01-09-2008, 02:31 PM
|  | | | Join Date: Aug 2008
Posts: 7
| |  how to do salary - Market corrections?
Hi,
Can anyone advice me on how an HR should check whether the salaries bieng out to the employees are up to the market standards. what are the various ways of market correction analysis that an HR can do?
This will help me understand whether the employees are underpaid or overpaid as per the market competitiveness.
Regards,
Menta |
01-09-2008, 02:55 PM
| | | | Join Date: May 2008 Location: Pune, India
Posts: 37
| |
Hi Menta,
It is very essential to do a market study. You can get in touch with the agencies that are into Compensation Survey and Benchmarking in order to ensure that you are paying the right amount for the particular position.
Some of the names that come to my mind are - Mercer, Hewitt, Ma Foi, etc.
Let me know if you have further questions.
Regards,
Niki |
02-09-2008, 11:24 AM
| | | | Join Date: Aug 2008
Posts: 7
| |
Thanks Niki! Great Help! any idea how much do these agencies charge? is there any way I can do it on my own?Menta |
02-09-2008, 11:48 AM
| | | | Join Date: May 2008 Location: Pune, India
Posts: 37
| |
Hi Menta,
Cost of getting the survey would vary and depend on the items included for survey.
Some of these points that you can consider while benchmarking:
- Highlight the jobs which are of utmost importance in the company to get survey. Do not include route jobs
- Have an appropriate mix of organizations to benchmark with
- Highlight what you want to benchmark – salary, benefits, incentive structure, etc.
I would not have any information on the cost involved in conducting such a survey. You might have to speak to these firms listed in my previous reply to get an idea.
It is difficult to get data on the salary structure, gradation, % hike, etc. when an individual does this survey alone.
Yes, you can conduct a survey or obtain information on your own. But this would not be really accurate.
Regards,
Niki |
02-09-2008, 11:50 AM
| | | | Join Date: Jul 2007 Location: Chennai
Posts: 44
| | iResearch - Compensation Surveys & Total HR Consulting
Hi Menta, iResearch is the market research wing of iVenture Consulting..... iResearch specializes in designing and conducting tailored compensation and benefits surveys for clients to institute competitive and efficient compensation strategy to attract, retain, and motivate key talent.
Our team has designed and conducted compensation surveys for clients on a broad range of topics. Our full range of services involves strategic and tactical compensation practices including executive compensation, employee incentive plans, sales compensation, base pay programs, equity-based compensation, pay and benefits practices, as well as job descriptions.
Services we offer
1. Custom-made compensation survey.
2. Recommendations regarding pay range.
3. Competitive pay analysis and positioning.
These are apart from our total HR consulting services which are as follows....
- Staffing - Permanent & Temporary
- Executive Search – Domestic & International
- Campus Recruitment
- Training & Development
- Compensation Surveys
- HR Event Management
For more info or for a detailed presentation of our services kindly contact Srinath @ 9884452303 or 
---
Regards,
Srinath Venkiteswaran
+91 98844 52303  |
02-09-2008, 04:47 PM
| | | | Join Date: Aug 2008
Posts: 7
| |
Thanks guys! great Help. Srinath Nice to hear from you. will get back to you soon. |
02-09-2008, 06:27 PM
| | | | Join Date: Jul 2007 Location: Rampur
Posts: 12
| |
Instead of hiring some private agencies which is costly, my advise is to you can take a help of MT / Summer Trainee by giving him assigment to do comparative analysis of salaries paid by other companies in ur field which is cost effective.
__________________
Rajesh Kumar Bhat
|
02-09-2008, 07:54 PM
| | | | Join Date: May 2008
Posts: 6
| |
hi srinath,
Call me on 09819865217 when u have a mioment |
03-09-2008, 07:04 PM
| | | | Join Date: Jul 2007 Location: Noida
Posts: 22
| |
My advise is - you must enroll your company for annual compensation benchmarking through various agencies/vendors like mecer, hewitt etc. these agencies help you not only in mapping your existing structure mapped with the industry but also helps you to place them at certain mid point.
Thanks.
Best wishes
Rajiv Naithani
Manager - People Development (HR)
GlobalLogic India Pvt. Ltd. |
04-09-2008, 10:27 AM
| | | | Join Date: Jun 2008
Posts: 5
| |
Hi Menta,
By simply you can search the jobsites /CV's getting through it. You can take an employee/position/designation and his exp in the same field and you can check with the same criteria in the job sites or the CV's you are getting. If you have access in job sites then give the same criteria and search CV and can go through how much other company's are paying for the position
Mani |
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