Size doesn't matter with employee benefits | The Plum Jam
Hey there,
?Welcome to the 10th edition of The Plum Jam. Our focus for this digest will be on The State of Employee Benefits 2024 – our biggest, annual data report of the year.?
?In case you missed it, Ganapathi Ramanathan and Ritika Chaplot spent a quarter reviewing over 4,500+ employee healthcare plans, surveying 100+ people leaders, and drinking over 6 cups of coffee every day to build the foundation of our report. The results?
?An increased tolerance to caffeine and a new learning: in God we trust; in all others, we must bring data.
?But on a serious note, we delved into the finer details of insurance policies to determine if the benefits companies offer are truly inclusive. We also documented trends that will drive employee health in 2024 and beyond.
?Given your busy schedule, I promise to keep this edition concise. In five minutes, I’ll walk you through the top three takeaways from our report.
?But first, let’s set some context.
India Inc has raised the bar for benefits, and we couldn’t be prouder
This year, we witnessed that companies have improved the quality of benefits they offer across primary, preventive, and in-patient care. This is certainly something to celebrate. ??
Where do you stand? Get a complimentary review of your employee benefits policy here.
Takeaway 1: Size doesn’t matter, intent does?
Pun intended? Certainly not.
Unicorns and global startups have continued to advance team health. Their benefits include high insurance sums of 10L, maternity coverage of 1L, and OPD coverage.
We posit that much of this success stems from their approach to employee benefits.
For instance, Monika Gunalan , Head of People Operations (APAC) at Postman , believes that employee benefits are more than just perks; they are investments in nurturing employee growth and fostering care.
Such companies prioritize human-led interventions, the quality of benefits, and also demonstrate a willingness to invest. It’s no surprise that they have been successful in setting global benchmarks for employee health in India.
Takeaway 2: Build sustainable policies, not reactive ones
Companies are constantly looking to cut costs through one of three common methods:
We get that costs are a concern, but being reactive about this or adding blanket measures might do more harm than good. We've analysed the impact of each cost mitigation measure, along with recommendations in our report.
Our Head of Finance, Mukul Kanchan , is also obsessed with hidden costs, so he did some research into how much attrition could cost you.
领英推荐
In today’s increasingly cost-conscious environment, companies must focus on building sustainable benefit plans.
And, we want to help set the narrative on how to think of these costs.
Takeaway 3: Introducing the 2% club
That’s right – in all our research, we found that top companies spend just 2% of their salary budgets on employee healthcare and benefits. You’re probably already spending in the 0.8% to 1.5% range.?
What impact accrues when you take it up a notch?
With a mere 1% shift in your employee benefits budget, you see a 200% increase in sum insured, inclusion of parental coverage, enhanced maternity benefits, primary care, accident cover, and so much more!
On an aside...
If you’re wondering what I’ve been up to, I’ve been busy building out The Starter Guide to Cities.?
For those who may have missed our latest set of updates, we launched three guides on navigating work and life in Bangalore, Mumbai, and Chennai so far.?
The idea is to help founders and startup operators move to these cities by curating information about each city’s startup and tech scene. It’s been a wild ride so far – with lots of support and love coming in, having our X account banned in the process (and getting it back!), and so much more…?
And with that, we come to the end of this edition.
I hope you found this quick read insightful. If you enjoyed this digest, please talk about it, share it with your community, and play your part in helping companies craft more holistic policies.?
?Are you keen on getting a free review of your employee health insurance plans? Click here to register your interest.
Stay safe and well,
Building tech products makes me lose track of time | MERN | React Native
10 个月It's great to see how people you people are working for the improvement of employee benefits. I would definitely see employee benefits as one of the factors when deciding to stay in a company. And, it was interesting to see that how with such a small cut in salary, the difference it made on the benefits side.
Humantic AI
10 个月Totally loved this, especially the sentence "In God we trust, the rest of us need to bring data" ?? Plum Jam is sweeter than than the actual fruit jam, I enjoy reading every edition.
Content and Brand at Plum | Previously at Freshworks Inc
10 个月Ofc Aishwarya had to ask for a photo the day I was dressed up like a Pepsi can.