hi everybody, is there is any formula to calculate the exact salary for employees in a band width. Eg. A graduate + 10 yrs experience gets 5000 - 8000(under broadband) . But what exactly wud he get .
From India
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From India
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Greetings, Are you broadbanding the salary within your organization ? You need to set the minimax . Regards, (Cite Contribution)
From India, Mumbai
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1872From India, Mumbai
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Thank you so much. The minimax would merely mean the minimum and maximum an employee in a particular grade would get. Assuming I have already set that, what criteria would help decide the specific and most rational figure.
From India
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From India
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Hi,
While setting the minimum and maximum for a salary band, you also need to set the increment grade for each band. Once you have that, you can easily decide what would be the salary of each employee based on his or her experience/tenure with the organization.
For example, 5000-500-8000. This would mean the employee within the salary band of 5000-8000 would receive an increment of Rs. 500 once his or her salary touches Rs. 5000 and would continue to receive the same until he or she reaches Rs. 8000 in salary.
The period of the increment - 6 months, one year, or so on should also be included when deciding salary bands.
Regards, Gaurang
From India, Ahmadabad
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While setting the minimum and maximum for a salary band, you also need to set the increment grade for each band. Once you have that, you can easily decide what would be the salary of each employee based on his or her experience/tenure with the organization.
For example, 5000-500-8000. This would mean the employee within the salary band of 5000-8000 would receive an increment of Rs. 500 once his or her salary touches Rs. 5000 and would continue to receive the same until he or she reaches Rs. 8000 in salary.
The period of the increment - 6 months, one year, or so on should also be included when deciding salary bands.
Regards, Gaurang
From India, Ahmadabad
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Dear Ed Llarena, Jr.,
Thank you for providing a perfect reply. I agree with the points in your post, namely:
- There is no specific formula.
- Broad-banding means reducing the number of salary grades.
- Salary structures are organization-specific, although based on current job market trends.
- It's a highly specialized job.
Warm regards.
From India, Delhi
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Thank you for providing a perfect reply. I agree with the points in your post, namely:
- There is no specific formula.
- Broad-banding means reducing the number of salary grades.
- Salary structures are organization-specific, although based on current job market trends.
- It's a highly specialized job.
Warm regards.
From India, Delhi
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Dear Ed Llarena, Jr.,
I too agree with you totally on the points you have mentioned. Setting up salary bands is best left to an expert and is generally a process undertaken to reduce and simplify the salary grades of a company.
@Crystal - I think you should heed our senior colleague's advice and try to find an expert in the field to help you out.
Regards,
Gaurang
From India, Ahmadabad
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I too agree with you totally on the points you have mentioned. Setting up salary bands is best left to an expert and is generally a process undertaken to reduce and simplify the salary grades of a company.
@Crystal - I think you should heed our senior colleague's advice and try to find an expert in the field to help you out.
Regards,
Gaurang
From India, Ahmadabad
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