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A majority of employers believe that employee choice in benefits would help improve retention and make employees see larger value in the benefits provided to them, finds a Marsh's 8th Annual Employee Health and Benefits study.
The survey finds attracting and retaining talent, being able to meet employee's needs, and providing benefit enhancements as the key drivers for organisations' implementing employee choice in benefits. In India, however, the concept of providing employee choice is new. But many voluntary programmes built into group insurance schemes have seen employees exercising the option to take on additional cover as per their requirements. Around 18 per cent of the surveyed organisations offer some sort of employee choice through voluntary and top-up plans and an additional 16 per cent offer varied benefits around wellness and lifestyle outside of insurance. Employees can choose one or more benefits and package them to their preference. The insurance cover to parents as a part of the employees' family insurance is back after having been discontinued since the last few years; almost 35 per cent surveyed organisations are offering it on voluntary basis. Similarly choices are available in health and wellness programmes and other benefit enhancements such as maternity limits, different co-pay percentage on claims etc.
