Vybhav uses inputs from the annual compensation and benefits bench marking survey (C&B Survey) in which it participates in July every year.

This is an independent survey that Vybhav partners with Hann Associates to study and report about the patterns of payment and packages of competing companies in the same industry. Vybhav’s top management reviews the list of competing firms and names of firms are either deleted or added to the list.

Here again Vybhav ensures that all business units offer a uniform suite of benefits for all employees. The findings from the C&B survey are studied closely by the Corporate C&B team to assess the need to incorporate new benefits as well as review the utility of existing benefits to match the market benchmarks identified from the survey. As in the case of compensation benchmarking of 70th percentile, Vybhav benchmarks itself at the 85th percentile on the benefits packages. This is congruent to its employee-centric vision and mission philosophy.

Last year Vybhav, as part of its healthcare focus for its employees, instated an Employee Health Care Policy.

The policy provided for the following additional benefits:

• Medical insurance coverage which priorly provided for insurance of its employee+spouse+2 children (dependent) at 4,00,000 pa, upgraded the insurance policy to cover two dependent parents for a sum insured of 7,50,000 pa.

• The executive medical checkup was formalised with a tie up with five multi-specialty hospitals with presence in all the metros and major cities.

Previously, the employee would walk into any hospital or diagnostic center and pay for the checkup and then have it reimbursed. This was upgraded to a cashless hospital tie-up model where an employee could log into the Vybhav Samachar portal and place a request with the benefit team that he/she would like to undergo a medical checkup and complete the day long set of diagnostics and consultations.

• The benefits team instituted the ‘Annual Health Awareness Week’, wherein there would be medical practitioners and consultants doing hour long awareness sessions on various health related areas like First Aid, Stress Management, Ergonomics and Healthy Living. These sessions were held across locations. During the week, there would be on-site consultation available with General Physicians, Cardiologists, Physiotherapists and Psychiatrists as well.

• The Leave Policy was reviewed to include ‘Special Leave’. Special leave allows employees to apply for leave for a duration of 1–3 months, to take care of situations of treatment of prolonged illness/ severe family health issues.

• Another key initiative was the introduction of a new ‘Employee Fitness Allowance Policy’. This policy allowed employees to enroll at a Health Club or a gymnasium and have the enrollment fees reimbursed. It also included fitness sports activities like badminton, tennis, yoga and other weight management programs.

• In addition to the above, the gymnasiums at all campuses of Vybhav were upgraded to significantly improve the facilities. All gyms now have a regular visiting ‘fitness coach’ available for fixed hours of the day, everyday of the week. This facility was very much appreciated by the employees and there was a surge in the number of employees availing this facility.

• This year the desk-top calendar that was gifted to the employees carried a health focus. The pictures on the pages of the calendar included:

Recommended sitting postures while at work De-stressing tips Eating healthy food tips Self-grooming tips Through these initiatives, Vybhav conveyed its commitment to employee health and well-being, that normally employees tend to take for granted and harm themselves.

EXERCISE

Continue to work in the same group as you did for the earlier exercises.

As shared by the interviewee, attempt to list all the benefits that are provided to employees in the company. Review the information relating to the following:

1. What kinds of benefits are offered?

2. Why would an employer be providing for this?

3. For each of the benefits, share the ‘advantages and disadvantages’ for the employee as well as the employer. Create a table to share the impact.

4. Discuss and research the ‘Fringe Benefits Tax’ (FBT) as per statue and explore how this impacts the way the benefits are costed.

5. How are the benefits of this organisation different from that of the other teams that have presented?