Hi, I am currently working in the media industry, and it's a newly started channel, so I don't know the market and how they are structuring these kinds of industries. Prior to this, I was working in the manufacturing industry. Please guide me on this.
Thanks & Regards,
DJJ
From India, Bangalore
Acknowledge(0)
Amend(0)
1Thanks & Regards,
DJJ
From India, Bangalore
Acknowledge(0)Amend(0)
Hi, I am currently working in the media industry, and it's a newly started channel, so I don't know how they are fixing the salary and levels in these kinds of industries. Prior to this, I was working in the manufacturing industry. Please guide me on this.
Thanks & Regards,
DJJ
From India, Bangalore
Acknowledge(0)Amend(0)
Thanks & Regards,
DJJ
From India, Bangalore
Acknowledge(0)Amend(0)
First of all, appoint an agency to carry out a benchmark study. You need to have a lengthy discussion with them regarding your total headcount, different roles, and your specific parameters for hiring, including qualifications and experience. Based on this information, you can make a decision.
From India, Mumbai
Acknowledge(1)Amend(0)
From India, Mumbai
Acknowledge(1)Amend(0)
Industry Insights for a New Media Channel
First, ask the people who started the channel. They would know the industry standards.
Secondly, through their contacts, speak to HR in other competing companies. You may get some insights.
Industry benchmarks are often available on the internet because someone would have posted a survey report, even if it's a year or so old. You can take that into consideration and adjust.
Thirdly, check out the job postings on platforms like Naukri, Monster, and Times Jobs. Some of them will have specified salary expectations.
Lastly, during interviews, ask candidates about their current salary. This can give you an idea of what the industry is currently paying.
From India, Mumbai
Acknowledge(0)Amend(0)
First, ask the people who started the channel. They would know the industry standards.
Secondly, through their contacts, speak to HR in other competing companies. You may get some insights.
Industry benchmarks are often available on the internet because someone would have posted a survey report, even if it's a year or so old. You can take that into consideration and adjust.
Thirdly, check out the job postings on platforms like Naukri, Monster, and Times Jobs. Some of them will have specified salary expectations.
Lastly, during interviews, ask candidates about their current salary. This can give you an idea of what the industry is currently paying.
From India, Mumbai
Acknowledge(0)Amend(0)
Speaking to other HR professionals or promoters of the company's view does not help. Also, benchmarking is a scientific process. Materials available over the internet do not work.
The Process of Benchmarking
1. Do your gradation fixation: Define grade and employee category, experience, qualifications, traits required, job description, and KRAs. Also, check if you are looking to tap candidates from specific B-schools and/or a specific industry. This will be your data for benchmarking.
2. Once it is done, appoint an agency to carry out a benchmarking study for the similarly defined parameters. Decide on the minimum sample you want to test. Ideally, for each position to benchmark, there should be at least 5 interviews conducted. Do not forget to check their career progression, minimum time spent in each organization, and how they have received their salary hikes. Also, you may need to collect supporting data.
3. Also, compare overall working conditions, hierarchy, work environment, and other preferences.
4. Jobs posted on Naukri and Monster do not help as they are approximate, and during final hiring, most of the time, organizations end up paying more salary.
Remember, a wrong fixation and wrong benchmarking can cost the organization heavily. If you pay a higher salary, it has a recurring impact—financially and also on the return on investment in human capital. If you pay less than the market standard, you may not be able to attract competent candidates.
From India, Mumbai
Acknowledge(0)Amend(0)
The Process of Benchmarking
1. Do your gradation fixation: Define grade and employee category, experience, qualifications, traits required, job description, and KRAs. Also, check if you are looking to tap candidates from specific B-schools and/or a specific industry. This will be your data for benchmarking.
2. Once it is done, appoint an agency to carry out a benchmarking study for the similarly defined parameters. Decide on the minimum sample you want to test. Ideally, for each position to benchmark, there should be at least 5 interviews conducted. Do not forget to check their career progression, minimum time spent in each organization, and how they have received their salary hikes. Also, you may need to collect supporting data.
3. Also, compare overall working conditions, hierarchy, work environment, and other preferences.
4. Jobs posted on Naukri and Monster do not help as they are approximate, and during final hiring, most of the time, organizations end up paying more salary.
Remember, a wrong fixation and wrong benchmarking can cost the organization heavily. If you pay a higher salary, it has a recurring impact—financially and also on the return on investment in human capital. If you pay less than the market standard, you may not be able to attract competent candidates.
From India, Mumbai
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
REAL TIME CASE STUDY RELATED TO TEXTILE INDUSTRY.doc
SALARY SHEET CALCULATION.xls