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Over the last few years, organizations have recognized that business risks and people risks are intertwined.

This trend is reflected in the fact that eight out of the top 10 business risks in Aon’s 2021 Global Risk Management Survey were people related.  Understanding and managing risk in today’s rapidly changing economy can unlock potential and opportunity in the business landscape. People leaders must continually monitor and interpret their companies’ risk profiles relative to their peers. As people leaders track risks related to human capital, they should be prepared to speak to C-suite leaders and understand what it means for the current and future state of business.

“Many of our clients include people-related metrics regarding progress against turnover rates and a company’s reputation amongst employees as a standing agenda item in the boardroom,” says Amy Jennings, a partner in Aon’s Talent Solutions practice. How can you stand out? Focus on employee wellbeing.

Reduce Employee Turnover by Reducing Healthcare Costs

By placing importance on the wellbeing of individuals and making substantial investments in them, the risks of turnover and burnout can be minimized. To ensure the wellbeing of employees, organizations can take measures by decreasing healthcare expenses and provide opportunities for personal growth.

Enhance Employee Wellbeing with Collective Retirement Plans

Despite the concerning number of insured Americans who struggle to afford healthcare or save for retirement, employers can adopt strategies to lower expenses and enhance the overall wellbeing of their employees and their families.

Eighty percent of HR professionals say their wellbeing strategy is being integrated with Total Rewards. The signals are clear: Business needs and employee preferences are changing. Total Rewards strategies need to keep up. A clearly defined Total Rewards strategy can link directly to your business goals, people strategy and align with your Employee Value Proposition (EVP). A compelling talent experience goes beyond monetary compensation and includes the overall culture, work environment, leadership, career opportunities and work-life balance.

Addressing Wellbeing at a Global and Local Level

By now, the Great Resignation phenomenon is part of the vernacular of every HR professional. Concern about attrition is ongoing despite some concern about a global slowdown in growth.

“As the world has reopened employees have left jobs and, in some cases, left the workforce. This tells us there is a key need for rewards and benefits that bind people to your organization,” said Ashley Palmer, partner and Asia-Pacific head of Wealth Solutions, Aon.

Palmer spoke about workplace health and wealth trends alongside Vishakha Damania, senior director of total rewards in Asia-Pacific at Salesforce, during the Aon Insights Series – Asia, held in Singapore recently. “The research finds ample evidence of employee discontent. It’s a global phenomenon but more pronounced in certain regions like India within the Asia-Pacific region,” said Palmer.

Gaps in employee satisfaction may vary by region, and multinational organizations should establish a global strategy that is also tailored to regional circumstances. “There is a catch phrase we have within Salesforce. What that says is, ‘We will operate with global intent, but our execution and relevance has got to be local,’” said Damania. “All of our frameworks at the 30,000-foot level look the same; the intent is the same. But we normalize them and make them more relevant to that particular region or that particular country.” Read More

Employee Happiness vs Engagement

Check out this month's episode of the Aon Better Being podcast with Rachel Fellowes, "We all Want to be Happy, Not Engaged" where she interviews Nic Marc, a self-professed happiness expert and CEO and Founder of Friday Pulse.

Onboarding Gen Z

Did you know that Gen Z (those born between 1997 to 2012) will make up 30% of the workforce by the end of the decade? Are you ready for them? Charlotte Schaller, Partner and Head of Assessment (UK) at Aon discusses

Insurance CEOs talk Talent Crisis

Louisa Blain, Partner, Insurance Talent Solutions at Aon examines the industry’s perception problem to offering potential solutions to attract and retain the right talent in her blog, Speaking to Insurance CEOs on Talent Crisis.

AI and HR Communication

Can ChatGPT replace HR communicators? Anna Tyor, a Senior Consult at Aon for talent solutions provides her thoughts on ChatGPT and how it effects HR communication.

Pay Equity Approach Tips

Scott M. Reithel, Ph.D. and Director of People Analytics at Aon gives 5 Tips to Inform Your Pay Equity Approach in his recent blog.