Hi all,
I have been given a new project on "Implication of new tax structure on attraction & retention of talent". This incorprates FBT and all. Actually the importance of compensation in attraction & retention of employees. i have got all info on FBT and other tax issues.
Can anyone pls email me some article on how compensation is used to attract & retain employees???the relationship between compensation and attraction and retention of employees?? Or even some opinions and views of the hR fraternity.
Thanks a ton,
Regards,
Kruti
From China, Beijing
I have been given a new project on "Implication of new tax structure on attraction & retention of talent". This incorprates FBT and all. Actually the importance of compensation in attraction & retention of employees. i have got all info on FBT and other tax issues.
Can anyone pls email me some article on how compensation is used to attract & retain employees???the relationship between compensation and attraction and retention of employees?? Or even some opinions and views of the hR fraternity.
Thanks a ton,
Regards,
Kruti
From China, Beijing
Hello Kruti:
Case 1 -- Competitive compensation will allow many applicants to accept your job offers.
Case 2 -- Compensation that is too low will cause many applicants to reject your job offers.
Case 3 -- Compensation that is too high will cause many applicants to accept your job offers.
In all three cases compensation won't turn a bad hire into a good hire or cause good employees to stay if they are mismanaged.
From United States, Chelsea
45Case 1 -- Competitive compensation will allow many applicants to accept your job offers.
Case 2 -- Compensation that is too low will cause many applicants to reject your job offers.
Case 3 -- Compensation that is too high will cause many applicants to accept your job offers.
In all three cases compensation won't turn a bad hire into a good hire or cause good employees to stay if they are mismanaged.
From United States, Chelsea
Hi Kruti
As the project concerns with the new tax structure.... you need to redraft the compensation structure of the firm to get the optimum salary structure..
The best option would be to remove maximum items that attract the FBT from the salary structure and rather give cash [add in the salary] for the same... as the FBT is higher than personal tax..
Further, Sodexho has been removed from FBT, so give maximum sodexho [now a days most of the super malls accept sodexho, which can save some tax for the employees]
Further benefits such as Pick-up and drop can be provided at cost and the same can be deducted from the salary. This will reduce the cost of employees to come and go to office and the company will not have to pay the FBT. [Free car / subsidised car is taxable under FBT]
Similarly , canteen facility can be provided at cost, instead of at subsidy. [The amount of subsidy, if sodexho is provided, is taxable under FBT]
From India, Ahmadabad
As the project concerns with the new tax structure.... you need to redraft the compensation structure of the firm to get the optimum salary structure..
The best option would be to remove maximum items that attract the FBT from the salary structure and rather give cash [add in the salary] for the same... as the FBT is higher than personal tax..
Further, Sodexho has been removed from FBT, so give maximum sodexho [now a days most of the super malls accept sodexho, which can save some tax for the employees]
Further benefits such as Pick-up and drop can be provided at cost and the same can be deducted from the salary. This will reduce the cost of employees to come and go to office and the company will not have to pay the FBT. [Free car / subsidised car is taxable under FBT]
Similarly , canteen facility can be provided at cost, instead of at subsidy. [The amount of subsidy, if sodexho is provided, is taxable under FBT]
From India, Ahmadabad
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Published_draft _rules_on Employees_ compensation 3.6.2020.pdf
Compensation Benchmarking Survey.doc