September 2, 2010 ( PowerHomeBiz.com )
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Salary information is one of the deepest secrets of the labor market.
However, today many large organizations, management consultancies and
websites are conducting salary surveys and coming out with reports on
compensation and benefits that helps both employers and employees take a
right decision. Such surveys can be online as well as offline (paper pencil
ones) and are generally done for the purpose of comparability.
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The most valuable information that employees get out of such surveys is
whether they are getting their actual worth or not. You can compare your
salary with those of others occupying similar positions and equally
qualified as you are. Thus, you will get a clear picture about whether you
are underpaid or rightly paid by your employer. If you are planning to
switch to a different sector you can check out what others are being paid at
your level in that particular industry.
This also applies if you are
planning to relocate to a foreign country. Thus, you can take an informed
career decision. Knowing what the industry standard is will help you when
you are negotiating your salary with your current employer during the
performance appraisal process. Even when you are looking out for a new job
it will help you frame a figure in your mind so that you can negotiate well
with your future employer.
Salary is perhaps the main criteria of accepting or declining a job
offer. So it is important that the employer offers a competitive salary to
the candidate. The data obtained from salary surveys helps organizations
design and manage their compensation structure so that there is internal
consistency and at the same time it is at par with the industry standards.
In addition to knowing the market rates employers also get an idea of what
its competitors are paying. In the process of negotiating salary with any
candidate the concerned HR professional knows exactly to what limit he can
stretch. By setting the right compensation package, organizations will have
that competitive advantage and employees will be attracted, retained and
motivated to work in such a workplace.
There is no doubt that salary surveys are important both for the employee
as well as for the employer. But care should be taken so that both
individuals and organizations choose the most relevant survey and also
assess it correctly. Then only one can get accurate information and make
good use of it.
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Chandan Das is a content writer at Paycheck India. Paycheck India provides
information on Salary and
Minimum Wage in India. Fill up the Salary Survey
and know more about your salary.
