April 30th, 2013, New Delhi: Monster India ( www.monsterindia.com ), one of the leading online career and recruitment solutions providers in the country, in association with www.paycheck.in (managed by Wage Indicator Foundation) announced the launch of the ‘Monster Salary Index,’ an exclusive industry benchmark in collaboration with prestigious IIM-A as research partner. The Monster Salary Index provides jobseekers complete information on salaries, labor market data and relevant content concerning labor law and careers.
The Monster Salary Index aims to empower jobseekers with benchmarking to compare their salaries with millions of anonymous profiles across a broad spectrum of industry domains/ experience/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 Monster India Salary Index is an online Salary Survey launched by the Wage Indicator Foundation and Paycheck.in in 2005, with IIM-A as research partner, to understand and develop salary and wage indicators for the Indian market. This detailed salary survey helps in understanding the Indian market and benchmarking against other countries to draw comparisons. The Wage Indicator Foundation surveys cover 70 countries. By working together with Paycheck.in and Monster India, the foundation will be able to provide wider coverage for the salary survey.
Speaking at the occasion of the introduction of the index, Sanjay Modi, Managing Director, Monster.com (India, Middle East, South East Asia) said, “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. We are delighted to work with Paycheck.in to launch the Monster Salary Index with IIM-A as a research partner.”
“With the world around us becoming highly competitive; self-evaluation, knowledge and preparation are pertinent to one’s career growth. 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,” Mr. Modi further added.
Speaking at the launch, Pauline Osse, Director WageIndicator Foundation said, “I am happy with the cooperation between Monster and Paycheck.in. Paycheck.in is among our best WageIndicator websites. It is the perfect example of how a systematic research and dissemination approach on salaries and labor law is benefiting many people in need for a good benchmark in order to take a wise decision.”
Commenting at the occasion, Prof. Biju Varkkey of IIM-A said, “How much I am worth in the job market is a question in every jobseeker’s mind. Often, misinformation collected from informal sources serves as the benchmark with disastrous consequences. The primary aim of Paycheck is to provide salary related information to the market using data gathered through the online tool. Collaboration with Monster is expected to improve data intake as well as produce more robust output, in terms of salary information and deeper insights into labor market trends.”