A company ordered two geographic data cuts for the US, and then asked how to convert the survey totals from US Dollars to Indian Rupees. Is this appropriate for determining geographic differentials and pay rates in India? The answer is no, with two incorrect assumptions:
- The labor market in India is the same throughout the country.
- Certain rates of pay in the US can be converted with a currency exchange rate to represent the local market in India.
Neither assumption is accurate. The labor market is unique to each location based on local practices and laws, and it is always changing.
Radford surveys provide you with a lot of ways to look at the market data for your analysis and individual assessment. Reports include detailed salary, allowance, fixed compensation, incentives, total cash, long-term incentives and total direct compensation so you can consider the total amount of compensation an employee receives, not just their salary. But because pay is changing constantly, you don't need to use the results to the exact decimal point.