Survey by Unum and Harvard Business Review Analytic Services shows
balancing act for HR
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
As they recruit and rebuild after the economic crisis, what concerns top
the priority list for human resources leaders? Managing benefit costs
followed by improving employee engagement, according to a
new survey commissioned by employee benefits provider Unum
(NYSE:UNM) in partnership with Harvard Business Review Analytic Services.
Next on the list are improving recruitment of quality employees and
dealing with the impact of health care reform.
“Human resources leaders are walking a tightrope in balancing these
demands, and they’re telling us that the pressure is only going to
increase,” said Mike Simonds, senior vice president for Unum. “Employee
benefits providers need to take an active role in helping them balance
costs and build a culture that contributes to an engaged workforce.”
Among the findings of the survey of nearly 400 human resources
decision-makers:
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Nearly 60 percent said managing benefit costs is a top challenge, and
nearly 80 percent expect that challenge to intensify in the next three
years.
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Forty-five percent said improving employee engagement is a top
challenge, and 70 percent expect that challenge to intensify.
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More than 40 percent said recruiting quality employees is a top
challenge, and nearly 60 percent expect that challenge to intensify.
-
Nearly 40 percent said dealing with the impact of health care reform
is a top challenge, and 80 percent expect that challenge to intensify.
The survey also found that the role of corporate culture is perceived as
critical to driving engagement, recruitment and retention of a quality
workforce. In fact, it may be more important than money, the survey
finds:
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A company’s values and focus on employee fulfillment are the most
important factors in attracting and engaging quality employees.
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Being a company that cares about the well-being of its staff was twice
as likely to be viewed as very important in attracting and retaining
staff as providing a high base salary.
-
An attractive benefits package and an ethical, transparent culture
were also more likely to be viewed as very important in attracting and
retaining staff than were a high starting salary and job security.
“Human resources leaders are looking for answers to questions about
benefits cost predictability, employee engagement and simple
administration,” Simonds said. “In our role as a benefits company, we
appreciate the challenging but critical part employers play as providers
of benefits access, education and guidance.”
Read the full results of the survey here.
About Unum
Unum (www.unum.com)
is one of the leading providers of employee benefits products and
services in the United States and the United Kingdom. Through its
subsidiaries, Unum Group paid approximately $6 billion in total benefits
to customers in 2009.
About Harvard Business Review Analytic Services
Harvard Business Review Analytic Services is an independent, sponsored
research unit within Harvard Business Review Group, which conducts
research and comparative analysis into timely business and management
ideas.
About Harvard Business Review
Harvard Business Review is the leading destination for smart management
thinking. Through its flagship magazine, 11 international licensed
editions, books from Harvard Business Review Press, and digital content
and tools published on HBR.org, Harvard Business Review provides
professionals around the world with rigorous insights and best practices
to lead themselves and their organizations more effectively and to make
a positive impact.
About the survey
Harvard Business Review Analytic Services completed research with 394
individuals who identified themselves as benefits and HR decision makers
via an online survey during June and July 2010. Respondents were largely
drawn from the list of Harvard Business Reviewmagazine and email
newsletter subscribers. Forty–four percent of the respondents were HR
executives, directors, or managers, while another 25% were
line-of-business managers. Owners and C-suite executives made up another
22%. Respondents represented a broad cross section of U.S. employers by
size and industry.
Source: Unum
Contact:
Unum
Mary Fortune, 423-294-6368
mfortune@unum.com