ROLLING
MEADOWS, Ill., Sept. 5,
2024 /PRNewswire/ -- With an increased focus on
employee retention amidst a competitive job market and continued
economic complexity, Gallagher's 2024 U.S. Career Wellbeing
Report found that career development opportunities highly
influence both employee engagement and retention. Although
employers understand the importance of focusing on career
wellbeing, only 35% reported an increase in focus, with many
prioritizing the physical (42%), financial (47%), and emotional
(64%) wellbeing dimensions instead.
"Hiring and retaining talent is one thing, but driving better
organizational outcomes requires effective engagement solutions,"
said William F. Ziebell, CEO of
Gallagher's Benefits & HR Consulting Division. "If employees
are given more opportunities to develop and advance their knowledge
and skills from their employer, they're more likely to gain a sense
of purpose in their work leading to increased motivation,
engagement and buy-in."
Gallagher's study, which draws data and insights from more than
3,500 organizations across the U.S., identifies current and
emerging trends to help employers optimize their career wellbeing
investments by highlighting employee engagement and diversity,
equity and inclusion (DEI).
Support for career development, growth, and mobility has been
a steady driver of engagement and retention, and it still is — now
more than ever.
More employers are recognizing the importance of developing and
implementing a consistent engagement approach, as nearly 3 in 5
(57%) have a formal strategy for improving employee engagement—up 9
points from 2022. Nevertheless, it's important for employers to
understand that drivers of engagement change with
circumstances.
Service awards or employee recognition are commonly offered by
81% of employers—up from 75% in 2023. There are many more tactics,
however, that can help build engagement. In recent years, neither
pandemic setbacks, economic disruptions, nor financial turbulence
have diminished employees' interest in opportunities to develop and
grow their careers. Clear goals, a sense of purpose and direction
motivate employees and enhance their experience.
While 43% of employers support employees in developing and
pursuing a career path, less than a fifth (19%) strive to offer
interesting and challenging work. To motivate employees to stay
engaged, organizations should consider better prospects for
increased responsibilities, new challenges and promotions.
More employers are embracing the value of DEI but are slow to
fully integrate their practices.
Across all types of organizations, the importance of integrating
DEI into the people strategy is gaining recognition. More leaders
acknowledge its influence on workplace culture and feel a growing
urgency to respond to key stakeholders' expectations. However, few
have actually completed the integration of DEI policies, practices,
and programs within their organization.
To bridge the gap between intention and action, employers are
taking a more holistic approach to DEI. Nearly half (45%) are
designing initiatives to align with the core values of the
organization—up 4 points from 2023. DEI needs to be embraced as a
philosophy for successful integration, not treated as a
program.
"A committed employee engagement strategy that includes DEI can
strengthen culture and retention," said Ziebell. "And consistency
in these aligned approaches will promote trust and credibility,
ensuring that the employee experience remains a top organizational
priority."
ABOUT THE 2024 U.S. CAREER WELLBEING REPORT
Gallagher's 2024 U.S. Career Wellbeing Report is part of the
Workforce Trends Report Series, covering employee engagement and
DEI. It presents recent findings on current and emerging trends to
help employers optimize their career wellbeing investments. Other
reports in the series center on a specific aspect of employee
wellbeing, including physical, emotional, and financial. Data and
insights are compiled from a variety of Gallagher benchmarking
surveys conducted each year. In this report, they're based on the
results of the U.S. Benefits Strategy & Benchmarking Survey,
gathered from January to March 2024.
A total of 3,552 organizations across the U.S. participated.
Findings are broken out by region, organization size and ownership
structure for peer comparison.
ABOUT GALLAGHER
Arthur J.
Gallagher & Co. (NYSE:AJG), a global insurance
brokerage, risk management and consulting services firm, is
headquartered in Rolling Meadows,
Illinois. Gallagher provides these services in approximately
130 countries around the world through its owned operations and a
network of correspondent brokers and consultants.
Contact:
Mary Schwartz, Gallagher
847.378.5893
mary_schwartz@ajg.com
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SOURCE Gallagher