Employee well-being, top HR priority for Organization Success in 2024 : Report
India and Southeast Asia, companies now recognize they must prioritize their employees' financial well-being to create a motivated workforce and boost productivity, employee retention, and satisfaction.
In 2024, employee well-being will become an important priority for Indian businesses. According to a recent ADP report titled “The Future of Pay in India 2024,” a staggering 62% of the organizations surveyed stated that their HR strategy for the year prioritizes employee well-being, including wealth development and financial well-being.
Key Insights from the Report:
- Pay frequency, flexibility and alternative methods
- The demand for ‘sensible’ AI
- Data, compliance and payroll management
- Top concerns and considerations for 2024
- Analyzing shifting pay preferences
An individual’s total stability and health in terms of money is referred to as financial well-being. It covers topics like earnings, spending, saving, and generating wealth through investments and financial planning.
According to Rahul Goyal, Managing Director of ADP’s India and Southeast Asia, “companies now recognize they must prioritize their employees’ financial well-being to create a motivated workforce and boost productivity, employee retention, and satisfaction.”
“Pay is the cornerstone of most employees’ financial security and accumulation of wealth. They can better handle life’s hardships and make future plans when they have peace of mind about how much and when they will be paid,” the speaker said.
The Annual People at Work Study: A Workforce View report from the ADP Research Institute states that for Indian workers, pay ranks as the most significant feature of a job (55%). Underpayment of wages, however, is a serious problem in India. Surprisingly, 69% of Indian laborers claim they are underpaid frequently, always, or occasionally.
Unsurprisingly, the Future of Pay in India 2024 survey discovered that businesses intend to enhance payroll over the course of the upcoming year in order to solve issues with accuracy (91%), employee pay timeliness (88%), data security (89%), and privacy (89%).
Rahul emphasized the significance of having a strong payroll, saying that it takes careful attention to detail, in-depth industry knowledge, and ongoing adaptation to local laws and regulations to pay employees accurately and on time.
Organizations depend on ADP’s solutions for efficiency, peace of mind, and an improved employee experience because they frequently find it difficult to handle directly, Rahul indicated
Employers are eager to adopt new technology in their drive for accurate and effective payroll; over three-quarters (74%) of them are evaluating AI as a tool to improve payroll administration.
Despite worries about bias and data privacy, more than half (57%) are also eager to invest in AI-powered payroll solutions to greatly enhance accuracy and efficiency. Within the next six months, one-third will already use AI-driven products or plan to do so.
The study also showed a discernible trend away from conventional methods and toward more individualized approaches to incentives in the form of alternative compensation techniques like stock options and digital currency.
“Companies can no longer adopt a one-size-fits-all approach to pay in the war for talent,” Rahul continued. They must exercise creativity in order to devise compensation plans that accommodate a range of employee requirements.”
The Indian Pay System’s Future 2024 Report, in collaboration with The Economic Times The priorities and viewpoints of more than 200 senior executives from Indian businesses employing 500–2500 people full-time are captured by HRWorld.
For mid-sized and large-sized businesses in the process of expanding, it offers insightful information about how pay and HR practices are changing in India.
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