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What is salary and Compensation survey in Kenya?
Salary Surveys are tools used to determine the median or average compensation paid to employees in one or more jobs. Compensation data, collected from several employers, is analyzed to develop an understanding of the amount of compensation paid. Surveys may focus on one or more job titles, geographic regions, employer size, and or industries.
2Max Group is one of the most leading salary and compensation surveys company in Kenya. We design and conduct tailored compensation surveys for clients. In addition, we have a database of published compensation survey data from which we can draw competitive pay information to assist clients in updating their pay practices.The compensation surveys companies like 2Max Group has designed and conducted salary compensation survey services in Kenya for clients on a broad range of topics. Normally, these surveys are conducted to help clients ensure that their compensation practices are, or remain, competitive. They generally focus on cash compensation practices – i.e., base salaries, incentive compensation, bonus arrangements, etc. But can also include benefit and perquisite practices.When rapid response is a priority, or the situation does not require the precision that a tailored survey provides, our extensive database of published salary survey services in Kenya by industry is available to assist clients price one or two jobs or an array of positions. The turnaround time in drawing from our data bank and helping clients price their jobs is normally minimal. This can be quite useful in saving clients time and money.The compensation surveys in Kenya and related pay comparisons we perform for clients can be conducted either as standalone projects, or as part of a broader compensation study where our firm is engaged to develop a formal compensation program for the client and job pricing is an important part of the engagement.
Definition of Compensation Outsourcing.
2Max Group a great Salary and compensation survey company in Kenya provides outsourcing services to the clients. Compensation survey outsourcing means building a partnership between a company and its external service provider. External experts are responsible for the daily management of the company’s compensation department. External management typically includes job evaluation, market data management (identification, market pricing), salary support (structural adjustments and budget compensation proposals) and reporting.
The salary survey services in Kenya is based on the fact that as the payment function changes, the payment plan becomes more complex. The management system used to support these programs becomes more efficient and unmanageable, and maintenance costs are becoming more and more expensive. For example, the HR departments of some organizations began to contract with external service providers such as compensation surveys companies to receive compensation for outsourcing management.
Benefits of Compensation and Salary Surveys services in Kenya
In addition to salary levels, you will be informed in detail about vacancies, roles, and job opportunities and this compensation & salary survey Services in Kenya will give you detailed feedback. We know the market very well, we have a depth of knowledge by the customer base.
Attract and retain top talent
Compensation is consistently ranked as one of the top factors candidates consider when evaluating job offers. Paying market rates or higher helps companies bring in skilled employees and keep them from being poached by other firms. Regular surveys allow employers to benchmark against similar roles in their industry and location.
Aid merit increase and promotion decisions
Salary survey data provides useful reference points for determining raise percentages and setting pay for promotions or expanded roles. Managers can use real-time, apples-to-apples comparisons rather than relying on rough estimates.
Identify pay inequities.
Over time, pay disparities can emerge within an organization. Maybe female or minority employees are paid less than men or non-minorities in the same positions. Comparing internally to survey results safeguards against discrimination and closes unjustified pay gaps.
Support a pay-for-performance culture
.Salary studies give companies a meaningful way to tie pay to an individual’s contributions and talents. Workers who go above and beyond can be rewarded accordingly compared to market rates for their role and level.
A leading provider of Salary Survey Services in Kenya.
Industry Salary Surveys
Offer comprehensive salary survey of different specialist sectors including Charity, Distribution and Transport, Health Sector and Communication etc.
Table Of Contents
Payroll Processing Services!
Payroll Processing Services in Kenya refer to the outsourcing of payroll management tasks to specialized service providers. These services involve the calculation and disbursement of employee salaries, tax deductions, benefits administration, and other related tasks.
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Employment compliance in Kenya encompasses a wide range of regulations and requirements that employers must adhere to. These include laws related to hiring, on-boarding, payroll, taxes, benefits, and terminations.
Outsourcing Salary & Compensation Survey services in Kenya.
Understand the cost of your functions and switch to an external vendor. This is especially true for services and back office units. We provide the outsourcing service to office work, personnel, technical support, and legal support. And a hundred other fields and functions.
When considering optimization proposals, the cost of implementing the process is the main argument. To understand whether it pays off to outsource Salary and Compensation survey services in kenya, we compare the costs of full-time professionals and experts for this role.
Let’s say the comparison will not absolutely right. If only because the employer’s full-time employee costs are made up of three main types of direct and indirect costs: total staff maintenance costs, personnel costs (selection, adaptation, training, motivation, etc.) and errors in the professional work of the compensation costs can occur financial risk.
If the amount of the first and second cost component can be roughly estimated, the last cost item is unpredictable, ranging from zero to very sensitive amounts. When outsourcing the salary, the same provider carries the damage caused by his or her fault, and this is the cost of his own insurance – all responsibility lies with him.
Project Sourcing
You as a client ad Us make a contract including Pricing and signing of contracts and NDA
Discusion of Comparatives
We shall have meetings to discus which companies we shall benchmark against.
Reporting Draft and Final reports
Once we are done,we shall have both draft reports discussed,necessary adjustments and Final reports
What Do You Pay For?
Why you will pay to compensation surveys company in Kenya like 2Max Group? Now calculate the costs for wage outsourcing. It will be logical to explain this in the UCMS example because we have a clear understanding of how it works for us.
Let’s first find out what the customer is paying for. Outsourced salaries can be divided into basic/standard wages (continuous, regular, planned) and additional wages (accidentally, once and/or adapted to customer needs). Customers have the opportunity to put together a service package so that they are interested in other options in addition to the basic services. In this case, the cost of the latter is lower. The only condition is to provide a list of all necessary additional services during the negotiation phase of the outsourcing transition so that we can estimate the amount of work and consider other services in our commercial offer.
Outsourcing payroll and personnel administration – what are the trends?
As the data provided indicates, people are most often hired and recruited today, followed by outsourcing activities related to staff development and training. Outsourcing of wages and personnel management is far less common in the first two types. Salary outsourcing is a very popular service on the market, although its rapid spread is hindered by the complexity. However, the benefits of optimizing business and reducing costs have significantly increased interest in such outsourcing. If it is easier and more efficient to hire professionals with the same money, why waste time and money on hiring and adapting the right people.
Why choose 2Max Group as your outsourcing partner?
Following are the main reasons you should choose 2Max Group as your compensation surveys companies in Kenya.
- You deal with a Kenya limited company (with our own offices in Nairobi)
- Local Kenya contact for your peace of mind
- Good English skills for easy communication
- You can set budgeted hours for each job
- Instant support via phone, email and instant message
- 13+ years experience of helping several Kenya firms
If you have planned to expand your company, this is the right time. It is the right time because with the option of accounting outsourcing, you can quickly grow your firms. You can just focus on marketing and win new clients. We will do all the time-consuming work of bookkeeping, looking for missing information, accounts preparation and any other accounting tasks as required by your clients.
Frequently Asked Question
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2Max Group is one of Kenya’s leading salary survey company in Kenya. We design and conduct tailored salary surveys for clients. In addition, we have a database of published salary survey data from which we can draw competitive pay information to assist clients in updating their pay practices.
Why is salary benchmarking important
Salary is often the difference between retaining employees and losing talent to your competitors. Benchmarking salary offers employers invaluable insight into how other companies within the same sector are structuring their own pay and benefits packages. Particularly in the case of executives and directors, it can be difficult to quantify the true value of an employee’s pay package due to the variety of benefits included in their contract and the small sample size, making simple salary searches inaccurate.
Salary benchmarking considers and separates the different elements of these benefits packages, giving organisations a much clearer understanding of what other executives are being offered in addition to their standard pay. This information can often be key for increasing employee engagement, reducing staff turnover and attracting high-quality talent.
How do you start salary benchmarking?
When covering lower level or more common positions, a salary benchmarking survey can help to highlight the difference between employee pay grades. These surveys vary in approach, usually drawing data from a specific industry or role.
When dealing with more senior positions, the additional benefits offered make simple salary surveys less accurate, so it’s best to opt for a specialised executive salary benchmarking service instead, as this will break down every aspect of an individual’s pay and benefits package.
How do you conduct an effective salary survey services in Kenya?
The first step requires you to define the labour market to know what jobs and opportunities are out there in the market. You will be required to compile detailed descriptions of the jobs you have in your organization that you need data on, this will ensure your search is precise and accurate.
What is the importance of salary survey services to the employees?
Survey data provides a relevant basis for HR’s decisions on salary, incentives, and bonus plans when meeting with senior management and employees. HR professionals will be more confident when communicating changes in pay knowing that their decisions were based on current market data that includes industry peers.
What are the objectives of salary survey services in Kenya?
A salary survey is a tool specifically for remuneration specialists and managers to define a fair and competitive salary for the employees of a company. The survey output is data on the average or median salary for a specific position, taking into consideration the region, industry, company size, etc.
What is the purpose of compensation survey?
Compensation survey is the breakdown process of a complete salary package of an individual. It helps the employer to segment every salary component and benefits associated with an employee