Pune: Mental health has become an important aspect of
employee wellness, with 90% of Global Centres of Excellence (GCoEs) in India offering some kind of a wellness program to their employees.
The latest
Employee Benefits Study - 2019-20 by management consultancy
Zinnov has found that a major shift in how employee benefits are being administered, with personalisation, gamification and digitisation enhancing accessibility and utilisation.
“With payroll costs increasing at 12% CAGR between 2017 and 2020 and Employee Benefits budget increasing at a 17% CAGR during the same period, it is clear that organizations are using benefits as a key lever of differentiation,” said Mohammed Faraz Khan, Principal and Delivery Head, GCoE Accelerator Platform, Zinnov. “This is truer for small to mid-size organizations that must compete for top talent with the established organizations in terms of compensation.”
Offering better work experience and engagement through a comprehensive benefits package is giving them an edge in an industry that is adapting to changing workforce dynamics, he added.
The study also found that employees are increasingly seeking organisations that promote a healthy lifestyle, focus on their
mental well-being, personal and professional growth, as well as, those that extend benefits to their families, including pets.
Zinnov surveyed 140 GCoEs in India as part of the study. Other key findings include: