I am Currently working in Media industry and its a newly started channel so i don't know the market how they are fixing the Salary & Levels in these kind of industries
& I am Prior to this i was working with manufacturing industry.
Please guide me on this.
Thanks & Regards,
Second through their contacts speak to hr in other competing colonies. You (may) get some inputs.
But industry benchmarks are often available on the internet because someone would have posted a survey report, even if a year or so older. You can factor in a shift.
Thirdly, Check out the job postings on naukri, monsters, times job. Some of them will have salary expectation specified.
Lastly, during interviews ask candidates how much they are currently getting. You can get an idea from there what industry is paying.
The process should be
1. Do your gradation fixation - define grade and employee category, experience, qualification, experience and traits required, job description and KRAs. also check if you are looking for tapping candidate from a specific B schools and/ or a specific industry. This will be your data for benchmarking.
2. Once it is done, appoint an agency who carry out benchmarking study for the similar defined parameters. Decide minimum sample you want to test. ideally, for each position, to benchmark, there should be at least 5 interviews to be taken. Do not forget to check their career progression, minimum time spend on each organisation and how they have got their salary hike. Also you may need to collect supporting data.
3. Also compare overall working condition, hierarchy, work environment and other preferences.
4. Job posted on Naukri, Monster do not help as they are approx and during final hiring, most of the time, organisation end up paying more salary.
Remember, a wrong fixation and a wrong benchmarking can cost organisation heavily. If you pay higher salary then it has recurrence impact - financially and also on return on investment on human capital. If you lesser than the market standard, you may not be able to attract competent candidates.
If I am doing benchmarking study of a retail company operating in multi format SIS retail company then my target could be Lakme, Loreal and so on.
Sub: FIXING SALARIES / CATEGORISING / GRADING OF EMPLOYEES
As rightly pointed out by Mr.Hopgovind, the work involved in benchmarking the employees benefit, pay, designations etc., needs a thorough knowledge & understanding of the subject as we are involved in dealing and playing with the Human Resources of an Organisation. Many a times, a trial & error methods; forcing to change several times, especially where there is Union, it is a protracted negotiation.
CATEGORISING / GRADING /FIXING SALARIES of every Employee’s in an Organisation from Kalassi / Peon (Un-skilled to Top Management – Non-SSLC, SSLC, PUC, ITI, DIPLOMA, DEGREE, PG DIGREE, MBA etc., from Premier Institutions) is an important task of HR Dept. tobe done in such a way that every employees Qualifications, Experiences, Salaries are taken into account to avoid complaints of ANOMALY / HEART-BURNING LATER.
Also, it needs tobe done carefully and properly that the HR Dept. staff who have to prepare annual increments, promotion fitment benefits Orders etc., are able to understand the faxation to programe it in computer while making annual increment, promotion orders with salary, grades for thousands of employees at a stretch in big labour intensive Mfg.Cos. ,
The salaries are tobe fixed in such a way that employees in each Grade has a particular Salary Range in a descending order say; from Sr.Manager down to the Un-skilled employees. Such Categorisation helps HR Dept. to group all employees from Un-SK to Top Mngmnt. and it is required for HR, MIS Reports & for filing various Returns. It will also help Interview Panel Members to fix a particular Designation in a Grade matching to his Salary & Post for the new candidate considering his Qlfn. & exp. vis-à-vis existing employees in the particular Dept. to which the new employee is going to join / recruited; to reduce heart-burning and anomaly problems later.
I have attempted to Categorise all employees Designations into several Groups (from Un-SK to Top Management) so that every employees designations in a Labour Intensive Mfg.Units like Steel Plants; are covered as may be seen in the attached XL sheet. As Salaries will vary depending upon Qlfcn, Exp. Location, Type of Industry etc., the same is not showed. I request respectable Cite HR Senior Members to peruse the statement and provide other types of Categorization / Grading of all Designations available for the benefit of many HR Managers who need such list not only for their works but also, for convincing Senior Management whenever Salary, Designations are to be Reviewed / Re-fixed. Even though there may not be fixed norms for revision or change, it will be helpful if Seniors provide some Formats / guidelines which will be showing Categorization / Grading of all Designations for better presentation as there is a saying; something is better than nothing. This will help many HR Professionals just like Standard Quotations / Specifications, Comparative statements with rates for products like Car, Bike etc.
I request Cite HR Sr. Members to give more information on this important aspect of HR to help HR Managers for Categorizing the employees for various HR & MIS Reports and also for Recruitment teams.
• C.Neyim, AGM (HR&A),
EMail:email@example.com , Mobile 9535470460