PremiumNearly 60% of Indian companies are willing to get their employees and their dependants vaccinated, a survey showed in a sign that firms are willing to spend big to protect their workforce, reduce sick days and eventually bring staff back to offices
Nearly 60% of Indian companies are willing to get their employees and their dependants vaccinated, a survey showed in a sign that firms are willing to spend big to protect their workforce, reduce sick days and eventually bring staff back to offices.
The survey by consulting and advisory firm Willis Towers Watson showed 57% of Indian companies are willing to facilitate the vaccination of their employees.
A substantial 83% of employers expect to establish vaccination policies by the year-end, and 44% by the end of the third quarter of the calendar year, according to the survey. This indicates a majority of the offices may continue to operate with thin staff, with others mostly working remotely wherever possible, for a large part of the year.
The survey said 11% have either arranged for or are currently arranging for the purchase of vaccines for their employees, and 46% said they are planning for it. While 72% said they are planning to subsidize fully or partly the cost of their employees’ spouses, nearly 60% said they are likely to take care of employees’ parents too.
The survey said most of these jabs will be given at third-party clinics than at workspaces. It also hinted that the cost of the health crisis hitting employees is much more than buying vaccines and that this may be a key driver in the companies’ calculations.
“This is an unprecedented and ever-evolving situation, making it critical for employers to have a holistic and long-term strategy on employee benefits and the future workplace, designed around five interconnected C’s—coverage, cost, confidence, convenience and communication," said Vinod V.K., head of health and benefits practice at Willis Towers Watson India.
“Understanding the intricate long-term cost structure is critical to optimize coverage while building employee confidence and making the process convenient will have a direct impact on vaccination uptake rates. A thought-through employee communication strategy will also be crucial for driving the intended behaviours," he said, adding that given the “scale and complexity, it is not surprising that a majority of companies anticipate specialized advisory and guidance in navigating the immediate crisis and developing a long-term response to this pandemic."
The survey polled 158 companies in April from several broad sectors, including IT and telecom, manufacturing, general services, financials, healthcare, energy and utility, and retail. As to how firms are allocating vaccine-related expenses, the survey said 23% are doing from benefit budgets and 37% from outside the employee benefits budgets. The rest 40% said they are not sure.
India is in the middle of a massive surge in covid cases and deaths, and the country reported around 316,000 new cases on 21 April, a global single-day record. In the past few weeks, several companies have spoken about vaccinating their employees.
“While most workers are operating remotely, it will be paramount for firms to take care of employees’ well-being. Funding and facilitating vaccination will lead to employee loyalty. This may help scale up vaccination. Remember, employee welfare is key to organizational growth and productivity," said K.R. Shyam Sundar, an economist and professor at XLRI, Jamshedpur.
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