Compensation Benchmarking Format
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Hi Madhu,It's a very nice project you have. Before starting this project, you need to establish good contacts with other HR professionals in a similar industry. Secondly, as per your requirements, prepare a questionnaire and then start conducting surveys in simi...
Hi Madhu,To start the work on a compensation survey, first and foremost, you should develop contacts with other HR members in your industry. Share your job profiles (level-wise) and median data with them, and ask for the same from their side. Compare the job pro...
Dear Manu,If you are conducting a salary benchmarking exercise with the help of external agencies/professionals (which I assume are consulting firms), the appointed agency will need to inform you about their required formats. The more established agencies may ev...
Dear Forum members,My company is in the process of carrying out the compensation benchmarking of at least 30-40 staff to find out the difference between our pay and market standards, if any. We would like this to be done by agencies and professionals; however, b...
Dear Seniors,There have been views but no comments. Please share any formats if you have them available.
Dear Manu,The templates provided by the agencies, although generic, should already capture at least 70% to 80% of the job essence. Using these templates as your base documents, you start by deleting what's not relevant to your organization and adding those that ...
Dear Autumn,Thank you for making that perfect point. I am currently looking for sample formats that are available so that we can request the agencies to incorporate any missing points into their formats.
I have been exposed to salary benchmarking activity twice in my career. I'm not 100% sure that this is the correct way, but this is what I have been advised to do by my head.1\. The initial step is to make a note of all the positions and the number of years of e...
Waiting for some more replies.How exactly is it done? Is it simply getting in touch with HR from similar companies and finding out the salary structure there?
Hi Dear,It is not possible to benchmark the salary structure because every organization has its own salary structure. There are lots of different organizations running in this universe, but the minimum wage has been fixed for unskilled, semi-skilled, skilled, an...