Market Benchmarking

A well-designed compensation structure helps in recruiting and retaining qualified employees, uplifting their morale, rewarding high performing resources and reducing the attrition attributed to wrong pay structure.

Market benchmarking, also known as market pricing, is the widely accepted remuneration methodology today, particularly with organizations that operate in highly competitive business environments. Market benchmarking is the act of matching a job and its duties to the compensation standards generally adhered to by other organization at par in the business operations for the particular role.

This process relies widely on valid, reliable survey data. We conducts compensation surveys on numerous executive, managerial, professional, clerical, technical, and production positions across board and industry verticals, which are perfect for integrating into your market benchmarking project. In addition, we produce industry-specific surveys aiming to help our clients.

Before undergoing a Market Benchmarking exercise, we recommend you contemplate a few questions.

First, who is your competition for Human Capital? The answer is as simple as understanding from where you draw applicants. Competition may be from employers in the same industry or geographic area, or those similar in size, sales revenue, or operating budget. The answer to this question may be different for different job categories.

Second, how do you want to pay your employees compared to your competitors? Do you want to lead, match, or lag the marketplace? This question goes beyond just base pay; you should also take into consideration incentives, overtime, stock, flexibility, career advancement, and benefits packages.

Thirdly. Matching Jobs -Consider jobs that match atleast 75 percent or more of your position’s KRA to be good matches. You may have to conduct a formal job analysis to gather the necessary information about your organization’s positions to ensure appropriate job matches are being made.

And Lastly Applying Data – Once data is collected from salary surveys, it’s imperative to age (or trend) the data, weight the data, and calculate a final composite base wage. For some projects, it may also be necessary to adjust data for geographic differences and/or make workweek adjustments to annualized rates. Once a final market value is determined for each job, individual pay ranges or an organizational salary structure are often created.

SERVICES

Talent Management

Talent Acquisition

Market Benchmarking

Talent Mapping

HR Advisory & HR Audit

Labour Laws

Permanent Staffing

Training Image Consulting

Shriyam Mitr Journey

A year and a half flew by! From nervous newbie to thriving teammate, every day was an adventure. We crushed wins, learned from stumbles, and built a family-like bond. Mentors guided us, and the office’s quirks became our inside jokes. Reflecting back, mistakes turned into growth, fuelled by all kinds of feedback. We found our purpose, the team thrived, and together we built something special. It’s been a wild ride, shaping me into a sharper, stronger person, ready to conquer what’s next!

Aachal Mitr Journey

Joining Mitr HR Solutions has been incredible! From day one, everyone’s professionalism and dedication have blown me away. The company’s commitment to excellence is clear in everything they do.

The team is amazing – talented, supportive, and always pushing each other to be better. The collaborative environment fosters growth, and I’m grateful for the mentorship I’ve received. Mitr HR Solutions’ focus on innovation is truly inspiring, and I see them staying ahead of the curve in HR.

While there’s always room for improvement (streamlining some processes, perhaps?), I have no doubt Mitr HR Solutions will conquer any challenge with this talented team.

Thank you for the opportunity to be part of such a fantastic group! I’m excited to see what the future holds for us.

Shriyam Mitr Journey