A recent report
posted on The Economic Times
talks about how A survey by Marsh India Insurance Brokers revealed 70% of companies seek
new-age benefits and 50% aim to cater to the multi-generational workforce,
focusing on Generation Z. Employers are designing comprehensive benefits
tailored to diverse needs, including mental health support and flexible
solutions..
Seven in 10
companies feel they should have new-age benefits and five in 10 want to cater
to the multi-generational workforce, found a survey conducted by Marsh India
Insurance Brokers, a subsidiary of Marsh Mclennan India.
Gradually
the focus of employers is shifting to meet the requirements of Generation Z
(born between 1997-2012), who are expected to comprise 27% of the workforce by
2025, said a report based on the survey.
The report,
'Future of Benefits - 2023 and Beyond, on employee health and benefits in
India, said employers are proactively designing benefits such as comprehensive
leave policies, expanded maternity benefits, mental health benefits, work life
management solutions, digital solutions, training programmes
According
to the report, 41% of the employers surveyed said they were still restricting
their employee benefits programme to a traditional model with market prevalent
benefits only. The percentage is even higher (51%) for larger employers having
employee headcount above 5,000.
"We
are seeing a shift in employers' priorities from offering traditional health
insurance coverage to a more holistic view aligned to the overall physical and
mental well-being of their employees," said Prawal Kalita, managing
director, Mercer Marsh Benefits - India Leader. "Organisations are keen to
offer progressive benefits which would be valued by their diverse and
multigenerational workforce.
We're
seeing that two out of three organisations foresee an increase in their
employee benefits budgets."
Key focus
areas for benefits enhancement include critical illness cover, physical/mental
disability support, digital mental health, fertility treatments, health and
fitness perks and autism care.
According
to the report, 68% of the respondents believe in offering progressive and
new-age benefits and 80% said offering these acts as a tool to attract and
retain employees.
Eighty per
cent of the organisations enhanced their insured benefits to support their
employees during the Covid-19 pandemic.
Even after
the pandemic, 38% of the respondents have maintained those benefits and 61%
have upgraded their health insurance benefits in the past 12 months. This may
be
READ
due to
increased awareness around health oN APP insurance and employers being more
focused about the overall health and well-being of their employees.
espondents
nave maintained those Denents and 61% have upgraded their health insurance
benefits in the past 12 months. This may be due to increased awareness around
health insurance and employers being more focused about the overall health and
well-being of their employees.
Besides,
outpatient department (OPD) insurance has emerged as an important addition to
healthcare coverage.Trends show that in the long run adequate
OPD
insurance will lead to decrease in the traditional employee benefit health
insurance claims and thus the premium, said Kalita.
As per the
report, 31% of the respondents had an existing OPD insurance coverage, out of
which 72% were company-sponsored. Of the remaining 69%, who did not have an
existing OPD cover, 36% were already contemplating introducing it in the next
12 months, underlining the growing need for this benefit.
Employers
are also taking significant steps to ensure better health for their women
employees by adopting a range of benefits.
These
include offering comprehensive health insurance plans and health checks that
address women-specific needs, extending maternity and parental leave policies
and introducing flexible work arrangements that enable women to manage their
personal and professional commitments.
Read more at:
https://economictimes.indiatimes.com/jobs/hr-policies-trends/companies-look-to-rework-benefits-for-multi-generational-workforce-survey/articleshow/110494278.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst