The world has seen a massive shift in how individuals approach their employment in the last few years. With work-life balance taking center stage, employers are finding it challenging to manage their human resources with traditional employee benefits in India.
Attractive pay and health insurance are no longer pulling new talent to companies. For modern employees, competitive pay is a given for taking up a job and doesn’t add in the column of benefits. 65% of companies disclosed their struggle with hiring new talent, while 38% of them spending increasingly on improving their benefits approach, as per the WTW report.
After the recent phenomenon of great resignation, corporates are experiencing ‘quiet quitting’, where employees don’t go the extra mile. To tackle this, employers are seeking newer methods of motivating and engaging employees with innovative and flexible employee benefits.
Zaggle SAVE is a multi-wallet benefits card that allows employers to consolidate all their benefits such as allowance for meals, fuel, telecom and so on.
Employee Benefits in India – Attract & Retain Talent
Attracting Top Talent
Employee benefits in India play a critical role in bringing home top professionals available in the market. The employees of today are very specific about the benefits the companies offer before accepting an offer. From ‘competitive salaries’, companies are moving towards ‘competitive benefits’ by designing a benefits package with the help of vendors like Zaggle SAVE. It supports multi-wallet functionality allowing companies to offer a consolidated package of tax-free offerings. Besides this, paid time off, and flexible work timings are also on the cards.
Retaining High Performers
Hiring a replacement is more expensive than retaining employees, which is why companies are aggressively working at reducing their attrition rate. Losing top talent not only affects productivity at the organization level but also impacts brand credibility in the market. However, offering employee benefits allowed companies to express their appreciation for their contributions. Companies can do this by offering reward points using Zaggle SAVE cards to top performers. Additionally, it facilitates better rapport and loyalty between employees and the company.
Improve Workplace Productivity
Offering employee benefits in India has a significant effect on improving workplace productivity with employees feeling motivated to turn in their best performance. With benefits like health insurance and flexible work timings, employees will have resources and time to work on their health both physically and mentally. A healthy and motivated employee can be more productive than an absentee worker since they always push themselves to improve their performance.
Reduce Hiring & Training Costs
When you experience a high attrition rate, you end up paying dearly to replace the workforce. It is an industry-known fact that hiring a new resource is a time-consuming and money-intensive process. In addition to recruitment, the new hires must be trained in task particulars, company offerings, and culture. It means the new resource will only contribute to the active work after more than three months, adding to the financial burden on the company.
Creates Positive Workplace Culture
For a positive workplace environment, you need a group of employees who are happy and satisfied. When employees feel valued, and their work is recognized, they have a positive approach towards the work and the company, which is reflected in the organization-wide culture. It leads to better collaboration, effective communication, and increased team morale.
Implementing Employee Benefits in India
In India, most employees try to maximize their take-home salary after taxes and other deductions. For this, companies are offering tax-saving flexible benefits like food and fuel allowance. However, managing these benefits across the organization is challenging. For this, companies rely on automation platforms like Zaggle SAVE.
Zaggle SAVE is an employee benefits digitalization platform that aims at replacing paper-based coupons and receipts with all-inclusive prepaid cards. It gives employees multi-wallet cards to manage all their allowances across food, fuel, telecom, gifts, and education. For employers, Zaggle SAVE centralizes benefits management to offer a simplified workflow. Its key benefits include:
- SAVE card is 100% RBI compliant
- It comes with a dashboard to manage flexible benefits
- Can be used at any merchant and stores both online and offline
- The Zaggle SAVE platform is available on mobile devices
- Provides real-time visibility into funds and usage
- Employers can load the cards with funds from anywhere and anytime
- The card comes with a chip for better security
To learn more about Zaggle SAVE, click here.
