With the low unemployment rate giving job seekers the advantage, attracting and retaining talent remains a major focus for employers, according to findings from Arthur J. Gallagher & Co.’s 2018 Benefits Strategy & Benchmarking Survey. In fact, 60 percent of those surveyed named it their No. 1 operational priority—a sharp contrast to the 37 percent of employers who ranked controlling benefit costs as the top priority. And nearly half (45 percent) of employers chose not to increase employee cost sharing of healthcare benefits.
“While keeping a lid on costs is always important, we are seeing a clear shift in the market as employers are having to compete more aggressively for talent in the face of the lowest unemployment rate in nearly 50 years,” said William F. Ziebell, president, Gallagher Employee Benefits Consulting and Brokerage. “Today’s workforce is comprised of five very different generations, meaning it is no longer good enough to simply offer standard medical coverage and a competitive retirement plan.”
To better meet the diverse requirements of a multigenerational workforce without substantially increasing costs, employers are adding choice and flexibility through voluntary benefits, life insurance coverage and related options:
About the 2018 Benefits Strategy & Benchmarking Survey: From January to April 2018, 4,241 organizations across the U.S. responded to more than 300 questions covering the total compensation spectrum.
Additional survey results can be found at www.ajg.com/NBS-2018.