During the Great Resignation, retaining talent has become a big challenge for many employers who know that losing talent can be costly and high-performing employees are difficult to replace. While employees may leave if they are underpaid relative to the market, it is rarely the sole reason for leaving an employer. As companies think about retaining talent, a holistic review of the employee value proposition that looks beyond compensation can be helpful.
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Facing more frequent and intense cyber threats, it’s vital that businesses are prepared for the attacks. In this episode of Marsh’s Risk in Context podcast, learn how organizations can build effective cyber incident and ransomware management plans and the actions they can take before, during, and after an attack. An important piece of your plan should include having a go-to list of reliable resources—such as law firms, forensics firms, and various extortion service providers—to act on your behalf in the event of a cyber incident.
As the owner of a closely held business, proper planning will ensure that, if something happens to you, your business interest is transferred according to wishes. Having a buy-sell agreement in place is only half the battle. Funding your agreement ensures that there is money available to purchase a departing owner’s business interest in the event of death, disability, retirement, or other circumstance. When considering and comparing the various funding options available, life insurance is often ideal.
When COVID hit, many business owners faced the dire realization that the insurance they paid so much for did not cover the business interruption resulting from the pandemic exposures. To help guard against that type of unexpected disruption in the future, many business owners have set up captives—a lucrative alternative risk financing structure—to navigate the risk and insurance challenges they face.
Three out of four businesses will change hands over the next 10 years. The question is whether this sale and change in ownership will be on the owner’s terms or if the business will fall victim to the four Ds: divorce, death, disability, and dispute. Embracing an exit planning from the early stages of the enterprise lifecycle will help mitigate the risks associated with the four Ds.
While the labor market remains volatile with the persistence of America’s Great Resignation, businesses face novel challenges to make sure they attract and retain the workforce they need to sustain and grow.
Environmental, social, and governance (ESG) has become the next frontier in risk mitigation and long-term value creation. While ESG introduces high-stakes responsibilities for the board, it rests on the same overriding principles of traditional governance, including communicating execution of a strategy in alignment with corporate purpose, vision, and values. Forward-thinking boards will lean into ESG and view it is as an opportunity to improve business resilience while contributing to the greater benefit of all stakeholders.
Quiet quitting is not new to the workforce, but it is on the rise and is a growing concern for organization leaders. What exactly is a “quiet quitter?" It's an employee who is disengaged, possibly coasting along in their job and doing the bare minimum on a regular basis. Their disengagement may be leading to workplace issues, including lowering the morale of offices and practices. But there are ways to increase engagement and prevent quiet quitting.
As the COVID-19 vaccine becomes a larger part of the national conversation, employers will need to assess and/or develop a vaccination policy and plan. Employer-driven vaccination programs require a thorough understanding of employment law, compliance, employee well-being and education. This e-book covers employment law considerations and explains the specific limitations that pertain to requiring employees to be vaccinated.