News: Festive benefits boost loyalty, yet 43% of employees don’t get them: Study

Benefits & Rewards

Festive benefits boost loyalty, yet 43% of employees don’t get them: Study

Cash bonuses are the top choice for 66% employees, followed by gift cards (30%), electronics (27%), personalised gifts (24%), destination holidays (21%), and experiences like spa treatments (12%).
Festive benefits boost loyalty, yet 43% of employees don’t get them: Study

With the holiday season upon us, there's widespread excitement for festivities, presents, and well-wishes, both at home and in the workplace. However, a recent survey has revealed that 43% of the employees surveyed didn't receive any festive benefits, underscoring a clear gap between expectations and reality.

AmbitionBox, a platform specialising in company reviews, salary insights, and interview resources, recently conducted a comprehensive survey among employees within India Inc. The objective of this survey was to gain in-depth insights into employee expectations regarding festive benefits, a matter of significant cultural importance in India's diverse festive landscape. 

These insights were sought to be translated into actionable intelligence for employers. The findings of the survey have challenged a prevailing assumption – that corporate Diwali gift-giving is a customary practice. Surprisingly, the survey revealed that 43% of the participants acknowledged that they hadn't received any festive perks.

Conversely, a significant 66% of the respondents expressed strong expectations for special benefits or bonuses from their employers as the festive season approaches. This emphasis on festive rewards underscores the cultural significance and heightened anticipation associated with celebrations in India. The pronounced disparity between these expectations and the actual experiences of a significant portion of the workforce has the potential to adversely impact employee morale and overall job satisfaction.

Among employees who currently receive festive benefits, a mere 29% express satisfaction with these offerings, indicating a potential area where employers could make improvements. Cash bonuses clearly lead the list of preferred benefits, with 66% of respondents indicating a preference for them. Other favoured perks include gift cards (30%), electronics and gadgets (27%), personalised gifts (24%), destination holidays (21%), and experiences like spa treatments (12%). 

Recognising and accommodating these preferences can assist employers in customising their festive offerings to achieve the highest levels of employee engagement. Beyond the immediate delight, a substantial 63% of respondents believe that such perks go beyond mere enjoyment; they enhance motivation and engagement among employees. 

Additionally, 39% perceive these benefits as a catalyst for nurturing a stronger sense of loyalty within the workforce. For 75% of those surveyed, the presence or absence of festive benefits holds significant weight in determining overall employee satisfaction.

"Festivals in India are not just about celebrations but also about forging deeper connections. When employers align their festive offerings with employee expectations, it not only fulfils a cultural tradition but can also foster a sense of belonging, loyalty, and recognition among the workforce. Our survey merely reflects the sentiments and expectations of employees and can help employers to understand what employees expect. Employers can use such festive benefits to drive employee satisfaction," said Mayur Mundada, Founder and Business Head, AmbitionBox. 

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Topics: Benefits & Rewards, Employee Relations, #HRTech, #HRCommunity

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