Hello everyone, good morning. I am an HR intern pursuing an MBA, and as part of my curriculum, I am required to work on a project. Due to my interest in Compensation, I have chosen to focus on creating a Compensation band for my organization. I am unsure about how to proceed with this project and what information you may need to assist me. I am looking forward to learning a lot.
Regards,
[Phone Number Removed For Privacy Reasons]
Sundesh Murthy
From India, Kochi
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1Regards,
[Phone Number Removed For Privacy Reasons]
Sundesh Murthy
From India, Kochi
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I understand you must have received guidelines on the project from your faculties. Here's my suggestion for you to consider:
- Define the compensation structure and philosophy in the industry your firm belongs to.
- Identify broadly how banding is done within your industry.
- Drill down to your firm and define the several levels connecting how compensation is drawn for each one of them.
- Define the justifications and rationalizations in mapping the compensations.
- Map and review the existing band in your firm.
- Identify a few areas for improvement and suggest solutions for it.
Here are a few pointers:
Banding Concept
- Bands are used to group jobs across the organization similar in scope and complexity, organizational impact, degree of independent judgment and discretion, knowledge, and skill expertise.
Level
- It is an indicator used to identify the level of the employee, which will be linked to the complexity of the job/role.
Designation / Titles
- It is the title that identifies the role of the individual within the band. For employees in bands 2 and 1, there will be a basket of market-facing designations that can be used based on the leader's approval.
Common Compensation Structure & Policies
- An effective and uniform compensation structure is recommended to attract, retain, and motivate employees.
Please consider Archna's post in this link: https://www.citehr.com/331382-employ...ds-grades.html. You may consider viewing the salary designations and bands as attached in the document I found in this community.
Regards,
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From India, Mumbai
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- Define the compensation structure and philosophy in the industry your firm belongs to.
- Identify broadly how banding is done within your industry.
- Drill down to your firm and define the several levels connecting how compensation is drawn for each one of them.
- Define the justifications and rationalizations in mapping the compensations.
- Map and review the existing band in your firm.
- Identify a few areas for improvement and suggest solutions for it.
Here are a few pointers:
Banding Concept
- Bands are used to group jobs across the organization similar in scope and complexity, organizational impact, degree of independent judgment and discretion, knowledge, and skill expertise.
Level
- It is an indicator used to identify the level of the employee, which will be linked to the complexity of the job/role.
Designation / Titles
- It is the title that identifies the role of the individual within the band. For employees in bands 2 and 1, there will be a basket of market-facing designations that can be used based on the leader's approval.
Common Compensation Structure & Policies
- An effective and uniform compensation structure is recommended to attract, retain, and motivate employees.
Please consider Archna's post in this link: https://www.citehr.com/331382-employ...ds-grades.html. You may consider viewing the salary designations and bands as attached in the document I found in this community.
Regards,
Cite Contribution
From India, Mumbai
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Creating a Competitive Salary Structure.doc
Compensation Structure.ppt