According to the recently released research by ADP, employee well-being, including financial well-being and wealth creation, has become a key priority for Indian organizations in 2024.
A significant 62% of companies state that employee well-being is the top consideration in their HR strategy for the year. Employers are actively considering AI as a tool to enhance payroll management, with almost three-quarters (74%) looking to embrace this new technology in their pursuit of accurate and efficient payroll.
“Companies now recognize they must prioritize their employees’ financial well-being to create a motivated workforce and boost productivity, employee retention, and satisfaction,” said Rahul Goyal, Managing Director of India and Southeast Asia at ADP.
“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,” he said.
According to the ADP Research Institute’s annual study People at Work:
- A Workforce View, the most important aspect of a job to Indian employees is salary (55%).
- However, underpayment of wages is an acute issue in India. A staggering 69% of Indian workers say they’re always, often, or sometimes underpaid.1
- The Future of Pay in India 2024 study found organizations are planning improvements to payroll over the next 12 months to address accuracy (91%), timeliness of employee pay (88%), data security (89%), and privacy (89%).
The Future of Pay in India Report 2024, conducted in collaboration with The Economic Times HRWorld, collects the viewpoints and priorities of more than 200 senior leaders from Indian enterprises that have 500-2500 full-time employees.
The full report can be read by clicking here.
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