Corporate India is increasingly offering modern benefits to employees, recognising that it takes more than just a high salary to attract and retain talent. Support for self-development, flexible work arrangements and health insurance for siblings are among the benefits being introduced.
According to the 2024 Global Benefits Attitudes Survey by risk advisory and broking firm WTW, 76% of employees stated that the benefits package is a significant reason for staying with their current employer. Two-thirds indicated they might leave their job for better benefits, even without a salary increase.
Last month, consumer goods manufacturer P&G introduced an annual fixed cash allowance for employees to use towards personal development, family members, childcare and pet care, elderly care and adoption expenses, among other things.
This initiative, part of the company's 'Inclusive Care Program', allows employees to choose what they need most, said Srinivas PM, P&G India's chief HR officer.
To address health gaps exacerbated by the modern workforce's largely sedentary lifestyle, e-commerce company Flipkart introduced free voluntary health check-ups for its employees, including those at the online travel agency Cleartrip, which it owns, in August last year.
Camps were held in 33 cities as part of this initiative, and thousands have benefited, said Aakriti Chandra, senior director of rewards, performance and corporate functions at the Walmart-owned firm.
Care and wellness elements in employee engagement and retention were previously underappreciated, Shweta Mohanty, head of HR at SAP India in a conversation with Economic Times said. "Prospective candidates now inquire about facilities, benefits and insurance coverage, emphasising the importance of these aspects," she added.
German tech firm SAP's Yellow Circle initiative supports employees' mental health through open conversations, resources, mutual support and awareness.
Healthtech startup Dozee has extended its insurance to the live-in partners of LGBTQ+ employees, while online payments solution provider Razorpay's new health insurance policy will cover employees' siblings and critical treatments such as those for HIV/AIDS.
With a young workforce, it is crucial to have a broad-based, inclusive and customisable health insurance policy, said Chitbhanu Nagri, senior vice president of people operations at Razorpay.
Connected technology company Harman India has expanded its healthcare options to cover infertility and Ayurvedic treatments, as well as sex change operations.
Ink Dive: Despite Facing Significant Talent Scarcity, India’s Employment Outlook Q1FY24 Remains Strong
Companies are increasingly supporting new parents during this challenging life stage.
UK-based NatWest's policy allows employees on maternity leave to opt for 100% work from home three months before childbirth and avail of a graded scale of flexibility up to nine months after childbirth, according to Poulomi Saha, head of reward pension and benefits, international hubs at the company.
Professional services company Accenture has expanded its 'Caring for the Caregiver' programme by increasing its partner network to over 100 childcare centres across the country for employees managing caregiving responsibilities alongside their careers.
To supplement its existing benefits for employees at various parenting stages, the tech firm has recently introduced adoption assistance.
Insights from agency
