Infographic: 2023 Benefit Trends Survey India Highlights

Companies balance competing goals while pursuing benefits

India key findings

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About the survey

WTW’s 2023 Benefit Trends Survey examined the future direction of an organisation’s benefits strategy, how innovative solutions are used for old and new challenges, and how employers are changing and adapting their benefits design, financing, administration and analytics.

The survey was conducted between March and April this year with responses from a total of 5,233 employers across 95 markets globally, representing 22.9 million employees. Amongst which, 1,746 employers are based in Asia Pacific, representing 4.9 million employees. In India, 364 employers took part in the survey, representing 2.1 million employees.

Conflicting ambitions

Desire to improve benefits to attract and retain talent
Face cost challenges due to a challenging business environment and concerns about workforce performance

Mismatched priorities

Employees have greater emphasis on short- and long-term financial security, benefits decisions making and support on families’ needs
Employers also recognise the need to enhance their position in these areas

Future direction

Almost all employers desire to at least be ‘at market’ for their broader portfolio of benefits
An increasing number of employers are targeting an ‘above market’ position

Conflicting ambitions

65% employers in India have rated competition for talent, and 38% have rated rising costs as top issues influencing their benefits strategy in 2023.

Key factors influencing benefits strategy

Key factors influencing benefits strategy - 2021 vs 2023
	2021	2023
1	Focus on inclusion and diversity	Competition for talent
2	Flexible work arrangements	Rising costs
3	Rising costs	Flexible work arrangements
4	Competion for talent	Focus on inclusion and diversity

Reasons for impact on benefits budgets

43% Persistence of higher inflation
40% Challenging business environment

Mismatched priorities

Misalignment in employee and employer expectations
	What employers want?	What employees want?
Risk and insurance benefits	51%	23%
Health benefits	51%	33%
Retirement plan / Long-term finances	11%	33%
Financial wellbeing / Short-term finances	12%	29%

Future direction

Actions taken by employers to elevate the benefits portfolio

49% benefits financing through vendor contracts
34% enhance employee experience through digital platforms
27% use targeted communications to specific workforce segments

Source: WTW 2023 Benefit Trends Survey India Findings

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