Press Trust of India | Mumbai | August 25, 2015 | Last Updated at 17:02 IST | Business Standard
More and more employees in India are worried over financial security of their family as 54 per cent employees admitted spending more time thinking about personal financial issues at work, according to a study.
“The biggest financial concern of employees in India is financial security of their family in case of premature death. About 54% of employees admitted spending more time thinking about personal financial issues at work than they should, impacting productivity and engagement in the workplace,” according to the PNB MetLife’s 2015, Employee Benefits Trend Study.
The study revealed that employees in are seeking benefits that will help provide protection coverage in order to help ease their financial concerns.
As per the survey, 73 per cent of the employees are seeking life insurance as a key protection product and 61 per cent would even buy life insurance without support from employers.
Employees, the study showed, are willing to take up additional coverage on health, life and accidents either jointly paid by employers and employees or pay from employees’ own purses.
“Globally, we are seeing employers increasingly challenged to find ways to attract and retain talent, as well as drive loyalty and commitment, while managing costs,” MetLife Executive Vice President Maria Morris, Global Employee Benefits, told reporters here.
She said employee benefits are becoming a valuable tool in helping employers win the war for talent.
“This is why we conduct our global employee benefit trends study in dynamic markets like India. It provides us with the opportunity to examine what’s on the minds of employees, and at the same time, provide employers with insights that will help better leverage benefits as a tool to address their talent challenges and rising costs,” she added.
According to the study, a majority of Indian employers (70 per cent) feel highly challenged to retain employees, highest compared to other markets including the US, Poland, China, Russia and the UAE.
The report found that only 51 per cent of employees are satisfied with their current job with 47 per cent saying they will look for another job within the next year.
“Since the rapid growth of India’s economy has put its employment market under stress, we conducted a study to gauge insights that will help employers better navigate these challenges. In India, our findings revealed employers need to address a broader employee value proposition that focuses on meeting the needs of Indian employees,” PNB MetLife Managing Director and CEO Tarun Chugh said.
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