Lockton India’s leader on balancing cost, care, and capability in volatile times

Unpredictability is no longer an exception but a norm. Be it economic downturns, global crises, geopolitical shocks, or technological disruptions, organisations must continuously adapt to stay competitive. In this context, the way companies manage their people strategies during uncertain times becomes a defining factor for long-term success. 

In an exclusive interview with People Matters, Sudip Indani, Managing Director - Head of People Solutions at Lockton India, shares his insights on crafting resilient people strategies, balancing cost pressures with employee well-being, leveraging predictive analytics, and innovating benefits design. Here is an in-depth exploration of his perspectives on managing people solutions when certainty is in short supply.

Resilience in people strategy, according to Sudip, rests on three critical pillars: adaptability, empathy, and transparency. These values distinguish organisations that merely survive from those that thrive during crises.

"A resilient strategy goes beyond just trimming costs. It’s about engaging employees in the business journey, involving them in key decisions, and creating a transparent work environment where trust is nurtured," he explains. Sudip emphasises that data-driven decision-making and proactive planning are essential to striking a balance between employee well-being and business continuity.

He recalls how companies during the COVID-19 pandemic responded differently to economic challenges. While some resorted to mass layoffs, others opted for more inclusive approaches like reducing overall salary costs, with leadership taking larger pay cuts. “The latter organisations not only retained their workforce but also rebounded more efficiently once the economy recovered," says Sudip.

This example underscores a core idea: investing in people through adversity builds long-term organisational strength.

Balancing short-term pressures with long-term sustainability

In uncertain times, short-term cost pressures can often dominate decision-making. But Sudip warns against knee-jerk responses. "Cutting costs without understanding the long-term impact can damage employee loyalty, reduce productivity, and even tarnish the employer brand,” he notes.

He advises a strategic and phased approach where data and insight are the guiding forces. For instance, segmenting benefits by employee demographics, offering voluntary benefits, and co-creating cost-saving plans with employees can generate better results.

One key framework Lockton uses is the Total Value of Benefits approach. Rather than focusing solely on cost, this method evaluates the impact of benefits on productivity, retention, and engagement. "The aim is to show how benefits are not just expenses, but investments that support business resilience," says Sudip.

Additionally, the role of communication during uncertainty cannot be overstated. Sudip highlights that one-size-fits-all messaging is ineffective. “Organisations must tailor communication to their audience and use multiple formats—townhalls, anonymous feedback, communication champions, and digital platforms—to engage people at all levels,” he explains.

More importantly, communication must be consistent and authentic. Leaders should walk the talk, model empathy, and be transparent about the challenges ahead. This not only builds trust but also drives discretionary effort from employees.

“People trust what they see more than what they hear. Actions matter more than announcements,” says Sudip, reinforcing that trust is earned over time and through lived behaviour.

Designing flexible workforce and benefits strategies

The workforce is evolving rapidly—not just in age or background, but also in terms of skills, expectations, and connectivity. Sudip urges companies to adopt a core-and-flex benefits model that accommodates this change.

“A long-term plan with milestone-based implementation allows flexibility to pivot when needed,” he says. Employers can start with modular benefits and progress to hyper-personalised, digital-first solutions.

Some key components he recommends include:

• Voluntary benefits

• Flexible spending accounts

• Digital health and wellness tools

• Customised insurance plans

By allowing employees to choose what fits their needs, companies create a more inclusive and engaged workforce. “It’s about choice without chaos. Structured flexibility is key,” Sudip summarises.

Short-term disruptions are different from long-term uncertainty. In such cases, employee well-being needs a systemic, sustained approach. According to Sudip, ticking boxes or offering superficial support won't work.

He advocates for integrating preventive health, mental well-being, and leadership awareness into daily organisational life. “This includes offering digital mental health tools, resilience training, regular health checks, and enabling managers to have sensitive conversations,” he notes.

Sudip highlights the importance of data-driven well-being programs, where outcomes can be tracked and interventions personalised. “A well-being strategy must be agile, evidence-based, and deeply embedded in culture,” he adds.

The role of predictive analytics and scenario planning

The use of predictive analytics and scenario planning has risen sharply in recent years. While Sudip agrees no tool can forecast the future with perfect accuracy, he emphasises their power in improving preparedness.

“These tools help organisations build simulations, anticipate risks, and prepare response plans. It’s no longer about reacting—it’s about proactively navigating uncertainty,” he says.

Lockton advises clients to integrate workforce analytics with external data to understand how talent needs may evolve. From predicting attrition risk to modelling benefit uptake, data is the new compass guiding people decisions.

“Analytics help in allocating resources where they are most needed. More importantly, it allows HR to speak the language of business—impact and ROI,” explains Sudip.

When budgets are tight, the instinct is often to pause innovation. But Sudip argues the opposite. "This is precisely when innovation is most needed—when every dollar must demonstrate value."

He encourages companies to shift focus from Total Cost of Benefits to Total Value of Benefits. Data plays a crucial role in justifying continued investment, especially when benefits help reduce attrition, boost productivity, and enhance customer experience.

“Business leaders are willing to invest if the benefits strategy clearly supports outcomes—like reduced hiring costs or higher employee NPS,” he notes.

Sudip also recommends repackaging benefits as business enablers. "When framed as tools that drive performance and loyalty, benefits are no longer seen as optional," he adds.

New-age benefits for a new-age workforce

Benefits are no longer one-size-fits-all. With the entry of Gen Z and evolving workforce demographics, expectations have changed. Sudip calls this the era of hyper-personalised, digital-first benefits.

“Today’s employees expect benefits that align with their lifestyle, not just traditional health insurance,” he explains. This includes:

• Outpatient Department (OPD) coverage

• Mental health support

• Telemedicine

• Financial wellness tools

• Pet insurance

• Cybersecurity protection

• Long-term disability cover

These offerings must also be digitally accessible, mobile-friendly, and integrated into employee experience platforms.

"The future lies in going beyond industry benchmarks and creating new standards based on employee aspirations," says Sudip. Companies that lead in this space will become employers of choice, especially in competitive sectors like GCCs (Global Capability Centres).

Throughout the conversation, one theme recurs: long-term thinking during short-term storms. Sudip’s experiences with Lockton’s clients reveal that the most successful organisations treat uncertainty as a driver of innovation.

They don’t wait for stability—they create it by investing in people, trusting in data, and building resilient cultures. Whether it’s adjusting pay structures, tailoring mental health strategies, or piloting new benefits, agility and empathy drive impact.

In the face of unpredictability, a robust people strategy can become a company’s competitive advantage. And as Sudip’s insights make clear, such strategies aren’t born overnight—they are built through foresight, courage, and a deep commitment to people.