With the U.S. experiencing record-low employment, U.S. employers and organizations must use every resource they have to find the talent they require.

A new report from Gallagher suggests innovation in designing compensation and benefits, effective leadership and communication can help make all the difference. If they do, an employer that focuses on building a better workplace culture and other things employees value can produce engaged employees and reduce turnover, the firm’s report concluded.

“Record-low unemployment, combined with the different values and priorities of employees entering the workforce, is forcing a fundamental rethinking of organizational talent management,” William F. Ziebell, CEO of Gallagher Employee Benefits Consulting and Brokerage, said in prepared remarks. “Competing on higher salaries can be expensive, and not just in the short term. CEOs, CFOs and HR leaders who work together to redesign the entire workplace experience around the generational preferences of today’s workforce will be better able to retain the top talent they attract.”

Key findings include:

  • CEOs need to create an employee experience that helps give them a competitive edge. To do this, chief executives can team up with their CFOs and HR teams so they have a competitive framework in place. Once that happens, CEOs can then communicate their organization’s purpose, vision and values more clearly and hold managers responsible for reinforcing those key pieces. Another element that can help a CEO bring further edge: keeping succession planning in the forefront.
  • CFOs can build a company’s edge in the workplace by balancing both financial and talent risks. What this means is that they can focus on building more flexibility and affordability of compensation and benefit programs while helping employees to understand, choose and use their retirement options.
  • Human resources leaders can do their jobs better using both data and insights. This can happen when HR works with finance and other management to ensure their career paths and rewards match their values. For younger employees, opportunities to comfortably integrate their personal and professional lives are top priorities, including flexibility and community involvement.

The full findings are part of the 2019 Organizational Wellbeing & Talent Insights Report. Arthur J. Gallagher & Co. is a global insurance brokerage, risk management and consulting services firm based in Rolling Meadows, Ill.

Source: Arthur. J. Gallagher & Co.