on it.
[1]
What industry are you in? Are you aware of the industry average salary for different positions/grades in a company similar to yours or your nearest competitor? Are you acquainted with the concept of the Consumer Price Index and CPI for Industrial Workers, etc.? What has been the approximate hike in D.A. in the last 4 quarters? Can you somehow extrapolate the effect of Cost of Living, using the above indices, on a sample salary in every pay-range as applicable in your company?
[2]
To analyze education, experience, and gravity of work analysis for every employee, Hay's method is most appropriate. However, it's not practical in your case since it's time-taking and you do not need precise information.
You can have a point system in which you give appropriate weightage to the 3 components. Then for every component, you can fix up a scale of measurement. For example, in the case of education; on a scale of 1-25, you can give points for the number of years of study, then additional points for professional courses, like 5 for Diplomas/certificates, 10 for degrees, etc. Then from 1 to 10 points for the reputation/ranking of the Institutes. Similarly, for experience - points for the number of years, points for the range of salaries; points for the reputation/size of companies worked.
"Gravity of work" analysis depends on a lot of factors such as the number of reportees, level of boss to whom he reports, value and nature of the decisions/contributions made by him, etc. This will also involve competency mapping.
[3]
Based on these, you have to arrive at the proposed salary band/structure at each level. Compare this with his existing salary. Factor in his current performance scores; and arrive at an approximate salary proposal.
The above are only bare outlines. Depending on the time-frame, your capabilities and resources, size of the organization, etc., you will have to arrive at an acceptable proposal.
I once again reiterate that it's a complex assignment and better left to the experts or outsourced if precision is required. A single HR individual can only produce an approximation and somewhat satisfactory proposal.
Warm regards.
From India, Delhi
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