2018 Human Capital Insights Report Examines Total Wellbeing Framework as Means to Engage Employees and Help Organizations Achieve Profit and Growth Objectives
TORONTO, Sept. 18, 2018 /CNW/ -- Economic growth has pushed Canada's jobless rate to levels last seen in the 1970s, and, at the same time, created fierce competition among employers to attract and retain top talent. Gallagher developed the 2018 Human Capital Insights Report to help organizations make more informed decisions about benefits and compensation within a total wellbeing framework. The report shares best practices from more than 20 Gallagher thought leaders on ways to strengthen the key aspects of workplace wellbeing: physical and emotional; career; financial; and organizational.
"Many employers have become accustomed to selecting benefits and compensation packages based on cost alone, but they risk losing their most valuable employees as a result," said Leslie Lemenager, Regional President of Gallagher's Employee Benefits Consulting and Brokerage. "With clear and consistent two-way communication, destination employers approach benefits and compensation more holistically, assessing the diverse wants and needs of their employees so they make more informed decisions that support their value proposition."
Authors of the 2018 Human Capital Insights Report identify specific, cost-conscious strategies that support and engage a multigenerational workforce — strategies that destination employers have already implemented.
Below are summaries of the report's four wellbeing sections:
Employees' Physical and Emotional Wellbeing Drives Improved Business Outcomes
Employees today often desire to work for an organization that supports their values, personal goals and professional endeavors. For employers, there are many cost-conscious ways to address their teams' physical and emotional wellbeing, but knowing which levers to pull depends on the makeup of the workforce. Conducting a cultural assessment will allow decision makers to pinpoint existing resources and determine gaps and opportunities. In return for better physical and emotional wellbeing, employees reward their employers with greater engagement and productivity.
Prioritizing Career Wellbeing for a Diverse Workforce Boosts Culture and Retention
The workforce's perception of job security, possibilities for career growth and their connection to the organization's values and mission are predictors of employee turnover. Employers that invest in their employees' career wellbeing improve their chances to retain top-performing employees and attract new ones. Cornerstones of career wellbeing include a thoughtfully executed professional development strategy, clear career paths, flexible work arrangements and compensation plans aligned with business strategy.
Employee Debt and Lack of Retirement Readiness Affects Performance
Financial wellbeing is essential to overall employee and organizational health. Employees bring their whole selves to work, meaning personal issues can positively or negatively affect their performance. Financial stresses in particular have a significant impact on the workforce. With Canadians shouldering record amounts of debt — and many with inadequate retirement savings — employees are likely to become distracted at work. Along with reduced productivity, aging workers who can't afford to retire will work longer out of necessity. This creates additional employer costs and can hinder the career path of younger workers. Providing employees with the right financial education, tools and resources will help reduce their financial stress, resulting in better business outcomes.
Organizational Wellbeing Requires Striving to Address Changing Workforce Trends
The tight labour market, high workplace stress and the changing nature of work have redefined organizational wellbeing. It has become more important than ever for employers to not only implement sound organizational wellbeing and communication strategies, but also to measure the impact on employee engagement and retention. Because employers depend on technology to deliver HR and benefit programs, it's also important to align the technology and human capital management strategies. This will help protect against rising cybersecurity threats and ensure employers properly address compliance issues.
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. Twenty-two thought leaders from Gallagher's Employee Benefits Consulting and Brokerage operation, averaging more than 25 years of industry expertise, provided analysis for the Canada edition of this report. View the report here: www.ajg.com/CHCI-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.