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Infographic: 2023 Benefit Trends Survey India Highlights

September 20, 2023

Snapshot of 2023 Benefits Trends India Survey India findings that reflect responses from 364 companies.
Compensation Strategy & Design|Employee Engagement |Health and Benefits|Inclusion-and-Diversity|Retirement|Ukupne nagrade |Benessere integrato|Employee Financial Resilience
Infographic: 2023 Benefit Trends Survey India Highlights

Companies balance competing goals while pursuing benefits

India key findings

Conflicting ambitions

  • Desire to improve benefits to attract and retain talent
  • Face cost challenges due to a challenging business environment and concerns about workforce performance

Mismatched priorities

  • Employees have greater emphasis on short- and long-term financial security, benefits decisions making and support on families’ needs
  • Employers also recognise the need to enhance their position in these areas

Future direction

  • Almost all employers desire to at least be ‘at market’ for their broader portfolio of benefits
  • An increasing number of employers are targeting an ‘above market’ position

Conflicting ambitions

  • 65% employers in India have rated competition for talent, and 38% have rated rising costs as top issues influencing their benefits strategy in 2023.

Key factors influencing benefits strategy

Key factors influencing benefits strategy - 2021 vs 2023
2021 2023
1 Focus on inclusion and diversity Competition for talent
2 Flexible work arrangements Rising costs
3 Rising costs Flexible work arrangements
4 Competion for talent Focus on inclusion and diversity

Reasons for impact on benefits budgets

  • 43% Persistence of higher inflation
  • 40% Challenging business environment

Mismatched priorities

Misalignment in employee and employer expectations
What employers want? What employees want?
Risk and insurance benefits 51% 23%
Health benefits 51% 33%
Retirement plan / Long-term finances 11% 33%
Financial wellbeing / Short-term finances 12% 29%

Future direction

Actions taken by employers to elevate the benefits portfolio

  • 49% benefits financing through vendor contracts
  • 34% enhance employee experience through digital platforms
  • 27% use targeted communications to specific workforce segments

Source: WTW 2023 Benefit Trends Survey India Findings

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