Survey from Unum and Harvard Business Review Analytic Services
reveals what human resources pros expect as businesses recover
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
As they weathered the tough economy of the past two years, nearly 40
percent of human resources leaders saw changes in their company’s
medical benefits plan design or carrier, according to a survey
conducted by Harvard Business Review Analytic Services and commissioned
by Unum (NYSE:UNM), a leading employee benefits provider.
And as businesses rebuild, showing employees they are valued – while
dealing with the impact of health care reform – will be top challenges,
the survey shows.
“Human resources professionals have been in the trenches as businesses
have endured this difficult economic environment,” said Mike Simonds,
senior vice president of growth operations for Unum. “Their insights
into what challenges define their workdays now and in the future are
invaluable.”
During 2009 and the first half of 2010, HR leaders saw the following
changes at their workplaces:
-
Thirty-five percent saw a reduction in staff of more than 10 percent
at their companies.
-
Thirty-six percent saw a shift of benefits costs from employer to
employee.
-
More than one in four reported a reduction in human resources staff.
Among those who had not already experienced them, many expected to see
these changes in the second half of 2010:
-
An additional 18 percent expected a change in their company’s medical
benefits plan design or carrier.
-
Twenty-two percent more predicted benefits costs would shift from
employer to employee.
Top challenges now and in the coming years are managing benefit costs,
boosting employee engagement and retaining quality employees, survey
respondents said.
Nearly 80 percent said being a company that cares about the well-being
of employees is very important to attracting and retaining a quality
workforce. And nearly 80 percent agreed that employees are most
productive when they feel financially secure.
As companies continually balance the need to manage costs and boost
engagement, many are turning to voluntary benefits:
-
Nearly 70 percent of human resources leaders said they offer voluntary
benefits employees can purchase through the workplace.
-
Nearly 70 percent said they view financial protection benefits, such
as disability and life insurance, as a very important component of the
overall benefits package.
“HR leaders clearly need employee benefits partners to take an active
role in helping them balance benefits cost, offer the choices employees
want and need, and build a culture that contributes to an engaged
workforce,” Simonds said.
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. 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