What is a reputable compensation benchmarking system for the media industry?
I am looking to implement an internal compensation benchmarking system for a growing company that is in the media/telecom industry. I need a comp system that can pull the specific comp tied to jobs within both the media and telecom industries.
The answer really depends on your budget. For a reasonably cost solution, we recommend PayScale. Their data is comparable to more expensive data reports we have purchased in the past. Our team creates compensation compensation structures for growing organizations and in addition to using specialized reports, we have found PayScale to offer a large volume of frequently updated roles in their database. We would be happy to introduce you to our contact at PayScale if you are interested in speaking to them.
The best option (in order to have an internal equity system ,no complaints and a relevant method to compare each year with your relevant market and competition) but with a higher cost is to start with job evaluation (using whatever system you would like -depending also on cost which is affected by the numebr of jobs analyzed).
You can use Hay, Mercer or Towers Watson system;they can provide you with a list of their clients from the fields you would like.
The internal job grading system should be agreed with the management team and yearly you should /or not participate in a salary survey with the company you decided to evaluate your jobs.Job shoul be re-evaluated after 2-3 years if required or only some jobs can be re-evaluated.
Each of the 3 has an equivalence of the grading with the other 2 , so for example if you start using Mercer, and next year you decide to participate in Hay salary survey they cand provide you with the equivalence for the job grading versus Mercer.
Depending on the number of jobs evaluated this project cand take from 1-3 months.
Salary,Compensation & benefits policy should be designed based on the job grading system and taking into consideration the results and practices from the market.
There are a number of online sources which are free. The issue is the industry you are in and comparing it not only to your industry but the geography and social factors in the area. Media is different then telecom so you might have to look at each on their own. Glassdoor usually has some good information. There are also some government site to check out. Or you can pay a compensation firm to do the work. But the information is mostly fee on line.
I suggest you go through a business plan, understand your costs and where your breakeven is in both markets and develop an incentive plan from there...Make sure you cover your costs and the employees know the expectations
According to my understanding your question is ill-define,...,there are lot of formulas for compensation benchmark system which is best for you,for it please consult business consultant,...