70 per cent of Indian employers feel highly challenged to retain employees, says study
GN Bureau | August 26, 2015
Almost 54% employees are always under financial stress and spend time thinking about personal financial issues at work, impacting productivity at the workplace. There is also the issue of mismatch between what employees perceive as employment benefits and what the employer actually offers.
These disturbing gaps in white collar staffers work life come out in the PNB MetLife Employee Benefits Trend Study 2015. The study was based on a survey among employers and employees in India to gain insights into employee loyalty, financial concerns, talent retention and productivity.
The study was based on a survey among employers and employees in India to gain insights into employee loyalty, financial concerns, talent retention and productivity. It covers the perspective of both employees and employers and has been conducted in India by Nielsen. The study is based on a pan-India survey sample consisting of 323 employers and 2,432 employees split across small and medium enterprises, medium and large Indian corporates and multi-national companies.
The findings revealed that employees in India seek benefits that will help provide protection coverage in order to help ease their financial concerns.
It said while 63 per cent of Indian employees believed their employer offered life insurance, only 30 per cent employers actually were offering the same. It said the biggest financial concern of employees in India is financial security of their family in case of premature death.
Nearly 54 per cent spent time thinking about personal financial issues at work and that reduced their engagement in the workplace. For example, 65 per cent of the employees surveyed are worried about their family's financial security in case of their premature death. This was followed by concerns about health care costs and child's education expenses.
According to the survey, 73 per cent of the employees seek life insurance as a key protection product and 61 per cent would buy life insurance without support from employers. But some employees were willing to opt for voluntary benefits if costs were shared with their employer.
From the employers front the revealing aspect was about staff retention. According to the study, 70 per cent of Indian employers feel highly challenged to retain employees. 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.
It also says that employees are not as loyal as their employers think. Only 53% of employees are loyal to their employers. The survey found that if the benefits packages being offered were improved, 55% of the employees are ready to stay in the same job. Of this, 62% want an increase in salary and 45% want a contribution from their employees for their retirement plan.
International observers will keenly watch the Chinese Communist Party Central Committee meeting next month. The central committee is the highest organ of the CCP with a mandate to execute the decision of the National Congress which is convened once every five years. Besides economy, r
News profession is organic in nature, requires responsibility and discipline, and there is no room for mistake. To maintain high standards of accuracy you need discipline and hygiene in the newsroom. Sudhir Chaudhary, editor in chief of Zee News, Zee Business and Wion, has said that a TRP-driven business m
When Dharmendra Pandey, a fruit-seller had to leave Mumbai after the imposition of the lockdown during the Covid-19 pandemic, and return to his village in Uttar Pradesh, he was staring at economic uncertainties ahead. Little did he know that his 16-year-old son, Mahavir, had acquired skills that would come
Wearing a face mask is the first line of defence against the novel coronavirus, along with maintaining social distance and frequently washing hands with soap. More than six months after the outbreak of Covid-19, nearly 90 percent of people in India have become aware of the necessity of wearing a face mask,
Is India finally gaining an upper hand over the Covid-19 pandemic? After weeks of new cases hitting 90,000-plus every day, the tide seems to be turning, as the number came down to 75,083 on Tuesday, and the recoveries were not only higher than that but crossed the 1 lakh mark too. The countr
Sit Your Self Down A Novice’s Journey into the Heart of Vipassana By Gayatri Jayaraman Hachette India, 212 pages, Rs 399 As stress and strife increase in daily life, more and more people are turning to meditation as an all