Talent is an organization’s most valuable asset, and the fulcrum of innovation, growth, and market strategy. Keeping this talent engaged, satisfied, and consistently fulfilled are key priorities for an organization’s success. In a time when talent dynamics are impacted by multiple factors like ‘The Great Resignation,’ it is becoming increasingly important for organizations to differentiate themselves from others through personalized employee benefits to not just attract potential talent, but also to engage and retain existing talent.
Previously, compensation was one of the only criteria to attract the right talent. However, the changing employee market scenario, has shown a clear shift. Today, employers are trying to increase benefits and all the other factors that can influence an employee’s decision to stay, outside of mere compensation. It is imperative for organizations to go above and beyond, and think about the employee from an empathetic lens. This means reassessing existing policies around Employee Care and Support, Employee Engagement & Retention, Insurance & Loans, Leave & Working Hours, and Growth & Development. In essence, reimagining a benefits strategy implies improving the total rewards, with employee expectations at the core. By providing employees with the benefits they expect, organizations can potentially bank on strong Net Promoter Scores (NPS) and reduced voluntary attrition rates.
Zinnov’s latest ‘Employee Benefits Study – An India GCC View,’ provides an in-depth view of the new-age employees’ evolving benefits expectations, some of the newer benefits being added to GCCs’ portfolios, hyperpersonalization of benefits to cater to the new-age talent, top rewards for high performers and critical talent, to name a few.