News: Companies now allow employees to design their own salary packages

#TotalRewards

Companies now allow employees to design their own salary packages

A number of companies including Procter & Gamble India, Marico, Asian Paints, and Tata Consultancy Services offer their employees the choice to structure their pay packages. While the cost to company (CTC) will be fixed by the employer and benchmarked against the market, employees will be given a free hand to decide on the components they would prefer as part of their salary. While this trend is limited to a few companies, the trend is likely to grow. Companies are realizing that the present day workforce prefers a working environment which offers them choice, even in the way their salary is structured and hence they are offering employees to design their own pay packages. Companies reason that this initiative will help them attract and retain talent. 

A number of companies including Procter & Gamble India, Marico, Asian Paints, and Tata Consultancy Services offer their employees the choice to structure their pay packages. While the cost to company (CTC) will be fixed by the employer and benchmarked against the market, employees will be given a free hand to decide on the components they would prefer as part of their salary. While this trend is limited to a few companies, the trend is likely to grow. Companies are realizing that the present day workforce prefers a working environment which offers them choice, even in the way their salary is structured and hence they are offering employees to design their own pay packages. Companies reason that this initiative will help them attract and retain talent. 

Topics: #TotalRewards, #Updates, Compensation & Benefits

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