DEFINITION

It is a means of obtaining detailed data regarding what other firms are paying for specific jobs or job classes within a given labor market. !rveys" # $ather % s!mmari&e information for monitoring movement % developments in labor 'market' #(rovide a means for comparison of salaries within the instit!tion It may be p!rchased) o!tso!rced to cons!lting firm or be cond!cted by the organi&ation itself.

Objectives Of

!rvey

To gather information regarding the ind!stry standards and know more abo!t the market rate i.e. compensation offered by the competitors To design a fair compensation system To design and implement most competitive reward strategies To benchmark the compensation strategies

The (!rpose Of *

!rvey

To adj!st the pay level in response to the changing rates paid by the competitors. To establish or price its pay str!ct!re. To analy&e pay#related problems. To estimate the labor costs of prod!ct+service market competitors.

Types Of Data $athered

,ase salaries alary -anges tarting alary

Incentives+,on!ses *llowances and ,enefits .orking /o!r % 0onditions

o!rces of Data

$eneral national % regional p!blished s!rveys 1anagement 0ons!ltant Databases ector !rveys Ind!strial !rveys Occ!pational !rveys (ay 0l!b !rveys (!blished Data in 2o!rnals 2ob advertisements -ecr!itment 0ons!ltants and *gencies

Types of Compensation Surveys

Designing The

!rvey

.ho sho!ld be involved in the s!rvey design # it sho!ld be o!tso!rced to e3ternal cons!lting firm or p!rchased from it # Or organi&ation sho!ld cond!ct itself /ow many employers sho!ld be incl!ded # no. of organi&ations to be incl!ded in the s!rvey. # In case of less n!mber of players in the ind!stry less n!mber of participitants

0ont4.

.hich jobs sho!ld be incl!ded #5benchmark approach) # low#high approach or # benchmark conversion approach .hat information to be collected # abo!t the nat!re of organi&ation # abo!t total compensation system # specific pay data on each inc!mbent in the jobs !nder st!dy

Factors *ffecting the 6!ality Of !rvey Data

2ob 1atching# ,asic aim is to compare like with the like) as far as possible # 1atching by 2ob title # * brief description of d!ties % levels of responsibility # 0aps!le job Descriptions # 0omplete job description # 2ob Eval!ation Timing of !rveys (ay increases over time

(resenting The Data

*fter data collection) it has to be presented in meaningf!l form to make analysis possible. 1eas!res of 7ocation 51ean) 1ode) 1edian8 # 1eas!res of Dispersion # range # !pper) lower % inter 9!artile # !pper % lower decile tatistical (resentation $raphical (resentation

Organi&ations 0ond!cting alary !rveys

2ob tar alary !rveys ...originally established for the 0alifornia job seeker) this site has the largest collection of salary s!rveys online anywhere. salary.com ...m!ch more than j!st salary reso!rces) this site is dedicated to not only salaries b!t total compensation. 2ob earch Intelligence ...provides statistically defensible compensation data to 2ob eekers) Employers) and persons with an interest in precise compensation val!es.

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Economic -esearch Instit!te 5E-I8 *bbott) 7anger % *ssociates ,!rea! of 7abor tatistics tatistics

Occ!pational Employment alaries-eview.com

Organi&ations 0ond!cting alary !rveys in India

/ewitt *ssociates : $!rgaon (aycheck.in# II1) *hmedabad .ealth Tree *dvisors (vt. 7td. 1!mbai E val!e serve (ay cale India

ome Of -ecent t!dies In India

0ompensation ynopsis t!dy # Electronics % Telecom ind!stry (osition 0ompensation # 0EO" *sia # O!tso!rcing ind!stry (osition 0ompensation # 0o!ntry 1anager (osition 0ompensation ,enchmarking # 0EO # *!to 0omponents 0ompensation ynopsis t!dy # ,!siness (rocess O!tso!rcing + 0all centers