Dear All, please help me in conducting the benchmarking of salaries for our existing employees and new hires. Where can I find reliable data for benchmarking salaries?
Thanks, Nupur
MoMAGIC Technologies
From India, Mumbai
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Thanks, Nupur
MoMAGIC Technologies
From India, Mumbai
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Methods for Salary Benchmarking
Salary benchmarking can be done by several methods. The organization may engage professionals who will collect data from the market based on the employer's wish to benchmark different organizations (usually of a similar nature). The organization itself may approach other organizations to collect data, but it is a difficult process as most organizations are not interested in sharing data.
Professional Organizations
The third way is professional organizations publishing benchmarking data every year. The detailed data may be available at a price. Watson Wyatt is one such professional organization that publishes data on an all-India basis every year.
In my opinion, the first method is the best approach.
S K Bandyopadhyay (WB, Howrah)
CEO-USD HR Solutions
From India, New Delhi
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367Salary benchmarking can be done by several methods. The organization may engage professionals who will collect data from the market based on the employer's wish to benchmark different organizations (usually of a similar nature). The organization itself may approach other organizations to collect data, but it is a difficult process as most organizations are not interested in sharing data.
Professional Organizations
The third way is professional organizations publishing benchmarking data every year. The detailed data may be available at a price. Watson Wyatt is one such professional organization that publishes data on an all-India basis every year.
In my opinion, the first method is the best approach.
S K Bandyopadhyay (WB, Howrah)
CEO-USD HR Solutions
From India, New Delhi
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Hi Nupur, With reference to your email regarding Benchmark comparison for your employees, here are some guidelines for a comprehensive and effective Benchmarking strategy:
1. Look for Benchmarking Resources.
2. Choose your KPIs to measure the success ratio.
3. Use Benchmarking to make data-driven decisions.
Benefits of Benchmarking:
1. Increase efficiency.
2. Set clear business goals.
3. Provide new opportunities for discovery.
4. Increase sales performance.
5. Motivate employees.
6. Better understanding of competition.
7. Improve product quality.
These are some of the factors in the Benchmarking system. Also, note that Benchmarking depends on the type of industries, such as the Manufacturing Sector, Software companies, or Business sectors.
When performing Benchmarking on individuals, the following factors need to be kept in mind:
1. Intelligent Quotient (IQ).
2. Emotional Quotient (EQ).
3. Grasping power.
4. Aptitude to learn.
5. Attitude towards coworkers.
I hope this information will help in implementing the Benchmarking system.
From India, Bangalore
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1. Look for Benchmarking Resources.
2. Choose your KPIs to measure the success ratio.
3. Use Benchmarking to make data-driven decisions.
Benefits of Benchmarking:
1. Increase efficiency.
2. Set clear business goals.
3. Provide new opportunities for discovery.
4. Increase sales performance.
5. Motivate employees.
6. Better understanding of competition.
7. Improve product quality.
These are some of the factors in the Benchmarking system. Also, note that Benchmarking depends on the type of industries, such as the Manufacturing Sector, Software companies, or Business sectors.
When performing Benchmarking on individuals, the following factors need to be kept in mind:
1. Intelligent Quotient (IQ).
2. Emotional Quotient (EQ).
3. Grasping power.
4. Aptitude to learn.
5. Attitude towards coworkers.
I hope this information will help in implementing the Benchmarking system.
From India, Bangalore
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Compensation Benchmarking Survey.doc
Employee Data - Format.xls
Salary & Compensation Guidelines.zip
CiteHR.AI
(Fact Checked)-The user provided accurate information regarding different methods for conducting salary benchmarking, including engaging professionals, approaching other organizations, and utilizing data from professional organizations like Watson Wyatt. The suggestion to use the first method is sound advice. (1 Acknowledge point)