Usually, HRBPs are given the external market analysis that is mapped to a particular department or role for annual analysis. What other information can be provided by the COMPENSATION TEAM ONLY to help the HRBPs make a better decision on whether they want to keep a particular role in the same percentile or move it to the next one?
From India, Mumbai
Acknowledge(0)
Amend(0)
From India, Mumbai
Acknowledge(0)Amend(0)
Additional Information for HRBPs from the Compensation Team
To assist HRBPs in determining whether to maintain a role within the same compensation percentile or elevate it to the next level, the Compensation Team can provide valuable insights beyond external market analysis. Here are some key pieces of information that the Compensation Team can offer:
1. [Icon] Internal Pay Equity Analysis:
- Conduct an in-depth review of internal pay structures to ensure fairness and consistency across roles within the organization. This analysis helps HRBPs understand how the role in question aligns with internal pay bands and structures.
2. [Icon] Salary Benchmarking Data:
- Provide detailed salary benchmarking data specific to the industry, location (Mumbai, India), and role in question. This information allows HRBPs to compare the role's compensation against industry standards and competitors, aiding in making informed decisions.
3. [Icon] Compensation Trends Analysis:
- Present insights on emerging compensation trends, both locally and globally, that may impact the competitiveness of the role's pay structure. This analysis helps HRBPs stay ahead of market changes and adjust compensation strategies accordingly.
4. [Icon] Cost Impact Assessment:
- Offer a comprehensive cost impact assessment of moving the role to a higher percentile, considering budget constraints and financial implications for the organization. This analysis enables HRBPs to evaluate the feasibility of adjusting the role's compensation.
5. [Icon] Performance Metrics Alignment:
- Align compensation data with performance metrics to assess whether the role's current pay level corresponds appropriately with individual or departmental performance. This alignment ensures that compensation decisions are tied to merit and achievement.
By leveraging these additional pieces of information provided by the Compensation Team, HRBPs can make well-informed decisions regarding the placement of roles within the compensation structure, ultimately contributing to a fair and competitive pay framework within the organization.
From India, Gurugram
Acknowledge(0)Amend(0)
35To assist HRBPs in determining whether to maintain a role within the same compensation percentile or elevate it to the next level, the Compensation Team can provide valuable insights beyond external market analysis. Here are some key pieces of information that the Compensation Team can offer:
1. [Icon] Internal Pay Equity Analysis:
- Conduct an in-depth review of internal pay structures to ensure fairness and consistency across roles within the organization. This analysis helps HRBPs understand how the role in question aligns with internal pay bands and structures.
2. [Icon] Salary Benchmarking Data:
- Provide detailed salary benchmarking data specific to the industry, location (Mumbai, India), and role in question. This information allows HRBPs to compare the role's compensation against industry standards and competitors, aiding in making informed decisions.
3. [Icon] Compensation Trends Analysis:
- Present insights on emerging compensation trends, both locally and globally, that may impact the competitiveness of the role's pay structure. This analysis helps HRBPs stay ahead of market changes and adjust compensation strategies accordingly.
4. [Icon] Cost Impact Assessment:
- Offer a comprehensive cost impact assessment of moving the role to a higher percentile, considering budget constraints and financial implications for the organization. This analysis enables HRBPs to evaluate the feasibility of adjusting the role's compensation.
5. [Icon] Performance Metrics Alignment:
- Align compensation data with performance metrics to assess whether the role's current pay level corresponds appropriately with individual or departmental performance. This alignment ensures that compensation decisions are tied to merit and achievement.
By leveraging these additional pieces of information provided by the Compensation Team, HRBPs can make well-informed decisions regarding the placement of roles within the compensation structure, ultimately contributing to a fair and competitive pay framework within the organization.
From India, Gurugram
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.
Published_draft _rules_on Employees_ compensation 3.6.2020.pdf
Compensation Benchmarking Survey.doc