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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 ballgame 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.
Compensation and benefits are highly contentious in nature. But their complexities are heightened under India’s unique employment laws and the way India’s pay structure is organized under the employee compensation act. Thankfully, untangling these complexities is what Mercer does best.To make employee rewards meaningful for both your business and your employees, your rewards strategy should be:
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.
Performance-driven
Motivating employees with only compensation and expecting things to work may not help. Build the environment you want by incentivizing productivity with the right systems.
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.
Support individual career development
Every employee is on his or her own personal journey. Develop your business and employees by aligning your objectives so that everyone can win.
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
On top of the monetary compensation that your employees are offered, our 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
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
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
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.
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