Dear friends,
I wanted help in a compensation survey. If I want to compare a particular company's package for all grades with the industry, and revise it, can anyone help me out with important information on components to be considered, calculations, or if any of you have any experience with it?
Thanks and regards,
Vandana
From India, Mumbai
Acknowledge(0)
Amend(0)
2I wanted help in a compensation survey. If I want to compare a particular company's package for all grades with the industry, and revise it, can anyone help me out with important information on components to be considered, calculations, or if any of you have any experience with it?
Thanks and regards,
Vandana
From India, Mumbai
Acknowledge(0)Amend(0)
Hey Vandana,
I am having a similar exercise done in our organization; however, we are seeking a third party to conduct the exercise. Benchmarking (5 top employers) would be an important part of this assignment.
Regards,
Kamaljit
From India, Pune
Acknowledge(0)Amend(0)
I am having a similar exercise done in our organization; however, we are seeking a third party to conduct the exercise. Benchmarking (5 top employers) would be an important part of this assignment.
Regards,
Kamaljit
From India, Pune
Acknowledge(0)Amend(0)
Hi,
Compensation surveys are conducted for benchmarking the salary levels of the organization in the industry. Points to note while conducting the surveys:
Creating a compensation philosophy:
- Where does the organization position itself in the industry (e.g., 70th percentile of the market)? This means the salary levels for the organization will fall under the 70th percentile of the market salary.
Benchmarking:
Conducting benchmarking with the industry will not be an appropriate option where there is much diversity. Proper measures need to be ensured while planning the benchmarking exercise:
- Identifying the peers in the industry.
- Organizations to whom we lose the people.
Benchmarking should be done with the following points in mind (not exhaustive):
- Industry.
- Nature of business (product/service, etc.).
- Headcount.
- Volume of business.
- Operating geographies.
- Skill sets and special competencies.
It is unfair for a 100-people product development organization to benchmark itself with Infosys. This will yield no desired results. We might end up understanding the market price, but the affordability issue creeps in, which does require consideration while designing the salary structure.
Measuring parameters:
- Guaranteed cash components (basic, HRA, allowances, cash, etc.).
- Fixed pay.
- Variable pay.
- Benefits (details - insurance, hard furnishings, loans, education, etc.).
This needs to be carried out for all roles/levels corresponding to the market structure.
Comparative Analysis:
- Minimum salary offered for roles/levels.
- Median salary.
- Maximum salary.
- Market percentiles at varied levels - 60, 70, 80, etc.
Compare your organization's salary level at the 70th percentile (as per our example) and make appropriate changes in the salary structure.
It is very difficult to obtain salary details for all companies planned to be benchmarked against. Hence, a better option would be to use a third party such as Hewitt, Mercer, Mafoi, etc., for data capturing and analysis.
The authenticity of data is always questionable since organizations may not be revealing accurate data most often. But a fair comparison can be done.
All the best.
Regards,
Rajesh Balasubramanian
Head - Operations
TiG Global
Bangalore
Email: rb@talent-india.com
Phone: +91 98458 41000
From India, Bangalore
Acknowledge(0)Amend(0)
Compensation surveys are conducted for benchmarking the salary levels of the organization in the industry. Points to note while conducting the surveys:
Creating a compensation philosophy:
- Where does the organization position itself in the industry (e.g., 70th percentile of the market)? This means the salary levels for the organization will fall under the 70th percentile of the market salary.
Benchmarking:
Conducting benchmarking with the industry will not be an appropriate option where there is much diversity. Proper measures need to be ensured while planning the benchmarking exercise:
- Identifying the peers in the industry.
- Organizations to whom we lose the people.
Benchmarking should be done with the following points in mind (not exhaustive):
- Industry.
- Nature of business (product/service, etc.).
- Headcount.
- Volume of business.
- Operating geographies.
- Skill sets and special competencies.
It is unfair for a 100-people product development organization to benchmark itself with Infosys. This will yield no desired results. We might end up understanding the market price, but the affordability issue creeps in, which does require consideration while designing the salary structure.
Measuring parameters:
- Guaranteed cash components (basic, HRA, allowances, cash, etc.).
- Fixed pay.
- Variable pay.
- Benefits (details - insurance, hard furnishings, loans, education, etc.).
This needs to be carried out for all roles/levels corresponding to the market structure.
Comparative Analysis:
- Minimum salary offered for roles/levels.
- Median salary.
- Maximum salary.
- Market percentiles at varied levels - 60, 70, 80, etc.
Compare your organization's salary level at the 70th percentile (as per our example) and make appropriate changes in the salary structure.
It is very difficult to obtain salary details for all companies planned to be benchmarked against. Hence, a better option would be to use a third party such as Hewitt, Mercer, Mafoi, etc., for data capturing and analysis.
The authenticity of data is always questionable since organizations may not be revealing accurate data most often. But a fair comparison can be done.
All the best.
Regards,
Rajesh Balasubramanian
Head - Operations
TiG Global
Bangalore
Email: rb@talent-india.com
Phone: +91 98458 41000
From India, Bangalore
Acknowledge(0)Amend(0)
Dear Ms. Vandana,
We are HR management consultants based in Mumbai and do take up such assignments depending on the scope of work and the size of the company. If your company is small or mid-sized, some hypotheses can be applied to reach the desired results. Is it a case of salary restructuring or a survey cum restructuring?
You may write to us at email: [email protected], for further assistance.
With warm regards,
Rajpal
From India, Mumbai
Acknowledge(0)Amend(0)
We are HR management consultants based in Mumbai and do take up such assignments depending on the scope of work and the size of the company. If your company is small or mid-sized, some hypotheses can be applied to reach the desired results. Is it a case of salary restructuring or a survey cum restructuring?
You may write to us at email: [email protected], for further assistance.
With warm regards,
Rajpal
From India, Mumbai
Acknowledge(0)Amend(0)
Hi,
I'm also conducting a compensation survey of Engineering and IT companies with a workforce of approximately 150-200 employees. My focus is on analyzing their basic salaries, fringe benefits, and allowances provided to employees. I would greatly appreciate any insights you could offer!
Regards,
Anuradha
From India, Pune
Acknowledge(0)Amend(0)
I'm also conducting a compensation survey of Engineering and IT companies with a workforce of approximately 150-200 employees. My focus is on analyzing their basic salaries, fringe benefits, and allowances provided to employees. I would greatly appreciate any insights you could offer!
Regards,
Anuradha
From India, Pune
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Compensation Gradation & Salary Survey 2008.zip
Compensation Benchmarking Survey Questionnaire final 1.doc