The study by the AI-driven health benefits platform, which provides solutions for corporates, unveils interesting insights and trends to understand the situation across corporates in India, its impact on employees, and their benefits. It takes into account insights from over 100 organisations across industries like OpenText, LinkedIn, Ecom Express, Grofers, United Breweries, Aditya Birla Group, Mahindra Finance, and many more.
Most organisations offer adequate health benefits to their employees which includes – health insurance, annual health checks, EAP, etc. But with the pandemic bringing in a new normal of work, only half the respondents felt that their existing health benefits helped them during this crisis.
As the pandemic impacted businesses in an unprecedented way, many organisations opted for cost-cutting measures and the impact on employee benefits and human capital functions was inevitable. While these cost-cutting initiatives are affecting various human capital functions, 70% respondents said that the pandemic will have a positive impact on the health and well-being activities and employee engagement at their organisation.
With the lockdown-enforced pan India, organisations had to adapt new ways of working that urged employees to work from home. While extensive communication helped increase awareness around Covid-19 protection, telemedicine brought healthcare services to the employee’s phone. Engagement activities helped keep employees mentally and physically fit during these tough times.
Post Covid-19, as India Inc plans to get back to work, it is mandatory for organisations to ensure proper sanitisation of workplaces, social distancing, protection gear, and thermal screening for all employees. Seven in 10 respondents feel that businesses will be back to normal during 2020.
The study further finds that 88% of respondents expect employee well-being budgets to stay the same or increase, and 83% of respondents feel that they may have to re-evaluate their employee well-being strategy. When employers were asked about what their company would do about the health benefits budget, 48% said it will need to stay the same, 40% will increase the budget, and 12% will cut down the existing budget.
“It’s interesting to note the importance that employers are looking to spend on the health benefits of their employees. This trend has definitely come into existence only because of the Covid-19 pandemic. This is definitely a positive outcome during these trying times – by establishing this, employees will also understand that their employers are investing in their health. At ekincare, we strongly believe that corporates benefit from having healthy employees and this is a trend to stay,” said Kiran Kalakuntla, CEO and founder, ekincare.