Survey: Time Off Policy Improving In Response To Growing Job Market
Lockton Companies, the world's largest independent insurance brokerage and people solutions consulting group, announced today new survey results that show a major rise in time off policy adjustments in 2021, amid a changing landscape in leave policies as the COVID-19 pandemic continues.
The results are part of Lockton's 2021 HR Trends Survey Report – A Spotlight on Competitive Time Off Practices.
"As the Great Resignation took hold and Americans moved within the workforce at unprecedented rates, employers are reacting with swift adjustments to time off policies," said Stacie Engelmann, Lockton Vice President, HR Consultant. "Organizations who aren't looking to offer competitive benefits will be left behind in the fight to attract and retain top talent."
The survey from Lockton showed key policy adjustments like better alignment with diversity, equity and inclusion programs; an increase in paid parental leave and other family-friendly approaches; and an increase in policies that provided flexibility for employees.
The COVID-19 pandemic continued to have an impact on policy designs, with 76% of surveyed employers now offering employees the ability to telecommute on at least an occasional basis, and 78% of respondents reporting they offer work-life flexibility as part of their talent retention strategy. This is in addition to efforts to respond to vaccine-related mandates that Lockton consultants are still working with clients to find solutions to in the new year.
Despite the overall cost of benefits packages rising, cost reduction strategies were notably absent as fewer than 10% of employers surveyed indicated that they were making changes to seek any financial savings for their organization.
The Lockton HR Trends Survey included nearly 700 U.S. employers from a wide variety of major industries and regions, representing nearly 1.5 million employees. For the full results of the survey, employers must participate in the study. To participate or for questions, send an email to [email protected].
What makes Lockton stand apart is also what makes us better: independence. Lockton's private ownership empowers its 9,000 Associates doing business in over 125 countries to focus solely on clients' risk and insurance needs. With expertise that reaches around the globe, Lockton delivers the deep understanding needed to accomplish remarkable results.
For 13 consecutive years, Business Insurance magazine has recognized Lockton as a "Best Place to Work in Insurance." Lockton was named among the 2021 Best Managed Companies by Deloitte and the Wall Street Journal, a program that recognizes excellence and honors private companies for their strategy, execution, culture, and financials. For more information, visit www.lockton.com.