ROLLING MEADOWS, Ill., June 20, 2018 /PRNewswire/ -- For the first time in recent history, the number of job openings exceeds the number of job seekers in the U.S., forcing employers to reexamine their strategies for hiring and retaining top employees. Coupled with changing expectations of the younger workforce, competition for talent across most industries is more aggressive. The 2018 Human Capital Insights Report was developed to help organizations gain an advantage, and includes recommendations from 35 Gallagher thought leaders on ways to strengthen key aspects of workplace wellbeing: physical and emotional; career; financial; and organizational.
"Most employers want to create a better workplace that attracts, engages and inspires high-performing team members, but many decision-makers aren't focused on all the components of workplace wellbeing most important to their employees," said William F. Ziebell, CEO of Gallagher Employee Benefits Consulting and Brokerage. "Looking beyond traditional compensation packages, healthcare and retirement plans, today's employees choose an organization because it truly cares about the total wellbeing of its workforce and communities, and demonstrates a higher social purpose."
The 2018 Human Capital Insights Report provides insights and strategies for assessing and improving current programs at a sustainable cost structure that supports a multigenerational workforce. Below are summaries of the report's four wellbeing sections:
Improving Business Outcomes by Developing Physical and Emotional Wellbeing
Rather than separating their work roles from their personal lives, today's employees bring their whole selves to work. They're searching for employers whose cultures support their values, personal goals and professional endeavors. Because this environment differs based on the makeup of each organization's workforce, employers can take cues from generational differences. For example, community involvement activities are of special interest to millennial workers, while flexible scheduling and work-from-home policies enable employees with family needs to have greater work-life balance and integration.
Engaging Employees by Creating Rewarding Growth Opportunities and Career Wellbeing
Employers of choice take an active approach to employee attraction, retention and development. This includes elevating the career conversation with employees to clearly communicate an equal investment by the organization and the workforce in the other's best interests. Two key engagement drivers that improve employee commitment and loyalty are fairness and equality. Organizations that develop a clearer and more meaningful employee experience through timely performance reviews and feedback, formal pay-equity processes, and a safe and respectful workplace will be rewarded with a workforce that steadily contributes to better business performance.
Recognizing Financial Wellbeing Requires More than a Traditional Retirement Plan
Financial stress negatively impacts employees' physical health and affects their performance. Key stressors include rising healthcare costs and student debt that pose a challenge for employers whose traditional retirement plans are no longer sufficient to mitigate employee financial concerns. Better workplaces take a more active role in helping alleviate workers' anxiety by providing budgeting and savings education. In fact, one-third (34 percent) of employers now provide resources to help employees gain a stronger sense of financial security through financial wellbeing programs.
Managing Changing Workforce Trends by Adopting Wellbeing Practices and Refreshing Organizational Strategies
The tight labor market, multigenerational workforce and redefinition of work present risks and opportunities for employers. To get ahead of these trends, organizations need to align their technology with a human capital management strategy and integrate a people perspective into their traditional risk management strategy.This will help protect against rising cybersecurity threats and maximize benefits of the emerging gig economy while minimizing risks. In addition, employers stand to gain a reputational advantage in the marketplace by establishing an approach to ethics, social governance and employee engagement based on realistic organizational values.
ABOUT THE HUMAN CAPITAL INSIGHTS REPORT
The 2018 Human Capital Insights Report from Gallagher helps employers make fully informed decisions about benefit plans and programs that attract and retain top talent without breaking the bank. Through insights and strategies that inspire a more productive workforce, employers drive better outcomes. Analysis for this report was provided by 35 thought leaders from Gallagher's Employee Benefits Consulting and Brokerage operation who average more than 25 years of industry experience. View the report here: www.ajg.com/hci_2018.
Gallagher (NYSE: AJG) is a global insurance brokerage, risk management and consulting services firm headquartered in Rolling Meadows, Illinois. The company has operations in 34 countries and offers client-service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.
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