A guide to Salary Benchmarking in India!

Finding the Perfect Fit

Building a strong compensation strategy starts with salary benchmarking.

Knowing typical salaries for different positions, experience levels, and locations is crucial. This ensures you're offering competitive and fair pay (to both current and new employees) that aligns with your target range and stays within your budget.

So how do you find this data?

1. Salary Surveys

In the past, companies relied heavily on established consulting firms to gather salary data. These consultancies conduct annual surveys across a range of companies within various industries. The aggregated results, outlining typical salaries for specific job titles and experience levels, are then sold to HR and People teams, typically delivered as a massive spreadsheet.

There are some drawbacks to consider:

• Outdated Information: Salary landscapes are constantly evolving, reflecting changes in the job market, economic trends, and even working culture. However, annual surveys often can't keep pace. By the time you receive the report, the data may already be out-of-date.
• Limited Relevance for Smaller Businesses: Consultants often cater to large corporations, resulting in a dataset skewed towards their needs. Smaller companies might find the data less accurate or relevant for their hiring needs.
• Cost Factor: Traditional salary survey reports are often the most expensive option, particularly when considering additional fees for data breakdowns by industry or region.

2. Benchmarking Tools (without accuracy check)

The other options are “real-time” benchmarking tools by HR Tech companies which lack salary data, accuracy & authentication is always a concern. Is it really giving out the right results?

Important Challenges here:

• Accuracy Concerns: Without access to real candidate data (salaries included), it can be difficult to ensure the complete accuracy of these tools' benchmarks.
• Traceability Limitations: The lack of a link to real candidate data makes it challenging to verify the source and methodology behind the benchmarks. This can raise questions about the data's reliability.

So what is the solution?

Calculus | iimjobs.com & hirist.tech

Say Goodbye to Spreadsheets, Hello to Integrated Salary Benchmarking using Calculus!

Calculus is a real-time Salary benchmarking & Talent mapping tool which leverages the power of data.

The All-in-One Solution for Building Data-Driven Compensation Strategies.

• Build data-driven salary bands: Ensure fair and competitive pay structures.
• Make confident new hire offers: Eliminate guesswork with accurate salary benchmarks.
• Promote pay equity: Address potential bias through data-driven insights.
• Expand your talent pool: Access a wider network of qualified candidates.

Curious about Calculus?

Contact Us 👇🏻

Email: calculus@iimjobs.com

Website: www.thecalculusacademy.com