Mumbai: In India, businesses are more focussed on paychecks than employee satisfaction. Millennials today are increasingly eyeing for jobs which offer a perfect work-life balance, flexibility and better scope for growth than just compensatory benefits.
The young professionals of today have so much to offer in terms of ideas, technical skills and sheer energy that employers are now involved in a cut-throat competition to acquire as well as retain highly skilled and young talents.
In the current age of a VUCA (Volatile, Uncertain, Complex & Ambiguous) business world, hiring the High Potential (HiPo) employees is as critical as retaining them.
Salary and related components only act as a tertiary factor to attract talent. Employers who recognize and adapt to these changing requirements and overhaul their compensation and benefits strategies, shall lead and succeed in the future economy.
Compensation & Benefits (C&B) is gaining traction in India
JobBuzz, India’s leading employer rating and review platform along with top HR leaders & consultants and several thought leaders in HR space deliberated upon the various new-age compensation & benefits strategies attracting the new-generation workforce.
The 3rd edition of JobBuzz C&B Conclave 2019 was held in Mumbai last week which was specifically designed for HR professionals looking for practical and effective strategies involving compensation and benefits challenges.
“Benefits were the focus area in the west for many years and slowly Indian organisations are realising the need of it. JobBuzz is an online platform where we record employee feedback about companies and get a lot of statistical information like what is making them happy, why they would want to stick to a company, why would they want to leave a company. C&B is very close to everyone’s heart whether we are an employee or employer”, said Sanjay Goyal, Vice President and Head – Product & Technology, TechGig.
Time is not far from when companies would have dedicated C&B departments focussing on what specific benefits out of the entire menu an employee would be interested in, that would be the future.
Artificial intelligence (AI) is transforming the HR industry and to reap its benefits it’s important to record the right data at the right point, Alexa is a good example.