Hi, I am working as an HR in a software development firm(startup) and trying to understand the Industry benchmark for the annual salary hikes i.e low range to high range. Can anyone help me in this.
From India, Hyderabad
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1From India, Hyderabad
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Hi Ria Dixit,
I don't think there is a standard benchmark for a hike. It is based on various factors:
1. Company profit
2. Inflation
3. Individual employee's contribution
The minimum hike can be to meet the employees' standard of living against inflation.
From India, New Delhi
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I don't think there is a standard benchmark for a hike. It is based on various factors:
1. Company profit
2. Inflation
3. Individual employee's contribution
The minimum hike can be to meet the employees' standard of living against inflation.
From India, New Delhi
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Dear Ria,
I echo Vivek's sentiments. Please decide based on your budget. Since you have mentioned that your firm is a startup, it would be best if you don't try to compete in terms of pay.
If you still wish to do so, please consider purchasing a salary report from Kelly Services or any other top HR consultancy. This would provide you with quantified data that you can reference, rather than collecting it randomly.
While any job site can provide information on pay for similar positions that you are hiring for, your hiring consultants can also easily share what your competitors are paying. However, this may not be the most trusted source of information.
As you revise the salaries, identify how you plan to enhance each role. Assuming you have strong measures in place, could you consider implementing pay-for-performance strictly, along with the basic and other components?
I look forward to hearing from you.
From India, Mumbai
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I echo Vivek's sentiments. Please decide based on your budget. Since you have mentioned that your firm is a startup, it would be best if you don't try to compete in terms of pay.
If you still wish to do so, please consider purchasing a salary report from Kelly Services or any other top HR consultancy. This would provide you with quantified data that you can reference, rather than collecting it randomly.
While any job site can provide information on pay for similar positions that you are hiring for, your hiring consultants can also easily share what your competitors are paying. However, this may not be the most trusted source of information.
As you revise the salaries, identify how you plan to enhance each role. Assuming you have strong measures in place, could you consider implementing pay-for-performance strictly, along with the basic and other components?
I look forward to hearing from you.
From India, Mumbai
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Salary working format.xls