Compensation Benchmarking, popularly known as Salary Benchmarking, has become a very important tool in today’s cut-throat competition of employers to hire and retain the best of the talent. The organisation’s growth depends on having the best talent on board and the best talent can only be retained with the right scale of compensation in place. Not only this, companies might even save unnecessary costs with the help of Salary benchmarking. Since the advantages of the exercise are many, let’s find out the list of advantages that this exercise offers:
Types of Salary Benchmarking Exercises
A medium scale IT company with it’s headquarter in US was looking for a solution to problem of high employee attrition. Much was debated between the local HR team and the global strategic team about what should be the market standard salaries of various roles present in the organization. However, there was no solid substantiation linking the attrition to the non market standard salaries. Thus after a lot of research the local HR team came found service providers for IT salary benchmarking. Finally the details of all providers were handed over to the strategic team and they decided to pick Eminent Management Consultants as the preferred service provider for their IT compensation benchmarking exercise. Eminent Consultants worked on their requirement, understood the roles, created role matrices, identified target employers, launched the surveys, did the analysis and provided ready results in a detailed report which could be referred for the advisable strategy for market standard compensation.
The strategic team after referring to the content was so impressed, that they even wanted to conduct the survey every year to understand the better ways of marking compensation. The company used the compensation philosophy to find the current gaps in their own compensation structure. The company was even able to save unnecessary costs and was able to increase retention through the exact identification of market standard salaries.
In a nutshell, many of the challenges of the organizations pertaining to hiring best talent, retention of best talent and making themselves great employer brands can be solved with the help of Compensation Benchmarking.
Best Salary Benchmarking Consultants in Hyderabad
Eminent Consultants is one of the best Salary Benchmarking Consultants in Hyderabad. With over 13+ years experience in salary benchmarking consultations, we have extraordinary expertise and hands on experience to provide you the current industry benchmark salaries so that you retain the best talent in the most Optimal way.
We have PAN India Database with reach across all industries, sectors and segments. Being the top compensation benchmarking company in Hyderbad, we follow complete scientific process and always have had a great record of timely delivery. Get in touch with us today for best salary benchmarking services near you.
Get the Market Standard Salary rates for your Company Jobs from Top Compensation Benchmarking Company
Many Companies and firms in Hyderabad are witnessing a never before employee attrition rates, thanks to the increased hiring by big global conglomerates and thanks to the ever increasing competition amongst the organisations to hire the best talent! Companies are finding it very difficult to provide the right match of the salaries to retain their best talent. Also the cost of one good performer leaving the company can’t be repaid back earlier than 8-10 months. Considering all this, companies want to know a strategic and scientific way to work out industry standard salaries rather than depending on a ‘gut feel’. Therefore its necessary to hire a salary benchmarking consultant from top salary benchmarking company in Hyderabad to get the right payscales for talent retention and companies growth.
How Salary Benchmarking in Hyderabad Works ?
What Makes Us So Special ?
We don’t provide just any generic data. Rather we provide you the option of comparing your organisational roles to those of specific competition.
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Compensation Benchmarking in Hyderabad
Eminent consultants salary benchmarking services has its presence among all major companies in hyderabad. Our compenstation benchmarking services in hyderabad help companies to identify and decide the right benchmark salaries as per industry standards.
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Frequently Asked Questions
- The right compensation
- The right treatment
- The right working environment
- The right Career Progress mechanism
- The right compensation - Solved by Compensation Benchmarking and Salary Structure revamping
- The right treatment - Employee Engagement Survey for feedback of how they feel and are they getting treated well?
- The right working environment - Employee Surveys to know any problems in current work environment and what could be done better?
- The right Career Progress mechanism - Competency Mapping, Learning & Development, Band Formation and refinement, Benefit packages, Entitlements, Rewards & Recognition
- The workplace is conducive for them to implement the best things
- The right infra, facilities and tools are in place
- Their ideas even if appear to be silly are welcome at workplace
- Their Managers coach them, understand them and take care of them
- They are paid right
- They have a great career development path or opportunity in this company
- They have a great team and supporting team members
- They get rewards for their best efforts
- They get the right recognition
- They are creating an impact in the real time world by their work
There are several factors that create a work environment and the most important can be the human behavioral, interpersonal and social factors. The workplace has to be free of harassment, free of abuse to be said the least. The ideas and creativity should be rewarded. Transparency and communication need to be the key. Team members need to be helping each other rather than competing in the wrong spirit. The environment of collaboration where every unique individual and their strengths are respected and synthesized well to deliver a combined multiplied output.
Creating a best employer brand need the employer to work on Employee Engagement parameters. Engaged employees and not just satisfied once make a difference. It's quite easy to start, just take an employee engagement survey and find out if your employees are engaged. If they are not, study the parameters where there's a gap and try fixing that. Apart from that benchmarking with the peer organisations of the same segment or industry helps to benchmark the best HR practices, better reward management strategies and best engagement practices.
Knowing what's going wrong with your organization first needs you to get a HR Audit or an Employee Survey done. HR audit can help the company understand what in the processes or records or practices is missing, whereas the employee surveys can help the organisation identify what from the employee perspective is not working out and should be changed. This gives a 360 degrees view to the HR of the current challenges and how those could be dealt with.
- The right salaries, incentives, benefits and rewards (as benchmarked right in your industry and competition)
- Presenting the best offer letter with the ones mentioned above
- Creating a great Employer Brand
- Keeping video testimonials of long term employees ready
- Showcasing the Career Development Plan in your organisation while offering the candidate
- A professional induction program
- Well made KPIs / KRAs and Competencies framework well before joining of the candidate
HR Heads, Managers and representatives of the companies are often quite occupied in the operational matters like solving day to day matters, firefighting, payroll, recruitment and more. This often does not let them focus on grasping new knowledge that is latest in their field. Also it becomes very difficult to do and initiate everything by self. In such scenarios the HR should consider getting the help of the OD Consultants with proven track record, so that while they get a help in getting new initiatives implemented, at the same time they can even get the knowledge and expertise on new initiatives while the consulting experts implement those in their organization. The expert consultants generally have an experience of handling clients from hundreds of companies and hence know many best practices and solutions to day to day problems. Their knowledge can help the HR representatives to grow professionally while they implement something along with HR.
Best Salary Benchmarking Company In Hyderabad
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