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

Reasons for impact on benefits budgets

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

Mismatched priorities

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