Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
Willis Group Holdings, a global insurance broker and Hay Group, an international management consultancy, announced the signing of a mutual referral agreement to strengthen their respective global capabilities.
Under this agreement, Willis Global Solutions (Employee Benefits) may refer its clients to Hay Group for management and human resources consulting services and Hay Group may refer its clients to Willis for employee benefits consulting and brokerage services.
Chris Matthews, CEO of Hay Group, said, "Hay Group serves many of the world's leading global and national companies. Our clients are increasingly concerned about the total costs of their pay bills, and how to provide the greatest value for their employees at least cost."
"They also increasingly want to look at all aspects of compensation together - salaries, bonus, benefits, and pensions - rather than in isolated silos, and they want to do this across all markets in which they operate. This agreement increases our ability to serve and add value to our clients in all markets. We are very pleased to be teaming up with one of the world's leading employee benefits consulting and brokerage firms."
Joe Plumeri, Chairman and CEO of Willis Group Holdings, said "We are thrilled to join forces with Hay Group and strengthen our global employee benefits platform. Hay Group's experience and expertise in the HR consulting arena will enable us to expand our service offering to our existing clients and prospects and further enhance our value proposition."
"Together, we are committed to helping firms develop effective HR management strategies to maximize their employee benefits and total rewards offerings for their employees."
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