Hi All,
I am working in a Real Estate Company and wish to conduct an industry compensation benchmarking. Can anyone help me with the processes/modes that I can follow to ensure the accuracy of the data? It would be greatly appreciated if you could assist me by providing a template or format in which I should maintain this data so that I can regularly update it for continuous reference.
Please email me at "mukesh-tiwari@indiatimes.com" if you have any information to share.
Regards, Mukesh Tiwari
From India, Mumbai
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I am working in a Real Estate Company and wish to conduct an industry compensation benchmarking. Can anyone help me with the processes/modes that I can follow to ensure the accuracy of the data? It would be greatly appreciated if you could assist me by providing a template or format in which I should maintain this data so that I can regularly update it for continuous reference.
Please email me at "mukesh-tiwari@indiatimes.com" if you have any information to share.
Regards, Mukesh Tiwari
From India, Mumbai
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Dear Mukesh,
Please first understand the kind of compensation your company is willing to provide to its employees, including the contents as per the grade structure. You can gain some insights from similar companies to collect data using your own methods. For instance, if you wish to understand the designations adopted by Real Estate companies in their industries, as well as the structure of benefits such as Basic HRA, Conveyance, LTA, Medical, and other related emoluments provided to employees, you need to comprehend your company's salary structure. After that, you can proceed with compensation benchmarking.
These are my suggestions for you, and if you need assistance, please email me at gyansha@gmail.com.
Regards,
Gyan Sharma
From India, New Delhi
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7Please first understand the kind of compensation your company is willing to provide to its employees, including the contents as per the grade structure. You can gain some insights from similar companies to collect data using your own methods. For instance, if you wish to understand the designations adopted by Real Estate companies in their industries, as well as the structure of benefits such as Basic HRA, Conveyance, LTA, Medical, and other related emoluments provided to employees, you need to comprehend your company's salary structure. After that, you can proceed with compensation benchmarking.
These are my suggestions for you, and if you need assistance, please email me at gyansha@gmail.com.
Regards,
Gyan Sharma
From India, New Delhi
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Greetings,
The compensation benchmarking that you have planned is pretty detailed. You may require professional support for that. The external partner would give you a percentile-based report, which will help you understand where you stand as a paymaster vis-a-vis to other companies. In case you want to do a study on your own, I request you to consider the following:
- Categorize your vertical and benchmark the companies within your vertical to identify the peer-cut.
- Broaden the grade and designation, as it will be differently defined by other companies.
- Plot the salary components and the benefits in the sheet.
- Match the salary structure and the components to the other companies.
- For example: Create a range for each role, based on experience required, job description, educational requirement. An executive in your company might be mapped as a senior Trainee in other companies. Now, cite the salary structure for the executive to the senior Trainee and plot the gaps.
- In most situations, you may not find absolute gaps. While redesigning your salary, please close the gap which would create value for an employee.
During one of the compensation mappings, we found a benefit presumed greater for an employee. It was later included in the salary structure as it did not affect the employer's budget to include it. Sodexo coupons are one such example. Most employees view it as an important tax-saving ingredient. Such benefits need not be over and above the salary.
Please do consider the discussion at the link: https://www.citehr.com/20379-compens...chmarking.html.
Regards, (Cite Contribution)
From India, Mumbai
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The compensation benchmarking that you have planned is pretty detailed. You may require professional support for that. The external partner would give you a percentile-based report, which will help you understand where you stand as a paymaster vis-a-vis to other companies. In case you want to do a study on your own, I request you to consider the following:
- Categorize your vertical and benchmark the companies within your vertical to identify the peer-cut.
- Broaden the grade and designation, as it will be differently defined by other companies.
- Plot the salary components and the benefits in the sheet.
- Match the salary structure and the components to the other companies.
- For example: Create a range for each role, based on experience required, job description, educational requirement. An executive in your company might be mapped as a senior Trainee in other companies. Now, cite the salary structure for the executive to the senior Trainee and plot the gaps.
- In most situations, you may not find absolute gaps. While redesigning your salary, please close the gap which would create value for an employee.
During one of the compensation mappings, we found a benefit presumed greater for an employee. It was later included in the salary structure as it did not affect the employer's budget to include it. Sodexo coupons are one such example. Most employees view it as an important tax-saving ingredient. Such benefits need not be over and above the salary.
Please do consider the discussion at the link: https://www.citehr.com/20379-compens...chmarking.html.
Regards, (Cite Contribution)
From India, Mumbai
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Compensation Benchmarking Survey.doc
Compensation Structure.ppt