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Benefits4U 2020 | The 5 Dimensions

Health and Benefits|Retirement|Total Rewards

September 14, 2020

As companies review their total rewards offerings, many are starting to look at the role that benefits play in the overall perception of rewards.

Total Rewards and Employee Value Proposition constantly need to be monitored due to fast changing market and cost pressure. Factors like technology enhancements, shift in demographics and the expectation of providing transparency and individualisation also require constant monitoring.

Benefits form an Integral part of the Total Rewards Programme provided by an Employer. Willis Towers Watson’s recommendation on modernising benefit programmes is based on five dimensions that companies should focus on:

  1. Benefits portfolio in line with the organisation’s business objectives, market norms and employee needs and values.
  2. Optimise the financing cost of benefits by allocating costs and risks efficiently.
  3. Engaging employees to make informed decisions and maximise value.
  4. Data-driven insights for informed decision making.
  5. Efficiently administer benefits by leveraging technology and allocating organisation resources.

In today’s agile, digitally disrupted workplace, Total Rewards are critical to a company’s ability to compete for talent, yet many organisations’ programmes are not evolving quickly enough to keep pace with the evolving workforce. How can organisations begin to map their transition to more relevant and effective strategies and programmes?

A case for Benefits4U:

As part of Willis Towers Watson's Global Attitude Survey, India, we asked employees to rank in priority of what they would prefer more among pay or bonus, more generous benefits and more paid time off per year.

75% employees responded that they would prefer more generous benefits or more paid time off per year.

3 in 4 employees would prefer benefits or PTO over more pay or bonus

Willis Towers Watson is pleased to present Benefits4U - an exclusive, by invitation only, Employee Benefits Forum in India.

Benefits4U is a dedicated forum for employers to get together to discuss the current state and future of employee benefits in India. This cuts across the spectrum of total rewards, and includes retirement, insurance and all the varied benefits offered to employees.

We anticipate that this forum will help generate a sustained and meaningful dialogue among employers cut across industries about best practices, implementation experiences, challenges, expectations and path breaking innovative ideas. This forum will serve as an opportunity to build and share homogenous capabilities while enhancing the prevailing network amongst different segments of HR leaders (including CHROs, Rewards leaders, C&B leaders and other practitioners).

To know how your organisation can benefit from the Benefits4U forum, download the detailed brochure or write to us.

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