Financial wellbeing is becoming a critical part of employee experience: Jerry Bhutia

Employee rewards have traditionally centred on bonuses, incentives and short-term recognition. However, according to Jerry Bhutia, Chief Sales Officer at Policybazaar, workforce expectations are increasingly moving towards benefits that create lasting financial value and support broader life goals.

In an interaction with People Matters, Bhutia said employees are looking beyond the next pay cycle and evaluating how their workplace can contribute to wealth creation, financial security and major personal milestones. 

From monthly rewards to meaningful outcomes

Bhutia believes bonuses and incentives will continue to play an important role in employee recognition. However, he sees a growing demand for rewards that have a longer-term impact on people's lives.

"Today employees think about what their workplace can do for them beyond the next pay cycle, whether that is helping them build wealth, plan for major life goals or create greater financial security," he told People Matters.

According to Bhutia, younger employees are particularly drawn to recognition that feels personal and meaningful rather than purely transactional.

He cited Policybazaar's Jeeto Apna Ghar programme as an example of an initiative designed to connect workplace performance with a significant life milestone.

"The programme celebrates high-performing employees by helping them achieve a significant personal milestone of owning a home. It makes the reward more tangible and connects professional performance with a long-term life goal," he said.

For organisations, the broader lesson is clear.

"Recognition works best when employees can see how it adds value to their lives, not just their monthly income."

The growing role of employers in financial security

The conversation around financial wellbeing increasingly raises questions about where employer responsibility begins and ends.

Bhutia does not suggest employers should replace personal financial planning. However, he believes organisations can play an important role in creating opportunities that support employees' long-term aspirations.

"Employees spend a significant part of their lives at work, so the way companies recognise and reward them can go beyond just the next bonus or incentive and contribute to goals that matter to them in the long run," he said.

He added that employers can encourage employees to think beyond immediate rewards and focus on larger financial objectives.

"I think employers can play a role in creating these opportunities, while giving employees the support and encouragement to think beyond immediate rewards and plan for bigger financial goals."

Aspirations are becoming more goal-oriented

Bhutia sees a notable shift in employee aspirations, particularly among frontline and customer-facing workforces.

Rather than focusing solely on income growth, employees increasingly want to translate professional success into tangible outcomes for themselves and their families.

According to him, the financial milestones employees care about most include:

• Buying a home
• Purchasing a car or bike
• Owning an iPhone or other aspirational products
• Building personal savings
• Supporting children's education
• Achieving greater financial security

"It’s not just about earning more; people want to see their hard work translate into something tangible for themselves and their families," Bhutia said.

He added that rewards tied to larger life goals can create stronger emotional connections, particularly for frontline employees working in demanding environments.

"Employees increasingly value rewards that have a lasting impact on their lives, rather than those which have just short-term gratification."

Why financial wellbeing is entering the employee experience agenda

Financial wellbeing is increasingly being discussed alongside physical and mental health within organisations.

Bhutia believes this shift is a natural response to the impact financial stress can have on employees' overall wellbeing and workplace performance.

"Financial wellbeing is becoming an important part of the overall employee experience because financial stress can affect how people feel, think and perform at work," he said.

He suggests organisations should take a broader approach to wellbeing by helping employees feel more financially secure throughout different stages of their lives.

At Policybazaar, this includes creating access to benefits, support systems and opportunities that help employees plan for important financial goals.

Whether employees are focused on building savings, protecting their families or preparing for major life events, Bhutia believes organisations can support better decision-making by providing relevant tools and guidance.

"Ultimately, financial wellbeing is about giving people greater confidence about their future, and that can have a very positive impact on their overall experience at work."

Rethinking the limits of traditional recognition

While traditional rewards remain relevant, Bhutia believes their impact often fades quickly.

"Traditional rewards like bonuses, incentives and spot recognition have their place, but their impact is mostly short-lived. Once the reward is received or spent, the feeling of recognition may also fade."

Instead, he sees greater value in connecting recognition to outcomes employees genuinely care about.

"The bigger opportunity is to make rewards more meaningful by connecting them to something employees genuinely value in their lives."

For frontline workforces, he said recognition becomes more powerful when employees can see a direct connection between performance and a larger personal objective.

"The future of rewards is less about simply giving more and more, and more about giving employees something that stays with them and creates a lasting sense of achievement."

Balancing immediate and long-term rewards

Bhutia does not see immediate rewards and long-term financial benefits as competing priorities.

"I don't think organisations need to choose between immediate rewards and long-term financial benefits. Both serve a purpose."

According to him, the most effective strategy combines short-term motivation with longer-term financial support.

He suggested organisations continue offering performance-linked incentives while also introducing initiatives tied to:

• Home ownership
• Wealth creation
• Retirement planning
• Financial resilience

"This gives employees the satisfaction of being recognised today while also helping them think about tomorrow."

The next chapter of employee rewards

Looking ahead, Bhutia expects employee rewards and recognition programmes to become increasingly personalised.

"I think over the next five years, employee rewards will become more personalised and more closely linked to what people actually want to achieve in their lives."

While traditional bonuses are unlikely to disappear, he believes employees will place greater value on rewards that strengthen long-term financial security.

Potential areas of focus could include:

• Home ownership
• Children's education
• Emergency savings
• Retirement planning
• Financial protection for families

As organisations continue to compete for talent and engagement, Bhutia sees financial wellbeing becoming a more prominent part of the employee value proposition.

"Financial wellbeing will become an important part of this conversation as employees look beyond immediate gratification and think more about their long-term financial security."