The war for talent, heightened focus on diversity, equity and inclusion, and rising benefit costs are fuelling a surge in companies in India planning to revamp their employee benefit strategy. Their goals are to differentiate themselves, personalise the employee experience and manage the costs of their benefit programmes. That is according to a survey by Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company.
The India findings of the 2021 Benefits Trends Survey found that while 68% companies in India offer market competitive benefits, only 43% address the individual needs of their workforce and even fewer (32%) offer significant flexibility and choice. The survey highlights that the top strategic objectives in the next two years are integrating wellbeing into the benefits package (65%), increasing flexibility and choice (51%), enhancing tools and technology to support employees (46%) and focussing on inclusion and diversity in benefits provision (38%).
The employee benefit strategy in India has traditionally focussed on market competitive and benchmarked benefits which subsequently moved towards differentiation. However, the pandemic has driven employers in India towards an introspective benefit strategy built around individual needs, flexibility and choice and most importantly, employee experience,” said Vinod VK, Head of Health & Benefits, Willis Towers Watson India Insurance Brokers.