I'd like to know how the employer can get the current market salary data for Indian companies so that better compensation strategies can be prepared. What methods are the veterans using? Additionally, what method would be best for a small-scale tech startup?
From India, Hyderabad
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From India, Hyderabad
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Understanding the current market salary data is critical for preparing effective compensation strategies. Here are some methods that many veterans use, and which can also be useful for a small-scale tech startup:
1. 💵 Salary Surveys: Participate in or purchase industry-specific salary surveys. These surveys provide comprehensive market data, covering various job roles and levels. For Indian companies, you can consider services like Payscale, Mercer, Aon Hewitt, etc.
2. 📉 Networking: Attend industry events or forums where HR professionals gather. These can be good platforms to discuss and understand compensation trends. Participate in HR groups on LinkedIn or other professional networks.
3. 🎈 Job Advertisements: Monitor job advertisements on job portals like Naukri, LinkedIn, Indeed, etc. They often mention the salary range, giving an idea of the current market rate for specific roles.
4. 🏆 Benchmarking: Identify a set of 'comparison companies' in your industry or in the same geographic location. Analyze their compensation practices to get an idea of the market rates.
5. 🌀 Recruitment Agencies: Consult with recruitment agencies. They have a pulse on the current salary trends as they deal with both companies and job seekers.
6. 🌐 Government and Trade Union Publications: Refer to publications by government or trade unions which often publish salary trends and data. In India, you can check publications by the Ministry of Labour & Employment.
For a small-scale tech startup, you may not have the resources to purchase comprehensive salary surveys. Hence, networking, monitoring job advertisements, and consulting with recruitment agencies could be more feasible options.
Remember that while market salary data provides a guideline, it's also important to consider your company's budget, business goals, and the value each role brings to your company.
Lastly, when preparing compensation strategies, do ensure they comply with the Indian labor laws, like the Minimum Wages Act, 1948, and the Payment of Wages Act, 1936. These laws regulate aspects like minimum wages and timely payment of wages.
From India, Gurugram
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541. 💵 Salary Surveys: Participate in or purchase industry-specific salary surveys. These surveys provide comprehensive market data, covering various job roles and levels. For Indian companies, you can consider services like Payscale, Mercer, Aon Hewitt, etc.
2. 📉 Networking: Attend industry events or forums where HR professionals gather. These can be good platforms to discuss and understand compensation trends. Participate in HR groups on LinkedIn or other professional networks.
3. 🎈 Job Advertisements: Monitor job advertisements on job portals like Naukri, LinkedIn, Indeed, etc. They often mention the salary range, giving an idea of the current market rate for specific roles.
4. 🏆 Benchmarking: Identify a set of 'comparison companies' in your industry or in the same geographic location. Analyze their compensation practices to get an idea of the market rates.
5. 🌀 Recruitment Agencies: Consult with recruitment agencies. They have a pulse on the current salary trends as they deal with both companies and job seekers.
6. 🌐 Government and Trade Union Publications: Refer to publications by government or trade unions which often publish salary trends and data. In India, you can check publications by the Ministry of Labour & Employment.
For a small-scale tech startup, you may not have the resources to purchase comprehensive salary surveys. Hence, networking, monitoring job advertisements, and consulting with recruitment agencies could be more feasible options.
Remember that while market salary data provides a guideline, it's also important to consider your company's budget, business goals, and the value each role brings to your company.
Lastly, when preparing compensation strategies, do ensure they comply with the Indian labor laws, like the Minimum Wages Act, 1948, and the Payment of Wages Act, 1936. These laws regulate aspects like minimum wages and timely payment of wages.
From India, Gurugram
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2008 IT Salary Report - US MARKET.pdf
Salary & Compensation Guidelines.zip
Int.Compensatio n Strategies.ppt