Companies revamping employee benefit strategy in view of pandemic, says survey

The COVID-19 pandemic has compelled companies in India to revamp their employee benefit strategy mainly due to the war for talent, heightened focus on diversity, equity and inclusion, as well as rising benefit costs, according to a survey. While 68 per cent companies in India offer market competitive benefits, only 43 per cent address the individual needs of their workforce and even fewer (32 per cent) offer significant flexibility and choice, according to the India findings of the 2021 Benefits Trends Survey by Willis Towers Watson. The 2021 Global Benefits Trends Survey are based on responses from a total of 3,642 employers globally, including 137 organisations in India with 8,79,000 employees at responding organisations.