Ever wondered how your salary compares with your peers in the industry? Looking for a new job has always been about the candidate's bargaining power. Candidates usually have very little knowledge about what people in other companies with similar work experience earn in terms of salary and perks.
Information collected from informal sources often serves as the benchmark, but this leads to disastrous consequences.
But now, jobseekers could have complete information on salaries, labor market data and other relevant information such as minimum wages and working conditions. Monster India, a leading online career and recruitment solutions provider, in association with the Wage Indicator Foundation, on Wednesday announced the launch of the "Monster Salary Index". This industry benchmark has been created in collaboration with the Indian Institute of Management , Ahmedabad (IIM-A), which will act as the research partner.
This index aims to empower jobseekers with benchmarking tools to compare their salaries with millions of anonymous profiles across a broad spectrum of parameters such as industry domains, work experience and functional groups both in India and other global markets.
The initiative offers those currently employed, employers and trade unions with information related to salary, working conditions, minimum wages and other work-related issues.
At the core of the index is an online salary survey launched by the Wage Indicator Foundation in 2005, with IIM-A as research partner, to understand and develop salary and wage indicators for the Indian market. The Wage Indicator Foundation's surveys cover 70 countries.
"Our customer research and market studies over the years indicate a strong need for a benchmark that provides both employers and jobseekers with comprehensive information pertaining to labor market and salary trends from a single source," said Sanjay Modi, managing director of Monster.com for India, Middle East, Southeast Asia, in a press statement.
"With the launch of the Monster Salary Index, we aim to empower jobseekers to 'find better' by enabling them to make informed decisions regarding job opportunities, influence their professional decisions and assist them to understand the level of remuneration they deserve. In addition, this information will help employers analyze the labor market and optimize employee remuneration thereby fostering a more transparent work culture," Modi added.