[India] Employee wellbeing is a top priority for 2024

In India, employee wellbeing has emerged as a high-priority focus for organisations in 2024, Asian News International reports.

According to new research from ADP, The Future of Pay in India 2024, 62 per cent of companies have made employee wellbeing - including financial wellbeing and wealth creation - the top consideration in their 2024 HR strategy.

"Companies now recognise they must prioritise their employees' financial well-being to create a motivated workforce and boost productivity, employee retention and satisfaction," Rahul Goyal - ADP Managing Director of India and Southeast Asia - said.

"For most employees, pay is the foundation of their financial wellness and wealth creation. Knowing how much and when they will be paid provides them with greater peace of mind, allowing them to better manage life's challenges and plan for the future."

The ADP Research Institute's annual study People at Work: A Workforce View, reportedly found that the most important aspect of a job to Indian employees is salary (55 per cent) yet the underpayment of wages is an ongoing issue in India. A massive 69 per cent of Indian workers said they are always, often or sometimes underpaid.

The Future of Pay in India 2024 study found that organisations are planning improvements to payroll over the next year to address accuracy (91 per cent), timeliness of employee pays (88 per cent), data security (89 per cent) and privacy (89 per cent).

Mr Rahul emphasised the importance of a robust payroll, "Paying employees accurately and in a timely manner requires meticulous attention to detail, deep industry expertise and constant adaptation to local laws and regulations. Organisations often find it challenging to manage directly, so they rely on ADP's solutions for efficiency, peace of mind, and an enhanced employee experience."

With an accurate and efficient payroll in mind, employers are also reportedly embracing new technology. Nearly three-quarters (74 per cent) of respondents were considering AI as a tool to enhance payroll management, while more than half (57 per cent) were also willing to invest in AI-power payroll systems to significantly improve accuracy and efficiency.

Despite concerns about bias and data privacy one-third of organisations are already using or planning to implement AI-driven tools within six months.

In addition, the ADP study revealed a significant shift towards alternative compensation methods such as digital currencies and stock options; a departure from traditional practices that is indicative of a more personalised approach to rewards.

Mr Rahul said, "In the war for talent, companies can no longer adopt a one-size-fits-all approach to pay. They need to get creative and come up with remuneration packages that suit diverse employee needs."

Source: Asian News International

(Quotes via original reporting)

In India, employee wellbeing has emerged as a high-priority focus for organisations in 2024, Asian News International reports.

According to new research from ADP, The Future of Pay in India 2024, 62 per cent of companies have made employee wellbeing - including financial wellbeing and wealth creation - the top consideration in their 2024 HR strategy.

"Companies now recognise they must prioritise their employees' financial well-being to create a motivated workforce and boost productivity, employee retention and satisfaction," Rahul Goyal - ADP Managing Director of India and Southeast Asia - said.

"For most employees, pay is the foundation of their financial wellness and wealth creation. Knowing how much and when they will be paid provides them with greater peace of mind, allowing them to better manage life's challenges and plan for the future."

The ADP Research Institute's annual study People at Work: A Workforce View, reportedly found that the most important aspect of a job to Indian employees is salary (55 per cent) yet the underpayment of wages is an ongoing issue in India. A massive 69 per cent of Indian workers said they are always, often or sometimes underpaid.

The Future of Pay in India 2024 study found that organisations are planning improvements to payroll over the next year to address accuracy (91 per cent), timeliness of employee pays (88 per cent), data security (89 per cent) and privacy (89 per cent).

Mr Rahul emphasised the importance of a robust payroll, "Paying employees accurately and in a timely manner requires meticulous attention to detail, deep industry expertise and constant adaptation to local laws and regulations. Organisations often find it challenging to manage directly, so they rely on ADP's solutions for efficiency, peace of mind, and an enhanced employee experience."

With an accurate and efficient payroll in mind, employers are also reportedly embracing new technology. Nearly three-quarters (74 per cent) of respondents were considering AI as a tool to enhance payroll management, while more than half (57 per cent) were also willing to invest in AI-power payroll systems to significantly improve accuracy and efficiency.

Despite concerns about bias and data privacy one-third of organisations are already using or planning to implement AI-driven tools within six months.

In addition, the ADP study revealed a significant shift towards alternative compensation methods such as digital currencies and stock options; a departure from traditional practices that is indicative of a more personalised approach to rewards.

Mr Rahul said, "In the war for talent, companies can no longer adopt a one-size-fits-all approach to pay. They need to get creative and come up with remuneration packages that suit diverse employee needs."

Source: Asian News International

(Quotes via original reporting)