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.