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 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)