Good evening everyone, I would be glad if you could share your feedback- How does your organization do salary benchmarking? Are there any reports to understand the market standards? Or are there any agencies that do salary benchmarking? How often do you work on Salary benchmarking for employees? Or is it only during appraisal cycles?

@NIDHI KHANAPUR happy to connect and talk about various avenues for doing compensation benchmarking studies

@NIDHI KHANAPUR you can use benchmark.hiresure.ai for free. We're building a network of companies that have free access to comp benchmarks. We're 250+ companies in the network already with the latest comp benchmarks available for free.

@NIDHI KHANAPUR, outlining the process I usually follow for my clients: 1. Articulate the pay philosophy - what percentile of market do you want to compete with and why? 2. Look at what others are doing - similar industries as well as people we get/lose talent to 3. Design a comprehensive total rewards package (salary + bonus + benefits) 4. Communicate this to employees. Usually, I recommend benchmarking at least once in 1-2 years, and delinking it from the appraisal cycle.

we usually purchase in December as it is the end of the year and the data will be robust. It also depends on whether your company is following lead-lag 0r lag or lead approach for salaries. If you are using old data, try considering the age factor formula. Also, https://www.erieri.com/ offers free courses on comp benchmarking. Some companies use two data banks and have different weights for each data bank to finalize the salaries.

@Harshal Goyal @Anurag @Sumit Singla @Sai Venkata Vinay Chittuluru @Kartik Mandaville thank you for your quick response. I shall connect accordingly and go through the links shared.