It costs to keep talent at work. From the benefit programs your employees receive to the desks they sit in every day, your investment in human capital is substantial. There’s a phrase for it, too. In India, it’s called cost to company (CTC), the total cost you pay to keep your workers employed, and it doesn’t necessarily translate to take-home cash. In fact, workers may only get 70% of their cost to company in hand. Tax deductions, company accommodations and group or medical insurance all contribute to an employee’s CTC. You can learn more about what goes into talent’s cost to company by visiting India’s HR Success Talk.
So how does India’s cost to company salary quote relate to your total rewards program? Two words: value communication. Your employees have a cost to company as well, you likely just translate into a total compensation program. But having a comprehensive view of what you’re actually paying to keep talent in their seats gives you the perspective to communicate those expenditures as values your employees receive.
Rather than showing a print statement ripe with deductions, you can deliver engaging total compensation statements positioning those deductions as benefits in areas like career advancement opportunities, stock options, health and wellness and more. What’s more, this type of comprehensive value communication can lead to benefits in other areas of worker retention and engagement.
Companies can use a candidate’s individual CTC as a valuable recruiting tool. Showing recruits a comprehensive benefit proposal that outlines monetary and non-monetary total rewards helps employers translate the cost to the company into engaging values candidates will respond to.
By nature, employees want to know they’re valued. Holistic benefit statements should go beyond cash compensation. With the right total rewards statement software, you can communicate an employee’s cost to company as a career and lifestyle experience rather than a set of dollar amounts.
Turn Cost to Company into a Value-Generator
India’s cost to company salary quotes exemplify how static total compensation statements can be leveraged into communication tools that boost candidate and employee engagement.
Turn your human capital’s cost into a value-generator now by signing up for our Free Edition of TotalRewards Builder, which provides you with the tools you need to make total compensation statement cover letters and more.