Employers 'navigating complex issues in a rapidly changing environment, especially the needs of their workforce'
Employers across India are being urged to "re-evaluate" the benefits they offer as a new report revealed a big disconnect between what employees want and what employers provide.
There are "significant gaps between the percentage of employers that offer particular benefits and the percentage of workers who say those benefits are important," according to earned wages access platform MyFINFI World.
In surveying over 100 employers, the company found that 98% of employees rated health insurance as important, but only 56% of employers are offering them.
There are also large gaps for the following benefits:
- Provident Fund contribution: Important to 80% of employees, but only 45% employers implement the bare minimum statutory requirement.
- Life insurance: Important to 80% of employees, but only offered by 25% of employers
- Employee advance programme: Important to 71% of employees, but offered by only 30% of employers
- Workplace wellness programme: Important to 69% of employees, but only offered by 29% of employers
- Financial wellness programme: Important to 73% of employees, but only offered by 28% of employers.
The discrepancies are bigger among start-up companies than bigger firms, according to Kriti Pandey, HR professional and head of customer success for FINFI.
"[The] economy has seen rapid swings in the last 36 months and employers have been navigating complex issues in a rapidly changing environment, especially in managing the needs of their workforce," said Pandey. "However, they can be doing even more to support their employees."
Previous research has highlighted discrepancies between both parties on various topics, including productivity, wellbeing, and even training offers.
Why the gap?
Potential reasons for these gaps in perception include a lack of awareness by employers and their underestimation of employee interest, according to Pandey.
It can also be attributed to cost concerns in carrying out the legwork necessary to determine employees' wants, she added.
One way to address the problem is re-evaluating benefits by consulting external advisors on what affordable offerings can be extended to staff, according to the report.
Getting employees' opinions by establishing two-way communication is also critical.
"In terms of gauging employee interest for potential new benefits, one of the best ways to find out is to conduct a survey and simply ask them," Pandey said.
"It is important for employers to gain an understanding of the types of benefits currently available in the marketplace so they can determine which could best address the needs of their employees."