The State of Employee Benefits ‘24
Insights, trends, and observations from over 4500 employee benefit plans.
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Six key trends that’s shaping employee benefits in 2024
Group is driving India's health insurance story
- India’s health story is being written by companies that care
- 10Cr Indians were added to Group policies in the last 3 years. In comparison, retail only added 1Cr
India Inc is improving coverage and quality
- 66% increase in median sum insured
- 15% more orgs giving better maternity benefits
- 2x enterprises opting for Flex Benefits
- 110% increase in first-time buyers spending on primary health
Size doesn’t matter, intent does
- Top 10% of companies irrespective of sizes offer very similar benefits like handsome sum insured, comprehensive coverages, inclusive benefits, etc
Unicorns are at par with global companies
- Benefits offered by India’s unicorns are very similar to those offered by global giants in India
- A food delivery unicorn today offers benefits at par with a global social media giant or international dating app
Costs matter, but at what cost?
- Companies opting to downgrade benefits should also consider impact on employee morale
- Consequent attrition takes a higher toll on cost in the long-term
Introducing the
2% Club
2% Club
- Top companies spend 2% of their employee salary budgets on employee healthcare and benefits
- Most Indian cos currently between 0.8 and 1.5%, but going up to 2% can result in significant improvements to benefits
How experts are viewing employee benefits
Monica Gunalan, Head of HR Operations (APAC), Postman
“We see employee benefits as investments in nurturing employee growth and fostering a culture of care. In addition to competitive salaries, our focus is on ensuring employees feel secure. We prioritize creating benefits packages that are thorough and comprehensive.”
Sarthak Sinha, Lead Employee Benefits Consultant, Plum
“Top quality benefits give companies bragging rights in a market hungry for great talent. It cranks ups their employer branding by a big margin. Pair this with employee testimonials and you’re standing out well in a crowd.”
Akshay Golechha, Head of Partnerships, Plum
“The obsession over employee size is unwarranted, and organisations often have a specific set of expectations and goals when it comes to employee benefits - often unconnected to size.”
Built with love, from the team at Plum
Ganapathi Ramanathan
Content
Ritika Chaplot
Founders’ Office
Nisha Ramchandani
PR & thought leadership
Dhairya Thakker
Product and data
Anisha Rajan
Design
Prasun Jain
Design
With inputs from
Shwetha Sridhar
Jayanth Ganapathy
Sarthak Sinha
Shreyas Achar
Puneet Murthika
Akshay Golechha
Disha Dinesh
Harshwardhan Singh
Digvijay Mahra
Sugato Banerjee
Abhishek Poddar
Saurabh Arora
