ROLLING MEADOWS, Ill., June 18, 2019 /PRNewswire/ -- Winning the high-stakes war for talent requires U.S. organizations to use every available resource, starting with an innovative approach to compensation and benefits, effective leadership and communication. Success in integrating these efforts, driven by a focus on the employee experience, includes an improved workplace culture that strengthens workforce engagement and reduces turnover, according to a new report out today by Gallagher.
"Record-low unemployment, combined with the different values and priorities of employees entering the workforce, is forcing a fundamental rethinking of organizational talent management," said William F. Ziebell, CEO of Gallagher Employee Benefits Consulting and Brokerage. "Competing on higher salaries can be expensive, and not just in the short term. CEOs, CFOs and HR leaders who work together to redesign the entire workplace experience around the generational preferences of today's workforce will be better able to retain the top talent they attract."
The 2019 Organizational Wellbeing & Talent Insights Report examines approaches to compensation, benefits, retirement and employee communications that are increasingly associated with high-performing organizations. Below are summaries of the report's three sections that address key challenges facing CEOs, CFOs and HR leaders:
CEOs: Create an Employee Experience that Serves as a Competitive Advantage
With their view from the top, CEOs have a uniquely broad perspective on the many interconnected aspects of workplace culture that shape the employee experience. Teaming up with their CFO and HR partners helps ensure they have a competitive compensation and benefits framework in place. CEOs can then communicate their organization's purpose, vision and values more clearly, and hold managers responsible for reinforcing those tenets. Effective leadership also requires frequent and transparent communications that engage employees on the issues they care most about, such as reducing financial stress related to retirement and student debt. CEOs can also guide a brighter future by elevating succession planning from a periodic exercise to ongoing and proactive talent management.
CFOs: Balance Financial and Talent Risks
As financial and risk managers, CFOs should think of themselves as fiduciaries for the health of their managers and employees, which impacts the organization's balance sheet. Multiple studies have shown that when employees find healthcare and saving for retirement unaffordable, they underperform and are more likely to look for employment elsewhere. With multiple generations in today's workforce, CFOs must promote greater flexibility and affordability of compensation and benefit programs, while helping employees to understand, choose and use their retirement options.
HR Leaders: Approach People Management with Better Data and Insights
As the U.S. job market continues to tighten, HR more frequently relies on their existing ranks for new leaders. Identifying the most qualified candidates to lead the organization forward requires an evaluation of both quantitative and qualitative measures. Besides performance metrics, it's important to assess each prospect's creativity, curiosity, interpersonal skills and ability to innovate. Once these rising stars are designated, HR needs to work with finance and other management to ensure their career paths and rewards match their values. For younger employees, opportunities to comfortably integrate their personal and professional lives are top priorities, including flexibility and community involvement.
ABOUT THE ORGANIZATIONAL WELLBEING & TALENT INSIGHTS REPORT
The 2019 Organizational Wellbeing & Talent 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 32 thought leaders from Gallagher's Employee Benefits Consulting and Brokerage operation who average more than 25 years of industry experience. View the report here: ajg.com/OWTI_2019
Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 35 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.
SOURCE Arthur J. Gallagher & Co.