Gallagher has released its 2018 Human Capital Insights Report, Identify the Trends, a 40-page document that looks at the changing landscape of human capital Framework for the Future initiative, which addresses the challenges to employers in a rapidly-changing workplace.
The report identifies four areas impacting the change in workplace environments:
- The transformation of the global business marketplace may mean a more affordable cost structure for talent management
- The shifting nature of work (telecommuting, the gig economy) and evolving expectations (gender parity inspired by the #MeToo movement and the push for pay equality demand HR transparency, equity, and fairness to help drive recruitment success
- Workforce evolution: shifting roles and aging workforces affect attrition, retirement, and workplace agility
- Emerging risk factors such as compromised privacy and personal data theft demands safeguarding employee personal information
In order to navigate these changes, companies need to cultivate a “destination-workplace identity” by re-imagining the way they approach total compensation. Adopting a holistic approach to workplace well-being is one way to navigate the changes.
“The sooner employers set out on the right path to attracting and retaining the best talent — in a stubbornly complex marketplace — the longer they’ll reap the rewards of sustaining a dynamic workforce,” says William F. Ziebell, CEO of Gallagher Benefit Services, Inc.
The report suggests building a sturdy “yet flexible” framework around a larger goal, vision, or aspiration of a destination workplace, that recognizes employees as the most important asset of an organization and takes steps to address the complex process of managing them. This involves taking an employee’s career, financial, and physical and emotional well-being into account by taking such steps as considering how to make compensation more competitive and equitable, or being prepared for the future by looking into the benefit preferences of those who will work for them in the future.
“Destination employers double down on the potential value by forming a long-range philosophy focused on total well-being and engagement,” says Ziebell. Pursuing that philosophy, he says, will “reinforce a healthy workplace culture that leads to better work – improving outcomes for individuals and the enterprise as a whole.”
The entire report can be downloaded here .