Capture the data with care so that all of your analysis work is accurate. 2020 - All rights reserved. every company goes through lean years. You’ll need to capture the first and last name for each employee in separate columns, each on their own row. This formula will use each title’s average, max and minimum salaries. Hike not given - working for a Fortune 500 company as a consultant, Auditor asked us for a report on KPIs for business improvement. If you are working in Human Resources Department in a well-established company, you might not need to define salary range since your company might have it already. Separate your merit and cost of living adjustments. Do we pay overtime on the Gross Payable salary or only on the earned Basic + DA amount for the month? Then, right-click on the new columns and choose, Now, let’s pull those data points from our benchmark. You’ll see a new column called. ), When it comes to important processes like annual reviews, goal-setting and compensation reviews, your HR team most likely does a lot of the heavy lifting. It’s calculated and updated. It is not just decided by market salary range. Don’t forget about factors “outside the numbers.” Paying top talent above-market is a great example. It should include all columns from A to H for our example. If the Maximum column shows a 0, it indicates the employee makes the maximum for their title. Use LinkedIn and Glassdoor data to build up your own compensation survey. This helps drive better conversations with your leadership. Professional Tax - Please confirm the salary components on which P-tax deduction will be applicable, ESIC Gross wages above 21000/- but employee still wants to avail benefit of ESIC. the current base salary is the starting point for all analysis, so make sure that you have this for each employee. The Complete Guide to Compensation Reviews in Microsoft Excel, Make sure to download a copy of the salary benchmark Excel spreadsheet. 8 | ERI Economic Research Institute | Developing a Competitive Salary Structure | September 2016 Payroll - structure to calculate the salary which should contain pf,esi,etc (Archive), Lower and the upper limit of salary structure for various hierarchies in various depts? PF & Income Tax applicability on Food Coupon Petrol slips used for personal & Official purpose. Salary Structure in Sri Lanka - gross salary so that after all the applicable deductions the consultant gets a take-home of LKR 250000/per month? List the title for each employee so that you can make proper comparisons.