Can anyone help me with how to fix the salary for employees based on their education, experience, and designation? Our company is an infrastructure company based in Hyderabad. How do I frame a salary structure?
Regards,
Ravindra
HR
From India, Hyderabad
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Regards,
Ravindra
HR
From India, Hyderabad
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Factors to Consider When Fixing Salary
For fixing a salary, you need to take various factors into consideration, such as:
• What is the level at which the candidate is recruited?
• His educational qualifications.
• His skill sets.
• His total experience and training.
• How much value and potential can be added by the candidate.
• The scarcity of talent in that particular field for which he is recruited.
• What is the compensation that is normally paid for that kind of skill set and level of the post in the industry to which your company belongs.
All these factors should weigh in deciding an employee's compensation.
Regards,
B. Saikumar
HR & Labour Law Advisor
Mumbai.
From India, Mumbai
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57For fixing a salary, you need to take various factors into consideration, such as:
• What is the level at which the candidate is recruited?
• His educational qualifications.
• His skill sets.
• His total experience and training.
• How much value and potential can be added by the candidate.
• The scarcity of talent in that particular field for which he is recruited.
• What is the compensation that is normally paid for that kind of skill set and level of the post in the industry to which your company belongs.
All these factors should weigh in deciding an employee's compensation.
Regards,
B. Saikumar
HR & Labour Law Advisor
Mumbai.
From India, Mumbai
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Hi, thanks for your reply. Regarding the 6th point you mentioned, how do I find and confirm what is prevailing in the industry? I belong to the Infrastructure Industry in Hyderabad, A.P. Can you help me with this? If possible, please share your phone number so that I can speak to you for some time.
Regards,
Ravindra
From India, Hyderabad
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Regards,
Ravindra
From India, Hyderabad
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Please consider viewing the Salary Survey shared in this link. It will give you an idea of the pay packages specific to any sector.
Regards
From India, Mumbai
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From India, Mumbai
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You can consider hiring a consultancy to conduct a salary survey for your company within your industry and location. This can provide valuable insights. Another option is to explore SalaryExpert - Salary Survey, Compensation Data, Salaries, and Career Planning.
From India, Mumbai
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From India, Mumbai
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It is good to refer to such websites for reference purposes; however, it's not a good idea to adopt them in totality. In case a company would like to redesign the compensation structure, the best practice is to hire an agency to conduct an exclusive survey for the organization. Kindly note that the information provided on websites like PayScale - Salary Comparison, Salary Survey, Search Wages or SalaryExpert - Salary Survey, Compensation Data, Salaries, and Career Planning are country-specific and influenced by best practices applicable in the US market.
I hope this will help.
Regards.
From India, Mumbai
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I hope this will help.
Regards.
From India, Mumbai
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Compensation Gradation & Salary Survey 2008.zip
Creating a Competitive Salary Structure.doc