In what could be a sign of financial insecurities hindering employee productivity, as many as three out of four employees, who have both short-term and long-term concerns, admit they have average to high stress, a new survey has found.
“More than half of Indian employees anticipate that they will be up against a less comfortable retirement than their parents’ generation,” the survey by Willis Towers Watson said.
The 2016 Global Benefits Attitudes Survey found that while employees’ satisfaction with their financial situation in India has increased 9 per cent since 2013, 56 per cent of Indian employees still fear that they will be worse off than their parents in retirement.
When questioned about their current financial state, as many as 46 per cent of employees expressed concerns and more than one out of three employees stated that their financial problems negatively affected their lives.
The study of over 2,000 employees in India found that 54 per cent worry about their future financial state. Moreover, a growing chunk of employees expect to work through their sixties to meet their financial obligations.
Kulin Patel, Director, Willis Towers Watson India, said, “The growing insecurities of employees around long-term financial stability demands the immediate attention of employers. Gradually, employers are understanding the link between their employees’ well-being and their performance and productivity at work, and how this affects the organisation’s bottom line. Soon, they will realise that a holistic approach is needed to address these issues effectively.”
The survey results also suggest that one out of four employees prefer superior retirement or health benefits to pay and bonus and more than two out of five employees prefer some alternative to pay and bonus.
“There is a need to boost engagement and productivity by reconfiguring the benefit package offered by employers. For employers to move beyond their conventional role and intervene to support their employees, a one-size-fits-all approach cannot be adopted consistently across all organisations as a solution,” Patel added.
Willis Towers Watson is a leading global advisory, broking and solutions company.