According to a study by Nielsen, commissioned by PNB Metlife Insurance, there is a significant gap in the degree of loyalty towards each other, as perceived by employers and employees.
It is not surprising to discover that employees and employers are not on the same lines when it comes to their opinions about their organisation and the workplace.
According to a study by Nielsen, commissioned by PNB Metlife Insurance, there is a significant gap between how employees and employers perceive the strength of their relationship and the quality of their workplace.
The study reveals that while 71 per cent of the employers presume that their employees are loyal to the organisation, only 53 per cent of employees showcase any feeling of loyalty towards their respective employers.
Similarly, only 48 per cent of employees feel that their organisation is loyal to them, while a whopping 68 per cent of the employers feel they are loyal to their employees. It seems there is a gap in terms of internal communication as despite the employers feeling a sense of responsibility towards their workforce, it doesn’t percolate down effectively to the latter.
While 69 per cent of the employers feel that their organisation is a great place to work, only 53 per cent of employees evoke a similar emotion.
This implies that either the employers prefer to turn a blind eye to the problem or they are genuinely ignorant of the real situation. In both cases, it is a dangerous proposition.
If the study is to be believed, Indian employers have also failed to gauge the real needs of their employees.
The study further reveals that, for an average Indian employee, the financial security of their family in case of premature death is the topmost concern. In fact, 73 per cent of the respondents in the survey prefer a life insurance policy as a benefit, but only 61 per cent of the organisations were ready to offer the same as benefits.
On the contrary, while 85 per cent of employers were likely to offer benefits on critical illness, only 39 per cent of employees had it on their wish list. 70 per cent of the companies want to offer gift certificates as benefits but only 22 per cent of employees would value the same.
Understanding the employees’ needs is of utmost importance as around 51 per cent of the employees opined that an improved benefit package would make them stay in the company. Around 47 per cent of employees said they would like to be working for another employer within a year.
The study divulges the fact that benefits are valued by employees, but many don’t understand what they are offered. Around 85 per cent of employees voted for a personalised communication in this regard. The preferred channels of communication include group in-person meetings, benefit actions sent to employees in response to life events and benefits webinars.
Maria Morris, executive vice president, Global Employee Benefits, MetLife says, “Employee benefits are becoming a valuable tool in helping employers win the war for talent.”
“Globally, we are seeing employers increasingly challenged to find ways to attract and retain talent, as well as drive loyalty and commitment, while managing costs,” she adds.
This pan-India survey interviewed 323 employers and 2,432 employees split across SMEs, medium organisations, MNCs and large Indian corporates.