The cafeteria option for employee benefits

According to The Times of India‘s Devina Sengupta in “Talent war: Cos dangle custom-made perks

India Inc has figured it out: In a dog-eat-dog job market, democracy in salary negotiations works best to draw and retain talent. Companies are asking employees across the board to choose benefits that suit their lifestyles so as to prevent dissatisfaction over perks staffers consider to be of no use, or worse, salary pinchers. The trend, which began in the IT industry, is now seen in infrastructure, banking and FMCG as well.

and

One can select from components such as house rent allowance, medical reimbursement , conveyance allowance, leave travel allowance, amongst others. […] Employees may be asked to pick five large categories out of 10 and select any of the sub-categories in a combination that suits them. Employees in their 20s don’t typically want retirement benefits while those in 30s would like to look at parents’ healthcare and pension or medical coverage, says Shanti Naresh, principal, human capital practice. MphasiS is also looking at customising benefits according to age group. The Bangalore-based IT firm’s pool includes a category called car allowance, where one can opt between a car loan car, a fuel allowance and a grant for a driver.

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