Salary Benchmarking on a Budget: How Can Small Companies Like Mine Get Accurate Data?

Hi all,

I am working in a small-sized software company with 50 employees. How can I go about benchmarking the salary of my employees? We cannot participate in a compensation survey due to financial constraints. With the help of the Naukri portal, I have tried to find out the salaries being given by companies similar to ours, but it still does not serve the purpose.

Please suggest how I can proceed with this.

Regards,
Ashish

Hi,

According to your situation, I think it'll be better to conduct a job analysis in your company so that you can benchmark salaries better. I don't have much experience in benchmarking salaries because I'm still a student who is new to this field. However, I major in HRM, so I have learned something about job analysis. If you have financial constraints but have enough time, you can send questionnaires to your staff and interview them to gather sufficient information about different positions in your company. Then, benchmark salaries based on this information and the performance of your employees.

I'm not sure if this can help, but that's all I can offer for you.

Hi. I'm afraid I can't guide you because I'm not part of your company. I know little about your company. It's just a suggestion that you'd better do a job analysis according to your situation. Maybe you can look for some books that can tell you how to conduct job analysis.

Apart from job analysis, there are other ways to help you out. Hire experts in a consulting company and let them assist you if you can afford it.

Good luck.