How Can We Conduct a Salary Survey to Address High Attrition Due to Low Pay?

Dear Sir/Madam, I am from an engineering establishment based in Ahmedabad, Gujarat. We are engaged in the manufacturing of capital engineering goods. Currently, our organization is experiencing an increased attrition ratio, and we have identified that one of the causes is "less salary." We would like to evaluate our wage structure and other welfare benefit policies in comparison to our competitors.

Guidance on Conducting a Salary Survey

I would like to seek guidance on how to initiate this survey as I have not conducted one previously. Your response is greatly anticipated.

Thank you.

Best regards,
Parimal
Location: Ahmedabad, India
Wage structure, salary survey, less salary, City-India-Ahmedabad, Country-India

Conducting a Salary Survey to Benchmark Against Competitors

To address the issue of increased attrition due to perceived lower salaries, conducting a comprehensive salary survey to benchmark against your competitors is a prudent step. Here's a practical guide on how to initiate and execute this survey effectively:

🔍 Research and Identify Competitors:
- Begin by identifying key competitors in the same industry and location to ensure relevance in comparison.

📝 Define Survey Objectives:
- Clearly outline the objectives of the survey, such as benchmarking salary levels, evaluating benefits, and understanding welfare policies.

👥 Select Participants:
- Determine the specific roles and positions within your organization that will participate in the survey. Ensure confidentiality to encourage honest responses.

📊 Construct Survey Questionnaire:
- Develop a detailed questionnaire that covers aspects like salary levels, bonus structures, benefits packages, and other welfare policies. Consider using a mix of quantitative and qualitative questions for a holistic view.

📧 Distribute the Survey:
- Utilize online survey tools or distribute physical copies to participants. Emphasize the importance of accurate and honest responses for meaningful benchmarking.

📈 Analyze Data:
- Once responses are collected, analyze the data meticulously. Look for trends, gaps, and areas where your organization may need to adjust its wage structure and benefits.

🎯 Set Actionable Goals:
- Based on the survey findings, set clear, actionable goals to address any disparities identified. This could involve revising salary levels, enhancing benefits, or improving welfare policies.

🔄 Monitor and Adjust:
- Regularly monitor the impact of any changes made post-survey. Adjustments may be necessary to stay competitive in the market and retain talent effectively.

By conducting a thorough salary survey and comparing your organization's offerings with those of competitors, you can gain valuable insights to address the issue of low salaries and improve employee retention.