Salary Evaluation: How Do You Determine the Right Pay for a Position?

Hello friends,

How do I evaluate the correct salary for a position?

Dear Amit,

Get your jobs evaluated or matched to determine the job size. Evaluating or matching your job is critical as this will ensure an "apple-to-apple" comparison. Participate in salary surveys conducted by consulting companies. From there, you would be able to know what the market rate of the job is.

Regards,
Jane Lee

It depends on the job and company policy. Job evaluation and the company's financial position also play a role.

Nagaraj

Dear Friend,

You may be aware that if you want to get a fair idea about the salary paid for a particular job post, some job portals like Naukri and Shine have tools that can provide information on what a person can earn in a specific industry, location, and based on skills, etc. I recommend trying them out to see if it helps you.

As one of our friends mentioned earlier, a proper hike to be demanded in the industry is around 30%. This is unless you are changing your position, location, or other circumstances, etc.

I hope this information is helpful to you.

Best regards

Hi,

I assume you are asking this query for yourself versus a job. Salary is evaluated based on these points, added to all that, as mentioned above:

1. Your interview result
2. How much you fit into the job in terms of your experience
3. Your current salary (once a fresher said beggars are no choosers - meaning if you are weaker, you accept whatever option comes your way)
4. Keep giving interviews up to the negotiation level to assess how much companies are willing to pay you
5. Your salary negotiation skills

If you are a good fit, in present times you may expect a hike of 20 - 30%. But if you are expecting beyond this, then all the above points must be considered at their best with aggressive negotiation and a willingness to put the offer at risk.

Thanks,
Geeta

Hi Amit,

It depends upon the company policy and also on the designation and category. Based on the existing staff's salary structure, you can fix the salary.

Are there any agencies besides Shine.com that will evaluate skills and experience, and suggest the right salary and position?

It depends on the salary grid of the organization, but sometimes a person is offered a higher salary if the availability is less and the urgency is more. In the case of start-ups and organizations where the HR is not well-established, a person could be offered much more, which again depends on their fitment in the role and their negotiation skills.

However, working with a start-up also involves risks, so do ask for a premium salary.

Dear,

In the case of an organization, each post's value has to be converted into a monetary value, and that monetary value divided by three should be the CTC for the post. Similarly for the employee, if one's output is measured in terms of monetary value, he should have contributed three times his CTC to deserve the same.

Hi Amit,

Salary for new joiners or existing employees may depend on various factors, such as:

1) Company's financial position
2) Current market growth/scenario
3) Criticality of the position
4) Result of the interview/rating in the interview
5) Candidate's current position/package
6) Negotiation skills of the employer/candidate

Thank you.

Although if we have reached the skillset of Bill Gates, I hope there are no chances of getting a 20%-30% hike in salary due to the recession. My suggestion is to accept whatever you are capable of and not miss the job because of the salary hike. There are so many skilled people currently available in the market who wish to work for lower salaries. It's my experience nowadays that the situation is getting worse in terms of a salary hike.

Goodbye.