Struggling with Compensation Benchmarking in BPO: Can Anyone Share Insights?

Hi Friends,

Good morning to everyone. I need some information on how to benchmark compensation to keep ourselves competitive in business. As I am a fresher, I am finding it difficult. Could anyone help me in this forum in completing my project for my company? We are mainly into BPO. If anyone has any information on benchmarking, please let me know. I will be very grateful to you.

This is the second time I am posting this topic. So far, I have not received even a single feedback.

Regards, Madhu. :(

Hi Madhu,

I am Shital, working as an HR professional in a commodity consulting firm in Hyderabad. Currently, I am conducting a benchmarking analysis of salaries for various profiles within our company. During this process, I came across your forum post and I believe you may have completed a similar survey and gained experience in compensation benchmarking. Therefore, I am reaching out to you for assistance.

Could you please provide me with a basic, step-by-step procedure and share how you conducted the study so that I can also follow the same approach?

I look forward to your response. You can reply to me at shital@transgraph.com.

Regards,
Shital

Dear Mohamed,

Thank you for the details.

I have gone through all the related postings on CiteHR and all of them talk of a theory of benchmarking. i was basically looking at the simple step by step procedure. I have already initiated the process and it goes like this, I am currently doing benchmarking of CTC (as a whole and not breakup of it) for different positions in our company.

For example I have collected data for the position of Head-Research analysts' team. For that I have looked into the CV's of similar profile on Naukri and considered CTC(mentioned therein), job profile, Designation, Company, no. of yrs of exp, education & certifications from it. I have listed the companies initially and searched the profiles on Naukri. Is there any minimum number of companies that we need to consider? For this position I have considered 26 companies.

Most of the postings on CiteHR talk about statistical tools to be used, where as I was planning to do a simple average of the CTC and take it as a benchmark. Will this work out correct? Or do I have to do an average of the work exp also? Please advice me on this and guide me incase I am wrong in my approach.

Looking forward for a reply and thanking you in anticipation.

Regards,

Shital