Employee benefits are a nightmare in India with all the stakeholders (employer, employee, and benefit providers) being completely disconnected from each other, says Sanchit Malik, Co-Founder & CEO, Pazcare. Malik talks how Pazcare is solving the employee benefits problem for employers and importance of healthcare. 

Tell us about Pazcare and the vision behind the brand. Your journey with insurance companies has no doubt provided you the opportunity to experience the way HR teams function in various firms. Could you elaborate on some of the issues that companies generally face when it comes to providing healthcare for their workforce and how Pazcare is solving the employee benefits problem for employers?

Employee benefits are a nightmare in India with all the stakeholders (employer, employee, and benefit providers) being completely disconnected from each other. On one hand, the employer struggles hard to coordinate & manage with multiple benefits providers, and on the other hand, employees do not have the idea what their employer is providing in terms of benefits. Even if an employee is aware of some benefits, accessing them is a painful process since all of it happens offline.

We are in the process of solving this problem by digitally connecting all the stakeholders and bringing everything together on one platform. Employers get a dashboard and each employee gets an app making it extremely convenient. We have been lucky to build a strong team with an excellent entrepreneurial background. The pandemic took a heavy toll on the health and finances of individuals and companies. It made employers realise the importance of their employees’ health and wellbeing and that just paying salaries is not adequatebut they also need to couple it with insurance and other health benefits for uncertain times like the current day scenario. Since we started out with addressing this challenge first, we have seen a huge demand from companies to devise a better benefits program for their employees.

The last two years throughout Covid 19, we have seen first-hand the importance of having a solid healthcare plan. What is your advice to organisations and individuals regarding the importance of healthcare?

The Indian healthcare sector has the potential to grow a lot. The pandemic has shown the positives and negatives of the same. The health insurance sector has grown exponentially over the past years. With the advent of technology, the industry has thrived globally. A good insurance policy provides cover for any and every emergency. COVID-19 has proven to be an eye opener in many aspects. It has taught people the importance of family, work-life balance and the need to invest in their healthcare. Every working individual should invest in a holistic insurance policy for themselves and their families. It could be used as a safety blanket in case of any adversity. Very often people are not prepared for such medical necessities and an insurance cover will prove beneficial in unprecedented times. Every employer should invest in a group health insurance policy for their employees.They could additionally be used to cover their family members as well. This safety net will also create a sense of security for employees, as they will not have to fret over hospital expenses in case of an emergency.

We live in a time where mental health and wellbeing is being talked about to a great deal. How can HR assist in ensuring employee wellbeing and ensure that their mental health is being taken care of?

The stigma around mental health has slowly started to fade away. With cases of depression and suicide on the rise, the general public is being more sensitive to the problem. The work of HR is not limited to recruiting but also pans out to employee retention as well. Taking care of every employee’s needs is an essential part of HRs job. It helps in the betterment of the organisation too. HR departments  can ensure employee wellbeing by introducing certain policies that are employee friendly. A dedicated hour or day could be introduced for employees to keep their creative juices flowing. The employers should encourage their employees to take a day off to work on themselves. Having an on-call counsellor can be a feasible option to opt for, if any employee wishes to seek medical attention for their health.

HR experts can very well reduce absenteeism in their workplace by maintaining proper work culture. Remote and flexible work conditions should be promoted for the staff. Employee engagement is another aspect which is integral for better productivity and to create a healthy environment. Since the staff spends a considerable amount of time at work, a healthy and thriving workplace is a necessity.