Compensation Benchmarking (Help Me Plzzzzzzzzzzzz)

Hi Frnds,
Good Morning to everyone, i need some information on how to benchmark compensation to keep ourself competitive in business.
As iam a fresher iam finding it difficult. So anyone can help me in this forum in completing my project for my company.
We are mainly into BPO. So, if anyone has any information on benchmarking, pls let me know. I will very great full to you.
This is second iam posting this topic. Till now i have not received even a single feedback.
Regards,
Madhu. :(

Hi Madhu,
I am Shital, working as HR in a commodity consulting firm at Hyderabad. I am currently conducting benchmarking of salaries for different profiles in our company. In this process i was going thru the forum postings and found your query. Expecting that you must have finished your survey & must have had experience in compensation benchmarking, i am writing to you.
Could you please help me with the procedure. a basic step by step procedure and the way in which you have conducted the study that i also can follow.
You can even respond back to [Login to view]
looking forward for a reply from your side.
Regards,
Shital

Dear Friend,
Kindly click on the following link, it will give you some required information,
https://www.citehr.com/download-list...ion+benchmark+
https://www.citehr.com/search_new.ph...n+Benchmarking
Pls let me know was this information useful,,
If not let me try out more & give information,,,,
In CiteHR you will get A to Z information on HR…..
Regards
M. Peer Mohamed Sardhar
093831 93832

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