MUMBAI: While India has one of the largest talent pools in the world, around 65% employees here are worried about their family’s financial security in the event of their premature death.
If employers address that concern, #employees are more likely to stick to their jobs, reveals a new study. Interestingly, around half the employees in India are going to look for a new job in the next one year.
“#Employee benefits are turning out to be the new tool to retain talent globally,” said Maria R Morris, executive VP, global employee benefits, #MetLife, one of the largest #insurance companies in the US.
Indian employees want more and not a mere higher salary from employers. A caring boss, work-life balance, secure savings and wellness are some of the broader value propositions that they are looking for. Morris said an increasing number of companies, especially those in China, are monetising these benefits.
“In developed markets, supervisors are getting trained in employee benefits,” she said. A huge perception gap exists between what benefits employees want and the ones employers are more likely to offer in India. “At the highest level, we know that 73% of employees seek life insurance as a key benefit — it is number one on their wish list; yet, only 62% of employers are likely to offer life insurance. When we asked employers how many offered life insurance, only 30% claimed they did.”
Retirement is another financial concern on the minds of Indian employees, according to the PNB MetLife study, that covered around 2,500 employees and 320 employers across various sectors.