Trends in Talent Retention initiatives

The Global Benefits Attitudes Survey, conducted by Towers Watson has spoken. Employer driven retirement plans have emerged as one of the top driver of retention among employees. It has been noted that Retirals have emerged as the top source for income for superannuated employees in India. Savings in property and investments are the other sources.

Over the years the trend in India has undergone a shape shift owing to the re-emergence of retiral benefits as an important employee retention tool. Indian employees generally work till they are 60 years of age and traditionally these plans were not the priority for them. This is because of the inherent support system that existed in the traditional Indian family as the next generation were expected to take care of the elders. However, with the breakdown of such structures coupled with increasing inflation and the rapid urbanization has led to employees seriously focussing on their own retirement corpus.

The survey reflected the view of more than 2000 respondents in India and almost 1700 were a part of some kind of retirement savings plan.