PNB Metlife, a life insurance subsidiary of MetLife International Holdings, Punjab National Bank, and Jammu & Kashmir Bank, recently conducted a research on Employee Benefit Trends Study (EBTS) for India.
The main objective of the study is to understand how employers and employees perceive employee benefits as part of the overall organisational experience.
The research was conducted by Nielsen on behalf of PNB Metlife. In the study it was found out that 47 per cent of employers in India are worried about talent shortage, while the 47 per cent of Chinese employers are worried about the same.
The study found out that only 53 per cent of the employees are loyal to their employers in India. The major incentives for employee retention are salary hike and better work life, according to the study.
The study also highlighted that 54 per cent of employees are involved in pseudo-absenteeism, due to financial concerns.
The study states that 63 per cent of employees think that they have life insurance done by the employer, while only 30 per cent employees agree that they have given the life insurance to their employees.
“This is a very dangerous trend. There is lack of effective communication within the companies,”said Hemant Khera, Deputy Director, Employee Benefits, PNB Metlife.
The study also states that 60 per cent of employees in India think that their retirement plans are not on track. The study was done over 300 corporates covering 2,942 employees.
