The chief technical officer (CTO) is the second highest paid CXO amongst BSE 100 companies. So, who earns more than a CTO? It is the chief financial officer (CFO), reveals a survey by an HR consulting firm.
According to the executive rewards survey 2022-23 that covered over 500 companies, more than 50 executive positions across over 20 industries, a CFO’s salary is double that of the CTO, the latter being the second highest paid role amongst BSE 100 companies.
The average total cost to company of a CTO is Rs 1.97 crore, while that of a chief marketing officer (CMO) is Rs 1.28 crore. When it comes to the chief human resources officer (CHRO), the average total cost to company is Rs 1.21 crore, while the figure for the chief business development officer (CBDO) is Rs 0.69 crore.
As per the report, the remuneration of senior executives is more focused on pay at risk. More importance is given to rewarding executives for the value they bring to the table, and how they contribute to the organisation on the whole.
On an average, the long-term incentive or LTI paid to chief executive officers at BSE Sensex firms is Rs 10 crore.
When it comes to senior managerial roles and the Board, one in every three firms is working towards increasing diversity.
India Inc. is paying more attention to pay governance, thanks to the involvement and intervention of shareholders increasing by the day.
The human resources department is advised to take on the role of change leader and drive the environmental, social and governance (ESG) agenda. The HR needs to examine how effective the leadership of the organisation is and how agile the workforce is. Most importantly, it needs to focus on the well-being of the people.
