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
ABOUT GALLAGHER
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.
Contact:
|
Kelli Murray,
Gallagher
|
|
847-273-3896
|
|
Kelli_Murray@ajg.com
|
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SOURCE Arthur J. Gallagher &
Co.