Executive Summary IN THE WAKE OF THE GLOBAL ECONOMIC CRISIS, human resource leaders have been under intense pressures to manage costs while maintaining benefits for employees — a challenge many believe could intensify as the impact of health care reform becomes clear. But the need to recruit and retain key talent also is a critical concern, according to a new survey of HR leaders conducted by Harvard Business Review Analytic Services, and the pressure to improve employee engagement and get the most out of the very best people is expected to intensify over the next three years. Even with the difficult job market, HR leaders said that they believed their company’s values and focus on employee fulfillment were the most important factors in attracting and engaging quality employees — even more important than a high starting salary and job security. The survey also found: π Companies that have continued to focus on the well-being of their employees have experienced fewer cutbacks in recent years, and were less likely to view turnover and employee engagement as top challenges now and in the future. π Those companies that described themselves as employee-focused are more likely to offer benefits out of a sense of responsibility for their employees, and to view financial protection benefits as a very important component of the benefit plan. π Most HR leaders anticipate that the benefits structures of their companies will face major change as a result of health care reform, and one in three is now working on adapting their plans. Employers will be looking primarily to their carriers and advisors as well as industry resources to keep them up-to-date on what actions they will need to take. π Although the need to provide quality benefits education to employees will only intensify as health care reform advances, many employers acknowledge that they have not done a good job in implementing effective communication strategies to help employees understand their benefits. This is a concern because employees who believe that their benefits are effectively communicated are more likely to indicate greater levels of engagement, morale, and loyalty.
Posted on: Mon, 15 Dec 2014 05:08:34 +0000
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