The world of work is changing rapidly. As businesses adapt to new ways of working, they are also rethinking their employee benefits and perks packages. 

Let’s explore 12 trends in employee benefits that are shaping the future of work.

Flexible working

Flexible working is one of the most popular employee benefits today. This includes options such as remote working, flexitime, and compressed hours. Flexible working allows employees to balance their work and personal lives better, which can lead to increased productivity and satisfaction.

Inclusive benefits

Inclusive benefits are designed to meet the needs of all employees, regardless of their background or circumstances. This includes benefits such as parental leave, caregiver support, and mental health resources. Inclusive benefits help to create a more diverse and equitable workplace.

Mental health

Mental health is a growing concern in the workplace. As a result, many businesses are now offering mental health benefits such as employee assistance programs (EAPs), mindfulness training, and on-site counseling. Mental health benefits can help to improve employee productivity and well-being.

Physical well-being

Physical well-being is also an important consideration for many employees. Businesses are increasingly offering physical well-being benefits such as on-site fitness facilities, and gym memberships. Physical well-being benefits can help to reduce stress, improve sleep, and boost energy levels.

Work-life balance

Work-life balance is another important trend in employee benefits. Businesses are offering benefits such as paid time off, sabbaticals, and flextime to help employees achieve a better balance between their work and personal lives. Work-life balance benefits can help to reduce stress, improve employee morale, and boost productivity.

Social benefits

Social benefits are designed to help employees connect with each other and build relationships. These benefits can include things like team-building activities, social events, and employee resource groups (ERGs). Social benefits can help to improve employee morale, boost productivity, and reduce turnover.

Financial wellness

Financial wellness is an important part of overall well-being. Businesses increasingly offer financial wellness benefits such as financial planning assistance, debt counseling, and investing resources. Financial wellness benefits can help employees to improve their financial health and reduce stress.

Employee development

Employee development is another important trend in employee benefits. Businesses are increasingly offering benefits such as tuition reimbursement, on-the-job training, and mentorship programs. Employee development benefits can help employees to grow their skills and advance their careers.

4 factors shaping emerging trends in employee benefits in India

Aging workforce: According to a survey by Mercer Marsh Benefit, 62% of Indian employees are concerned about their retirement savings. The Indian workforce is aging rapidly. According to the World Bank, the median age of the Indian workforce is expected to increase from 29 years in 2020 to 38 years in 2050. This means that businesses will need to offer benefits that are tailored to the needs of older workers, such as retirement planning and health insurance.

Diversity and inclusion: According to a study by Deloitte, 67% of Indian employees believe that diversity and inclusion are important to their overall well-being. India is a diverse country, and businesses need to offer benefits that are inclusive of all employees. This includes benefits that support employees from different cultures, religions, and sexual orientations.

Mental health: According to a survey by Mindshare, 60% of Indian employees have experienced mental health issues in the workplace. Mental health is a growing concern in India, and businesses need to offer benefits that support employee mental health. This includes benefits such as employee assistance programs (EAPs), mindfulness training, and on-site counseling.

‍Work-life balance: According to a survey by the World Economic Forum, India ranks 105 out of 156 countries in terms of work-life balance. Work-life balance is an important factor for employees in India, and businesses need to offer benefits that help employees achieve a better balance between their work and personal lives. This includes benefits such as flexible working, paid time off, and sabbaticals.

Conclusion 

The world of work is changing rapidly, and employee benefits are no exception. In India, there are a number of emerging trends that are shaping the future of employee benefits. These trends include an aging workforce, increasing diversity and inclusion, growing concerns about mental health, and a greater focus on work-life balance.

Businesses that want to attract and retain top talent in India need to be aware of these trends and offer benefits that address the needs of their employees. By offering competitive benefits, businesses can create a more attractive workplace and boost employee morale and productivity.

About Batik

‍Batik empowers employers to improve the employee experience by customizing health, benefits, perks, and rewards programs. Batik aligns employee benefits and perks with the needs of today’s employees with a platform that is incredibly user-friendly and keeps you informed about your benefit offerings at the click of a button.