Compensation Survey

Industries Covered

  • Engineering Industry
  • Pharmaceutical Industry
  • FMCG Industry

 

Objective
To make available to participants Executive Compensation Survey as an aid to their reviewing compensation of their managerial personnel, benchmarking against industry practice, the Survey is carried out after establishing job equivalence at each of 6 levels, and, 12-13 benchmark jobs across the survey participant organizations, which can then be extrapolated to various jobs at appropriate levels.

 

Methodology
Job equivalence will be established through job matching of clearly identifiable jobs across levels and positions.

Bench Mark Positions
EFI will identify key benchmark positions at various levels from different functional areas such as Sales, Marketing, Human Resources, Engineering, Production, Finance, etc. Critical factors like qualifications, experience, responsibility and reporting relationship of the benchmark positions will be taken into account as part of job matching to ensure job equivalence on a broad basis.

Data will be collected, collated, and analyzed to indicate key elements of compensation, also total cost to the company. Performance related incentives earned during the preceding year and planned for this year will also be reflected in the Survey.

Survey Data
Data will be collected under the following heads:

  • Base Salary
  • Monthly Allowances
  • Reimbursements
  • Performance Incentives and Bonuses
  • Annual Payments, if any
  • House & House Related Benefits
  • Car and Car Related Benefits
  • Loans
  • Contribution to Retiral Benefits


Before finalizing the report efforts will be made to verify respective company data with its authorized representative.

Confidentiality of the data
Data is treated in strictest confidence. Confidentiality is fully assured in the Survey Report, as well.

Total Compensation Report
EFI will give you coded data of all participating companies, which will be benchmarked against your company’s compensation. It will also indicate the Range, Median and the 75th percentile.

Report Presentation & Timing
Report will be finally presented to which a representative from participating Company will be invited. We plan to complete the survey by end February 2010. In the unlikely event of delay from receipt of data from the participating companies a few weeks delay may have to be reckoned.

Cost of the Report
Participation fee of Rs.30,000/- for the members of EFI/EFSI/BCCI (Bengal Chamber)/PHDCCI (PHD Chamber) and Rs.35,000/- for the non-members is payable in advance while agreeing to participate in the Survey. We have specially kept the participation fees very low to encourage wider participation. The report will be distributed at the Seminar planned in mid March 2010.

Survey Team
The Survey will be conducted by a team consisting of the undersigned and his team. The undersigned has been Head of HR for a number of Multinationals, last one being the Standard Chartered Bank. I have dealt with all aspects of Managerial Compensation for over 2.5 decades.

Value of the Report
With the EFI Compensation Report you may then choose to:

  • Set your corporate remuneration policy - determine where and how to position yourself in the market.
  • Develop a salary structure - select the minimum, midpoint and maximum salaries for each Job/Salary, Grade or positions of similar job size.
  • COMPARING the remuneration of individual positions with the remuneration prevailing for jobs of equivalent size.
  • Establishing the appropriate remuneration for new positions, or when recruiting.
  • Fixed and variable mix
  • Comparing the overall levels of remuneration in your organization with the consolidated practice of the survey group’s average, minimum and maximum salary pertaining to :
  • 6 levels (Officers up to Directors/Vice-Presidents)
  • 12 benchmark positions

EFI can, if desired, provide assistance in accomplishing the optimal value for this survey to your organization.

We are confident that the EFI Compensation Survey will provide value additions to Companies to help determine the benchmark salaries for key managerial positions and thus gain a strategic competitive advantage.