As an organisation looking for quality talent pool, CTC is highly influential and can be leveraged to attract good candidates. The CTC Package need to be on par with the market based on location, technical skills & education.
A few points you must consider when you decide upon the CTC & Compensation:
- Cost to Company & Compensation plays a very crucial role for a candidate to decide and accept your offer or to go ahead with other offers which may be better and even more attractive.
- Ideally your HR should bench mark the CTC’s with your competitive companies & have it as a standard practice.
- You need to understand a candidates mindset to know what will motivate them to accept the offer.
- A candidate would ideally decide their future employer based on who offers the higher salary, what technology are they working on, brand name of the company, company culture, growth prospects, location etc.
- Top talent candidates are offered a salary hike every year in their present organisation & they naturally expect a higher package when they move from one company to another.
- Competitive CTC also comes with Perks & Benefits which ranges from company to company.
- Medical Insurance, Flexible working hours, Education support, Travel, Food, Maternity leave and many more benefits are always an added advantage which can be offered to attract candidates.
- CTC should be based on years of experience, skillsets, education, domain expertise & the kind of companies (Service, Product, Startup) the candidate has experience working in.
At Multi Recruit we always do a salary benchmarking before we take up any new hiring mandates. We believe that our clients need to offer a competitive CTC that matches the expectations of the candidates and which is on par with market standard.
If these strategies are applied, then this valuable information can help improve a hiring process and optimize future candidate experiences. There are so many ways for companies to differentiate themselves as an employer of choice, however the top challenge will always be staying ahead of competition and ensuring that jobseekers find your organization better than others.
This Blog is part of a series which aims to answer commonly faced challenges in recruitment.
Please click on the links to know more about essential tips on hiring sucessfully:
- Employer Branding: The How & Why?
- Competitive CTC: An effective recruitment strategy to gain competitive advantage
- How to Interview Candidates Effectively
- Interview Feedback – why is it so important?
- How to optimise the Task Round during Interviews
- Reducing TAT & Increasing Hiring Efficiency
- POFU (Post offer Follow Up) Initiatives to help improve joining conversions
- Offer Strategies – How to avoid losing candidates to counteroffers
- Virtual Onboarding the new norm!