Employers in India Prioritize Employee Well-being as Top HR Concern for 2024

Indian employers are increasingly prioritizing employee well-being, with a notable focus on financial health, as revealed by ADP’s latest research, “The Future of Pay in India 2024.” The study indicates that 62% of companies consider employee well-being, including financial stability and wealth creation, as their top HR strategy for the year. Financial well-being, encompassing aspects like income, budgeting, and investment, is crucial for employee motivation, productivity, and satisfaction. Despite this emphasis, 69% of Indian workers feel underpaid, highlighting the need for improved compensation structures.

To address payroll challenges, organizations are keen on enhancing accuracy, timeliness, data security, and privacy. Many are turning to advanced technologies like Artificial Intelligence (AI) for payroll management, with 74% considering AI integration to enhance efficiency, despite concerns about bias and data privacy. Additionally, there’s a shift towards alternative compensation methods such as digital currencies and stock options, signaling a move towards personalized rewards packages tailored to diverse employee needs. ADP’s research emphasizes the importance of robust payroll systems and creative remuneration approaches in attracting and retaining talent in today’s competitive landscape.