Compensation Structuring & Benchmarking Consulting Company

Compensation Structuring & Benchmarking Consulting Company

Salary benchmarking, also called compensation benchmarking, is the process by which internal job descriptions are matched to external jobs with similar responsibilities to identify the market rate for each position.

PeopleQ can help in identifying and determining current process and components of compensation and can redesign and validate of a compensation strategy. We help in setting up pay structure through job analysis and job evaluation. There are several ways to determine employee compensation structure, the first one being benchmarking and the other is setting pay grades. By way of benchmarking, we do market salary research and surveys within and across industries to set salary limits across roles. Through pay grade structure we help companies to group jobs of similar value and define a salary limit for those grades.

We also help in defining the components of compensation relating to current market trends such as base pay, commissions, overtime pay, bonuses, profit sharing, merit pay, stock options, travel/meal/housing allowances, benefits- insurance, leaves, medical, vacation, retirement & taxes.

If salary benchmarking is done incorrectly using bad market salary data, companies have a hard time attracting the best candidates, or risk looking imprudent by advertising a position with a salary ranges completely different with the rest of the market. If hiring is done and a salary benchmarking mistake is later discovered, any adjustment (especially downward) could create employee dissatisfaction, poor employee engagement, and lead to higher turnover costs if that employee has to be replaced. This makes salary benchmarking a vital part of the hiring process.

PeopleQ not just makes managing people easy, but also an extremely enlightening and enjoyable experience!

Book for Consultation

5th Floor, 91 Spring Board, Akruti Trade Centre, Bhim Nagar Rd, Kondivita, Andheri East, Mumbai 400093

+91 9167461160