Innovation in Benefits to Attract and Retain Talent

The economic progress of any nation is closely linked with the aspirations and capabilities of its corporate sector. That’s why the success of India is inseparable from the success of India Inc. Economic giants like the US and Germany owe their prosperity to a class of companies that, year after year, took the lead in carving out the future which influences millions today and aspires many countries to replicate similar stories.

GE, Ford, Procter & Gamble, Amazon, Apple, Google, Siemens, Airbus, BMW and SAP are just a few of the leading American and European companies that have created enormous wealth for their countries and other stakeholders while addressing global needs. In the developing world Haier and Alibaba in China, along with Hyundai and Samsung in Korea, are other examples of ambitious contenders who build national strengths into global success. India is in line to gear up for major breakthrough in its corporate sector with its ever growing demand in educated workforce, the fury of the startup culture & path breaking innovations in all spheres .

Employees are regarded as one of the key factors on which the success of a company lies. And when it comes to India, Indian employees are regarded as amongst the most efficient and intellectual lot. To attract and sustain the workforce, many companies offer an array of difference making benefits so that the employees stays with the company for a considerable time. Companies from various sectors like Infosys, Wipro, HCL, SAP labs, Google, Flipkart, Make My Trip, Snap deal, Kotak Bank, Godrej,  ITC etc. are constantly innovating and have a strategic and a focused approach in building their organization into the best places to work for class. Employee Benefits has become the buzz and is instrumental in controlling attrition & absenteeism at the same time enhancing productivity, great culture, employee loyalty & desire to make a great career creating win-win situations.

The HR teams are continuously working towards creating a workplace which not only aspires but influences corporate India and helps retain and attract industry experts & talents. The below table highlights the innovations under the Employee Benefit basket divided into 3 different segments.

Minimum Basic Benefits	Value Benefits	W-O-W Benefits
Systematic Induction Module	Work From Home flexibility	Soft loan
Growth Oriented KRA	Organized canteen facility	Sponsored Advanced Education
Reward & Recognition	Employee Referral program	Concierge services
Employee friendly CTC Structure	Car Lease Benefit	Enhanced Maternity Benefit
Systematic Appraisals path	Employee of the year award	Child Care facility
Comprehensive Insurance Coverage	Doctor on Campus	Employee Wellness program
5 days a week working	Management town hall	Onsite Options
Flexible Leave system	Employee Assistance Program	Pickup & Drop facility
Training & Development	Flexi Time provision	Annual Family Vacation Leave
Minimum Hygiene Standards	Recreational facilities	Break Out area
Ample Parking space	Sports & Extra-Curricular activities	Parental Care Program

The above table defines benefits into three broad categories which sum up the spectrum for value offerings in an organization which could innovate. Let’s understand these 3 broad categories in detail:

Minimum Basic Benefit: These are basic hygiene level of benefits which a good talent would expect while joining any new organization. It comprises of a systematic induction module along with a defined growth path in the KRA which create clarity for the employee in his growth prospects in the organization. Having an employee friendly CTC structure helps in a big way as a higher take home is a definite yes for today’s talent. Besides a comprehensive Insurance coverage for the employee and his/her dependents, 5 day working week,  Flexible Leave system & Reward and Recognition system sums up the minimum desired level of benefits which an employee looks forward to in today’s era.

Value Benefits: Organizations having benefits like work from home, canteen facility, car lease program, Employee referral program, Employee Assistance program, Flexi time option etc have moved to the next level of creating an employee friendly place for talents in India. Employee of the year award for every business vertical and management town halls have built-up employee engagement and the deep-rooted desire to excel in their respective areas. Besides the recreational facilities like competitive corporate sports events and participating in extra co-curricular activities are creating the engagement levels and improving the inter employee relationship within the organization.

W-O-W Benefits: These are some bath braking innovations which few corporates have pioneered under employee benefit domain and is trending in India Inc today. Flipkart has enhanced its maternity benefit to 6 months and structured a paternity benefit of 10 days which is a definite thumps up. Organizations like Accenture have come up with innovation where an employee can transfer his balance leaves to another colleague who is in need for the same.  A structured wellness & preventive healthcare program has been very well appreciated for corporate India and employees and organizations both are bound to reap the benefits in the long run. Besides benefits like a child care facility, Annual Family vacation, break out area are ensuring that the work-life balance mechanism is further strengthened in the overall interest of the organization. Providing soft loan and sponsored advanced education to deserving employees are a definite recipes made to attract the best in the industry.

The world is excited about India, and it’s time for India Inc to be excited about this growing perception and capitalize upon the opportunity. The current corporate scenario has become very competitive and it’s a fight to retain the good and attract the best for corporate HR. We see more and more corporates venturing out in the W-O-W space to pioneer an influencing change in the benefit space which is parallely strengthening the corporate Brand visibility and making business sense.

Please do share your experiences in the benefit space and any innovations you might have come across under any of the above three categories which will assist most organizations to create a workplace desired by most.

Amjad I Khan

Country Head- Employee Benefit Practice

J B Boda Group

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