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There is a mismatch between what employees perceive as employment benefits and what the employer actually offers, reveals a new study.
According to the PNB MetLife Employee Benefits Trend Study 2015, while 63 per cent of Indian employees believed their employer offered life insurance, only 30 per cent employers actually were offering the same.
According to the study, the biggest financial concern of employees in India is financial security of their family in case of premature death.
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.
According to the study, 54 per cent of Indian employees spend more time thinking about personal financial issues at work, impacting productivity and engagement in the workplace.
The findings revealed that employees in India seek benefits that will help provide protection coverage in order to help ease their financial concerns.
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.
"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," said Maria Morris, executive vice-president, global employee benefits at MetLife.
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.
Tarun Chugh, managing director and CEO, PNB MetLife, said, "In India, our findings revealed employers need to address a broader employee value proposition that focuses on meeting the needs of Indian employees. In doing so, employers can differentiate themselves in the marketplace."
The study, which covers the perspective of both employees and employers, has been conducted in India by Nielsen, 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.
