A new report on talent management featuring perspectives from 28 industry observers could be required reading this summer for producers who decide to refresh client conversations about ways they can develop more competitive and personalized benefits, as well as control costs.
The 2016 Human Capital Insights & Strategies Report from Arthur J. Gallagher & Co. includes 19 articles that offer strategies on how employers can design cost-effective, total compensation packages to attract and retain top talent. All are authored by various practice leaders and senior consultants at the international insurance brokerage and risk management services firm.
Serving as a backdrop are suggestions about the importance of tailoring these strategies to a changing labor market and various economic indicators. For example, the talent war will be largely fought over demographic differences. In addition, a stable unemployment rate of 5% is seen as heightening the need for meaningful action — especially considering a worldwide shortage of about 40 million highly skilled employees and surplus of 95 million low-skilled individuals is expected by 2020.
“Employers are more inclined to make and act on decisions that are supported by reliable, relevant data,” says James W. Durkin, Jr., president of Gallagher Benefit Services, Inc. “This report can help consultants explain the challenges and opportunities caused by marketplace trends, and most importantly, how benefit and compensation decisions are affected. Once they understand the implications, employers are more likely to work with their consultant to create a sustainable, integrated solution that positions them as an employer of choice.”
He noted in a recent news release on the report how “traditional healthcare and retirement plans are no longer differentiators; they’re table stakes.” And with younger employees favoring non-traditional benefits, Durkin stressed the importance of viewing employees as individuals and offering “flexible options that appeal not only to a range of generations, but also different personalities and work styles.”
Among the key article titles highlighted:
- Why Business Success Depends – More Than Ever – on Employee Engagement Success
- Total Wellbeing – Lowering Costs While Enhancing Culture, Employee Engagement and Productivity
- Driving Financial Wellbeing for Organizations and Their Employees
- Engage Employees in Their Healthcare Choices and Save Money
- Non-Traditional Voluntary Benefits Help Differentiate Employers in a Competitive Market
- HR Tech Trends That Deliver Bottom-Line Impact
- Top Three Global HR Trends to Watch in 2016
