Hello everyone, Please anyone tell me how to calculate compensation for employee at different level. Regards vicky
From India, Mumbai
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5From India, Mumbai
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Hi Vicky,
You need to be more specific with your question.
Compensations depend on various factors like:
1. Industry
2. Experience
3. Qualifications
4. Nature of Job
5. Knowledge, Skills, and Abilities required for a job
6. Organizational Structure of your company - Manpower Planning, Budgets, etc.
7. Place of posting
8. Special requirements, if any...
You need to establish the above and do a study called Job evaluation, and then fix up compensations. These jobs are usually done by consultants specialized in this field. However, Market surveys may be available on the net, but the information could be outdated.
Also, most established companies have a defined grade and/or a cadre structure and a salary reckoner per grade which usually covers the above factors as a backup. But also, note that nowadays, most employers are looking at having a very lean organizational hierarchy and are limiting the same to not more than 4 or 5 levels. Both structures have their advantages and disadvantages.
It is a major subject that needs a lot of dedicated study.
Regards,
Sujata
Email: sujata.swamy@pidilite.com
Acknowledge(0)Amend(0)
You need to be more specific with your question.
Compensations depend on various factors like:
1. Industry
2. Experience
3. Qualifications
4. Nature of Job
5. Knowledge, Skills, and Abilities required for a job
6. Organizational Structure of your company - Manpower Planning, Budgets, etc.
7. Place of posting
8. Special requirements, if any...
You need to establish the above and do a study called Job evaluation, and then fix up compensations. These jobs are usually done by consultants specialized in this field. However, Market surveys may be available on the net, but the information could be outdated.
Also, most established companies have a defined grade and/or a cadre structure and a salary reckoner per grade which usually covers the above factors as a backup. But also, note that nowadays, most employers are looking at having a very lean organizational hierarchy and are limiting the same to not more than 4 or 5 levels. Both structures have their advantages and disadvantages.
It is a major subject that needs a lot of dedicated study.
Regards,
Sujata
Email: sujata.swamy@pidilite.com
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Compensation Structure.ppt
Salary & Compensation Guidelines.zip