It is time for a revolution—a compensation and benefits twirl! The traditional perks do not attract the new-age workers in India any more. No longer are they inspired by predictable compensation plans, says the Compensation & Benefits Survey 2024 by ANSR. Their hearts seek customised compensation and benefits, along with adaptable and innovative solutions—learning opportunities, upskilling, career development and a clear career path. They will make a beeline for organisations that offer them flexibility, mental-health support and hybrid work options. In fact, 61 per cent of the survey respondents feel customisable health-benefits programmes are very important.
The survey covered Indian tech talent from across the talent ecosystem, with significant representation from the many global capacity centres (GCCs) that now dot the country.
When asked about the benefits important to modern-day employees, that is, the one they would want in their personalised benefits package, 77.3 per cent chose hybrid work arrangements. About 61 per cent sought tailored health-benefit plans, while 54.2 per cent sought employee-assistance programmes. About 48.5 per cent said retirement planning opportunities (NPS) were important to them, while 44.5 per cent said tie-up with fitness aggregators/gyms were important to them.
When asked how important additional benefits (such as EAP, fitness logger, subscriptions for meditation apps, and other allowances such as, phone and internet bill reimbursements) that support well-being are to them, 49.4 per cent said these are very important. About 33.6 per cent said these are important, while 14.1 per cent said these are somewhat important and only three per cent said these are not important. A good 49 per cent find these crucial.
So what does the wish list of today’s employees contain?
Not just health insurance, that’s for sure. They seek on-site gyms, clinics, yoga for stress relief, and healthy cafeterias. They look forward to flexible work schedules, childcare help and guidance with their financial planning. These benefits can not only promise a more productive workforce but will also attract talent.
What can employers do?
Employers can tailor the employee experience basis the preference of each individual. This is hyper-personalisation.
They can implement a flexible and customisable benefits programme that empowers employees to opt for health and well-being benefits suited to their individual needs, depending on the stage of life they are in.
After all, employees are giving their best to their workplaces and organisations. So, shouldn’t employers also reciprocate by allowing them to choose their benefits? If organisations successfully cater to a diverse workforce, they will enjoy higher employee satisfaction and engagement.
They can invest in a holistic approach to employee well-being by prioritising well-being and mental-health benefits as a core component of the employee value proposition. They have to realise that investing in mental-health resources and stress-reduction programmes can lead to a healthier, happier workforce, where productivity is high and absenteeism low.
They can offer the employees a dynamic and flexible work environment by adapting and personalising benefits packages to support the unique needs of employees working in hybrid arrangements. The benefits package should be able to addresses the challenges and opportunities of hybrid work such that a sense of trust and inclusivity is ensured. This, in turn, will result in improved performance and employee retention.
Hyper-personalisation has indeed become crucial. Pet insurance, child-adoption leave, return-to-work programmes for women, benefits coverage for same-sex partners and support for gender-affirming surgery are just some of the benefits that seem to be high in demand.
