Business Daily from THE HINDU group of publications
Friday, Nov 13, 2009
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Business Daily from THE HINDU group of publications Friday, Nov 13, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Industry & Economy
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Human Resources States - Karnataka Many Asia-Pacific employers feel staff undervalue benefits: Survey India boasts of the second highest number of firms (79 per cent) that have put in place a well-defined corporate benefits strategy. Our Bureau Bangalore, Nov. 12 Almost 25 per cent of employers in India believe their employees fail to fully understand the value of the benefits programme provided to them. In a study by global consulting firm Watson Wyatt, it was found that there was a significant gap between the value of benefits provided by the employer and their perceived value by the employees. The survey conducted across 12 countries in the Asia-Pacific region points out that over 40 per cent of employers in the covered region think that their employees do not appreciate the value of benefits provided for them. Interestingly, India also boasts of the second highest number of firms (79 per cent) that have put in place a well-defined corporate benefits strategy. More than 55 per cent of the employers in China think that employees undervalue the benefits provided to them. In India, employers are more positive about the value that employees associate with benefits; as only about one-fourth think that employees undervalue the benefits given to them. These findings have grave implications for companies on several levels – cost, employee engagement and attraction and retention of talent. With benefits costs facing a double digit growth, cost containment is a major challenge for organisations. “Especially since the cost of benefits could form anywhere between 10 to 40 percent of the total compensation package,” said Mr Kulin Patel, Head of Benefits Practice, Watson Wyatt India. This also indicates that it is time for companies that are offering a fixed benefits plan to explore alternatives such as a flexible benefits approach as it has a strong advantage in helping employers build a more engaged workforce, said Mr Andrew Heard, Asia-Pacific Benefits Practice Director of Watson Wyatt. More Stories on : Human Resources | Karnataka
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