With the right data, salary benchmarking is easy!

 

Today, it’s more important than ever to get your employees’ salaries right. Rapid technology advancements are transforming the jobs landscape, and when it comes to finding top talent, the competition is tough. But, finding and hiring the right talent is only half the battle. Retaining the employees you need for in-demand niche roles is a whole different ball game that is increasing in difficulty each day. 

 

Forward-thinking Indian companies are prioritizing employee retention strategies and hiring strategies and salary benchmarking have jumped to the top of most management teams’ agendas.  However, the fastest way to address concerns about employee compensation plans is to have accurate market data. With this data, you can make informed, justified, and fair salary decisions. That’s exactly where Mercer’s expertise lies. 

 

Did you know

63% of Indian companies report major talent shortages. Sales IT and engineers are the hardest roles to fill

 

Four Critical Components of Compensation Planning in HRM

 

To make employee rewards meaningful for both your business and your employees, your rewards strategy should be:

 

Components of rewards strategy _HRM 1_Mercer Consulting India

 

Informed by the market

 

Always keep an eye on the employment market. Be aware of what your competitors are offering so that neither you nor your employees are shortchanged.

Components of rewards strategy _HRM 2_Mercer Consulting India

 

Performance-driven

 

You can’t just throw money at employees and expect things to work. Build the environment you want by incentivizing productivity with the right systems.

Components of rewards strategy _HRM 3_Mercer Consulting India

 

Delivered fairly and consistently

 

Earn your employees’ trust by delivering on promises. Learn how you can automate rewards allocations with the latest HR tools and never miss out on a payment again.

Components of rewards strategy_HRM 4_Mercer Consulting India

 

Support individual career development

Every employee is on their own personal journey. Develop your business and employees by aligning your objectives so that everyone can win. 


Mercer Salary - Your Go-to Employee Compensation and Salary Benchmarking Guide in India

 

Mercer’s comprehensive salary survey gives you the confidence you need to build defensible employee reward programs and identify justifiable compensation plans for hot jobs and scarce talent.

 

With this treasure trove of information, your organization can ensure your employee retention rates and employee experiences soar. No matter the size or scope of your data needs, Mercer India can help you understand the current and evolving market trends so that you can set yourself apart from the competition.

 

Find out more about our executive compensation here

At Mercer, all your HRM compensation planning matters are under one roof

 

On top of the monetary compensation that your employees are offered, our HR consultants will also discuss, analyze, and advise you on all other aspects of compensation and benefits planning to help you shape a holistic hiring and retention strategy.

 

Allowances and benefits_Mercer Consulting India

 

Allowances and benefits

 

Allowances and benefits cover any sort of compensation outside of employee salary. Finding the right allowance and benefits configuration can be tricky, but doing so will help you balance your accounts and employee satisfaction.

Remote and flexible working_Mercer Consulting India

 

Remote and flexible working

 

For many employees, remote and flexible conditions are no longer the exception but the norm. Even so, there are undeniable benefits in face-to-face interactions. Mercer can help you find the balance and set up the right hybrid work arrangements.


 

Salary/workforce reductions

 

Unfortunately, cost-cutting measures are sometimes necessary to save jobs and sustain businesses. At Mercer, we help you figure out the best non-wage reduction options, and guide you on the best ways to implement fair wage cuts if necessary.

Long-term incentives and variable pay_Mercer Consulting India

 

Long-term incentives and variable pay

Long-term incentives and variable pay components boost productivity as they provide your best-performing employees with rewards they deserve. Mercer helps you understand what motivates your employees so you can maximize your dollar.


Ready to boost your employee retention rates and attract top talent?

Speak with one of our consultants.

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