ROLLING MEADOWS, IL, June 6, 2017 – Employers need to plan for more change affecting their compensation and benefit programs as competition for talent intensifies across global borders and the U.S. Congress continues to take steps toward healthcare reform. The Arthur J. Gallagher & Co. (Gallagher) 2017 Human Capital Insights Report provides original perspectives from 41 thought leaders on how employers of all sizes can successfully adapt their strategy to attract and retain top talent by controlling healthcare costs, improving employee wellbeing and managing risk.
"A piecemeal strategy for total rewards will only further complicate the challenge of today's increasingly complex human resources and employee benefits environment," said William F. Ziebell, President, Employee Benefits Consulting and Brokerage. "What's required to meet employee needs across career stages and diverse cultures is a well-defined and flexible approach to personalized benefits and compensation. Employers can improve their performance when they consider all elements of employee engagement and wellbeing together, including physical, emotional, career and financial health, as well as workplace culture. Alignment of these interdependent elements creates opportunities to effectively control healthcare costs while improving engagement, turnover and other key risks."
Below are summaries from a few of the articles included in the report:
- The Impact of Patient Protection and Affordable Care Act (PPACA) Repeal and Replacement – The American Health Care Act (AHCA) would effectively eliminate employer and individual mandates, and nearly double the limit on annual aggregate health savings account contributions, as well as free up how they can be used. For now, it's important to follow the current law while being mindful of developments as legislative uncertainties are clarified.
- How Pay Equity Helps to Create and Promote a Destination Workplace – A sense of fairness about pay decisions engages employees, helps make total rewards programs more effective and supports successful recruiting from an increasingly diverse talent pool. Improving pay gaps can boost productivity and reduce compliance risk.
- Updating Leave Policies in a Millennial-Driven Culture – Competing for the best talent may require a leave policy beyond the unpaid Family Medical Leave Act (FMLA). Employee and management feedback, and assessments of concerns such as cost, absence rates and productivity will help inform opportunities for evolving paid leave policies.
- The Workplace Costs of Employee Financial Stress – Employees' poor spending and financial decisions often cause stress and reduced productivity. Financial wellbeing tactics should strongly focus on spending habits to make savings easier, and offer career-stage-specific learning opportunities to increase retirement readiness.
- A Cohesive Approach to Cross-Border Talent Challenges – Winning the global talent war requires simplifying benefits with a unified strategy, which includes addressing workers' mental health needs. Both factors impact employee output worldwide.
The full report can be accessed online at http://www.ajg.com/hcinsights2017.