Medical coverage and work-life balance are two of the highest valued benefits among the country’s workers, according to research from Aon.
By Maggie Mancini
A majority (82%) of workers in India are considering changing employers, according to a global employee sentiment study by Aon plc. Employees in India report that work-life balance programs; medical coverage; career development; paid time off; and retirement savings are the top benefits they want from their next role, the report finds.
Additionally, 46% say that they would consider switching to an employer that provides better than average pay and meaningful benefits than their previous employer. Other influential characteristics include social and environmental responsibility (24%), support for employee well-being (22%), being a fun place to work (21%), and being a strong fit for employees’ values (21%).
“Until recently, very few companies considered how benefits, wellness, and healthcare programs could shape their employer brand and employee value proposition,” says Nitin Sethi, head of talent solutions for India at Aon. “Post-COVID, we are seeing changes as employees increasingly value these programs, and companies are more actively branding and communicating their availability to current and future employees. A multigenerational workforce is accelerating this change, while advanced technology is making it easier to implement these programs. In the next decade, companies that excel in benefits, health and wellness will have a significant opportunity to position themselves as best-in-class employers.”
Medical coverage was one of the highest valued benefits across all generations among those surveyed in India, with Gen X and Gen Y rating it higher than Gen Z. Gen Z rated work-life balance as the top-valued benefit. Additionally, 76% of those surveyed said they would be willing to sacrifice existing benefits for a better choice of benefits. This highlights the necessity for businesses in India to align their total rewards and benefits strategies with the changing expectations of their workforce.
The study also found that 10% of surveyed employees in the country had no confidence that their employer is investing in their skills development and training to prepare them for the future of work. At the same time, employees surveyed showed a higher commitment to improving their AI skill set, with 43% feeling motivated to develop new skills to stay relevant when asked about AI compared to 35% globally.
