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Survey Report

Companies balance competing goals while pursuing benefits

2023 Benefit Trends Survey India Findings

September 20, 2023

Highlights of the 2023 Benefits Trends Survey India findings that reflect responses from 364 companies.
Health and Benefits|Inclusion-and-Diversity|Employee Experience|Ukupne nagrade |Benessere integrato
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Employers are facing a range of challenges including rapidly rising benefits costs, difficulties in the ability to engage, attract and retain key talent. With a mental health crisis, issues around the cost of living and the accelerating focus on environmental, social and governance (ESG) concerns and benefits inclusivity, steering the right course on benefit strategy is more challenging than ever.

The 2023 Benefits Trends Survey reflecting responses from 364 employers in India found that:

Key factors influencing organisation’s benefits strategy

Competition for talent (65%), rising costs (38%), flexible work arrangements (37%) and focus on I&D (31%) are the top factors influencing benefits strategy.

Impact on benefits budget

Approximately 40% respondents expect the persistence of higher inflation and weak business environment to impact their benefits budget.

Misalignment in employee and employer expectations

Employers in India see risk and insurance benefits (51%), health benefits (51%) and career, training and development (43%) as the most important benefits in their portfolios, while employees are placing greater emphasis on retirement plan / long-term finances (33%), financial wellbeing / short-term finances (29%) and flexible work arrangements (28%).

For more insights and recommendations on how to elevate your benefits strategy, download the key highlights of the 2023 Benefit Trends Survey India Findings.

Related content tags, list of links Survey Report Health and Benefits Diversity, Equity and Inclusion Employee Experience Total Rewards Wellbeing India

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