Global insurance brokerage Gallagher’s latest report reveals that if employers want to attract and retain top talent, they should be focusing on maintaining the wellbeing of their employees.
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,” a release from the company said. The report has pinpointed four key workplace wellbeing sections that companies must pay attention to if they want to become “employers of choice”:
- Develop physical and emotional wellbeing – Today’s employees bring their whole selves to work, instead of separating their work and personal lives. This means they are looking for employers with work cultures that support their values, personal goals and professional endeavours. Employers might want to take note of generational differences and how each generation group can be appealed to (i.e., community involvement for millennial employees, work-from-home policies for employees with families)
- Create rewarding growth opportunities and career wellbeing – Employers need to take an active approach to employee attraction, retention and development, by “elevating” the career conversation with employees. To ensure employee commitment, employers must address fairness and equality – things such as performance reviews and feedback, formal pay-equity processes, and a safe workplace can go a long way.
- Secure employees’ financial wellbeing – It will take more than just a traditional retirement plan to ensure that employees are financially secure. Retirement plans are not enough to address rising healthcare costs and student debt; employers should consider providing budgeting and savings education to their people.
- Adopting wellbeing practices and refreshing organizational strategies – Trends such as the tight labor market, multigenerational workforce and redefinition of work present a number of risks and opportunities for employers. Organizations must utilize technology with their human capital management strategy, as well as integrate a people perspective into their risk management strategy to minimize risks, capitalize on the gig economy, and help protect against cybersecurity threats.
“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 Gallagher Employee Benefits Consulting and Brokerage CEO William F. Ziebell. “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.”