Compensation Benchmarking - Industry Benchmark

Hi All,
I am working in a Real Estate Company and wish to do a industry compensation benchmarking, can anyone help me in the processes/ modes that I can follow to have accuracy in the data.
It would be of great help if you'll could help me with a template or format in which i should maintain this data so that I may regularly update it for continous reference.
Please mail me on [Login to view] if you have anything to help.
Regards,
Mukesh Tiwari

Dear Mukesh,
Pl first understand about what kind of compensation your company is willing to give their employees and contents (as per grade structure) in which you can have some idea from the similar companies thru which you can collect the data in your own method. For example, if you want to take idea about the designation what kind of designation in Real Estate companies are adopting in their industries, what kind of structure like Basic HRA, Conveyance, LTA Medical & other related emoluments are giving to the employees, you have to understand from your own company's salary strucutre. Then, you can go for comp. benchmarking.
This my suggestions to you and in case you want to take some help, pl write me on my mail id [Login to view].
Regards,
Gyan Sharma

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 to other companies .Incase you want to do a study on your own , request you to consider the following :

• Categorise your vertical and benchmark the companies within your vertical, to identify the peer-cut.
• Broadband 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 eg : Create a range for each role , on the basis of experience required , job description , educational requirement . An executive in your company might be mapped as senior Trainee in the other companies .Now cite the salary structure for the executive to the senior Trainee and plot the gaps.
• In most of the situation , you may not find absolute gaps . While redisigning your salary , please close the gap which would create a value for an employee .

During one of the compensation mapping , we found a benefit presumed greater to an employee .It was later included in the salary structure as it did not affect the budget of the employer to include it. Sodexho coupons are one such example . Most of the time employees view it as important tax saving ingredient . Such benefits need not be not over and above the salary.

Please do consider the discussion in the link
https://www.citehr.com/20379-compens...chmarking.html

Regards,
(Cite Contribution)