Recently I came across an interesting survey published by EY India on Employee Compensation and Rewards. The infographic highlights the key areas of dissatisfaction of employees.

Employee Compensation and Rewards Infographic (1)

What is interesting is the degree of satisfaction levels among age groups of employees and among men and women.

  • The two segments that were most dissatisfied were the Millennials below 30 years and the 35-45 years age group or the ‘sandwiched’ generation.
  • Unlike men who are satisfied with cash compensation, women expect complete rewards program.
  • “Employees in the 35-45 age group want larger professional roles with more responsibility and hence the corresponding grade. Employees in this segment are in their prime of their life and looking to achieve various milestones as part of their personal goals and possibly have an eye on retirement”.

What can be done to increase the level of employee engagement? A holistic wellness program can be a great way to increase the engagement level of employees.

What constitutes a holistic wellness program? A well designed holistic wellness program that focuses on 5 key aspects of employees lives:

  1. Physical
  2. Emotional
  3. Mental
  4. Spiritual
  5. Financial

Employers need to be mindful of the fact that each of these aspects plays a crucial role in keeping employees either engaged or disengaged at work. Few years ago Harvard Business Review conducted a study with The Energy Project Team and came up with interesting insights on how engaged or disengaged the employees were at work. Of course, the study doesn’t focus on the ‘Financial’ aspect which I believe is equally important in the Indian context, since majority of the population lives under $ 2 Dollars a day, whereas the middle class is saddled with complex financial and life situations and are still catching up on the standard of living of the western citizens and some east asian nations.

Employees Identify their Unmet Needs

As you can see, any employer can offer a holistic wellness program. I believe a good start could be a well designed holistic financial wellness program because the program weaves the other 4 core elements of the wellness program and connects deeply the financial aspects of employees.

Life & Money offers India’s first well designed holistic financial wellness program aimed at increasing the engagement levels of employees at work. To know more about our program and how it works visit our website: www.yourlifeandmoney.com

 

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