Category Archives: benefits

More 401(k) Bashing, and a Fix

I posted here earlier this month about a provocative Wall Street Journal piece in which the creators and early adopters of the 401(k) retirement-savings vehicle lament the revolution they started.

Their point: They had no intention of watching the concept turn into the sole — and highly inadequate — savings receptacle for employees.

Now, on the heels of that, comes this piece on the October Three site by benefits expert Larry Sher taking that discussion even further, to a whole lot more wrong with the defined-contribution approach and the people who support it — i.e., the people with skin in its game. As Sher writes:

“For instance, the government tried, unsuccessfully so far, to nudge DC plan sponsors to give participants some sense of how much life annuity their account balances might be able to provide. The push-back was immediate and severe from stakeholders in the DC system.

“Some objected on technical grounds —  the annuity estimate could vary widely depending on a number of assumptions including life expectancies, market interest rates and inflation. Others viewed this initiative cynically, believing that it was just a first step toward mandating annuity availability in DC plans, thus leading to the prospect of huge sums of assets shifting from mutual funds and other asset managers to insurers.”

The chief concern of policymakers, employees and even some of the employers that have embraced the 401(k) concept, Sher says, “can be summed up as the total shifting of risks to employees — the risks that they won’t save enough, the risk that they will use the savings for non-retirement purposes, the risk of unfavorable investment results — culminating in inadequate retirement savings and the prospect of outliving such savings.”

To mitigate the problem of employees dipping into their funds for non-retirement purposes, he suggests employers impose greater restrictions on such withdrawals. Of course, he also writes,

“The best way to close this loop would be to provide a core company contribution for everyone — not just for those who are willing or able to save.”

Here’s one of my favorites of Sher’s points:

“And perhaps one of the most disturbing aspects of a DC-only retirement system is the fruitless attempt to make employees into competent investors. Even if investment education works to an extent, the idea of employees spending time, probably mostly work time, to figure out how to best navigate the investment markets is an exercise in futility.

“When someone is sick they go to a doctor, not to medical school. Investment professionals have gone to investment school — a crash course in investments does little, or no more, than give employees a false sense that they know what they are doing. It’s like self-diagnosing a medical issue based on information on WebMD.

“The response from the DC world is default investments, such as target date funds. That helps but it still leaves employees vulnerable to temptations to time the market and apply their [inadequate]knowledge to making investment choices. Inevitably, the result is wide disparity in outcomes among plan participants — those with better outcomes being the better, or more likely luckier, investors.”

Sher’s solution to this DC mess is to establish a combination of a type of cash balance plan with a “market-return,”  so interest is credited based on real-market investment returns rather than high-quality bond yields. He calls this the MRCB. Here’s how it would work, according to him:

“The MRCB will provide much better cost control than a typical CB design — because account balances will tend to move in tandem with the plan’s assets, and regardless of changes in market interest rates. The employer can tune the degree of investment risk it is willing to share with employees by providing more downside protections, possibly in exchange for retaining a portion of the upside investment returns.

“By providing some of the employer benefits through an MRCB, the employer is accomplishing all of the goals that the government and some employers are trying to achieve by changing DC plans to be something they are not meant to be. Employer pay credits would automatically be provided to all participants — no dependency on employee contributions. There would be no diversion of the benefits during employment — no loans or withdrawals. Annuities would be provided directly by the plan — thus avoiding the extra cost of retail-insured annuities.

“Yes, that means the employer retaining some long-term longevity risk — but even that is controllable by how the factors are set and managed over time to convert accounts to annuities. The MRCB typically would allow employees to elect lump-sum distributions upon termination or retirement [equal to account balances, with spousal consent], although the ability to elect lump sums can be restricted by plan design to the extent the employer considers that to be desirable.”

And where would such an approach leave the 401(k)-DC plan? In Sher’s words:

“Just where it should be –as a short-term and supplemental long-term savings vehicle … “

not the only show in town.

401(k) Creators Lament Creation

A most interesting regret highlighted in the Wall Street Journal on Monday! (Subscription required.) Seems the handful of champions of the 401(k) retirement-savings vehicle now see the errors of their ways. Or the vehicle’s ways, anyway.

None of those mentioned and quoted in the compelling piece foresaw that the 401(k) would essentially replace pensions. And they see this as quintessential to the demise of the overall retirement picture in this country, and employees’ inabilities to save what they need.

We’ve certainly written our fair share of stories raising major red flags about the state of retirement and workers’ diminishing abilities to retire at all — both here on this HRE Daily site and in our magazine and on its website, HREOnline.com. But this is the first time any of us have heard from the horses’ mouths — the authors and early promoters of the savings vehicle — that they had no intention to launch and herald it as the nation’s sole retirement receptacle, if you will.

Ted Benna, a benefits consultant with the Johnson Cos. and one of the first to propose the vehicle back in 1980 — ergo his nickname, the father of the 401(k) — puts it this way in the piece:

“I helped open the door for Wall Street to make even more money than they were already making. That is one thing I do regret.”

Herbert Whitehouse, a former human resource executive for Johnson & Johnson and one of the earliest proponents of the 401(k) for employees, tells the WSJ that he and others were hoping and assuming back in 1981 that the savings approach would be a kind of supplement to company pensions.

What he and his co-horts didn’t imagine, he says, is that the idea would actually replace pensions as employers looked to cut costs and survive during subsequent downturns. As he puts it in the story:

“We weren’t social visionaries.”

The story is also rife with recommendations from today’s experts on how best to fix the problem and help employees save for retirement according to what they will actually need.

But as Benna tells WSJ,  he doubts “any system currently in existence” will be effectual for the majority of Americans.

A sad treatise, and no sadder than for those millions of Americans still in the workforce who can’t retire.

Amex Joins Parental-Leave Parade

American Express is the latest to board the parental-leave bandwagon. It is announcing today a significant step up in its 510042321-parents-newbornbenefits, not just to new moms and dads, but to those wishing to be.

The company will be making all of its 21,000 U.S.-based regular full-time and part-time employees (the company has 54,800 employees worldwide) eligible for 20 weeks of paid parental leave beginning on Jan. 1, 2017. In addition, it will be increasing its employee benefits for fertility, surrogacy, adoption and lactation.

Kevin Cox, Amex’s chief human resources officer, calls the step a reflection of the organization’s “continued investment in the overall well-being of our employees and their families.”

The new policy covers women and men welcoming a child through birth, adoption and surrogacy. In addition to the 20 weeks of paid parental leave, birthing mothers will be eligible to receive paid, medically-necessary leave related to the birth of their child, which is generally six to eight additional weeks.

In the words of David Kasiarz, senior vice president of global total rewards and learning at Amex, who I recently reached out to about the reasoning and motivation behind this move:

“In creating our new policy, we took a thoughtful approach. We looked at a variety of published research studies and gathered our employees’ overall thoughts on our current programs. We aimed to be inclusive of the needs of our diverse employee base. Most importantly, we wanted both women and men to feel like they can take the time they need to care for their families and bond with their children.”

He continues:

“Research shows that an increase in paid parental leave has a far-reaching, positive impact on the mental and physical health of employees and their families, as well as women’s career advancement. Better health for our employees and their families is good for them and it’s good for us.”

As mentioned above, “to help ensure employees feel supported from the moment they decide to become parents through their return to work and beyond,” as its release states, Amex is also increasing a variety of existing family benefits. Beginning Jan. 1, U.S.-based employees will be eligible for:

  • Benefits worth up to $35,000 per adoption or surrogacy event (up to a maximum of two events per employee) to help with the cost of surrogacy or adoption;
  • A lifetime maximum of $35,000 for infertility treatment, including advanced reproductive technology procedures, available under the company’s health plans;
  • Free 24-hour access to board-certified lactation consultants; and
  • Free breast-milk shipping while traveling on company business.

Added to all of the above, beginning in January, expectant parents will have access to a parent concierge, who will help employees understand and navigate parental leave and the wide array of parental resources and programs available to them.

Says Kasiarz:

“We have a long history of offering benefits to support [all employees] and continually invest in their overall well-being — it’s our signature cause. We believe these changes to our parental-leave policy are the next steps forward in our journey.”

Amex is certainly not the first to enter the parental-leave fray. A search of this site and our HREOnline.com site features numerous predecessors — “new-economy” companies (such as Microsoft, Amazon and Netflix) and older ones (such as Dow Chemical, Johnson & Johnson, Bank of America and Goldman Sachs). IKEA announced its expansion just last week.

Both searches also offer insights into the challenges still plaguing new working parents and the growing need for companies to find new and better ways to retain them.

As Kasiarz puts it:

” … parenting has changed — traditional parenting responsibilities have evolved and more LGBTQ families are having children. We feel the new policy strikes the right balance between our employees’ and our business’ needs.”

I anticipate — well, certainly hope — we’ll see more and more employers thinking along these lines.

High Anxiety for Plan Sponsors

It’s still unclear whether the incoming Trump administration will take aim at the Department of Labor’s new fiduciary rules, which are slated to go into effect on April 10.  As Joseph Urwitz, a partner in McDermott Will & Emery’s Boston office, told us late last month: “While it’s not possible to predict the future, the new Congress and president may overhaul, eliminate or at the very least delay implementation of the fiduciary rule. Time will tell whether or not any of these moves will come to pass.”

thinkstockphotos-468426388But what we do know is that litigation continues to be very much on the minds of plan sponsors.

This fact received further support earlier this week, when Cerulli Associates, a global research and consulting firm, released the findings of a study—titled “The Cerulli Report: U.S. Retirement Markets 2016”—that found more than half (57 percent) of more than 800 401(k) plan sponsors questioned are concerned about potential litigation.

While much of the litigation has targeted large plans with deeper pockets, the research found that smaller plan sponsors are also paying attention to today’s litigious environment.  Nearly one-quarter of small plan sponsors—those less than $100 million in 401(k) assets—describe themselves as “very concerned” about potential litigation.

As most of you know (and the Cerulli report points out), fee-related lawsuits, in particular, have been something of a theme in 2016, putting added pressure on plan sponsors to find ways to reduce fees. “Plan-sponsor-survey results show that the top two reasons for which 401(k) plan sponsors choose to offer passive (indexed) options on the plan menu are because of ‘an advisor or consultant recommendation’ or because they ‘believe cost is the most important factor,’ ” according to the Cerulli press release. But there is also no denying that lowering the risk of litigation factors into the decision making as well.

The Cerulli report suggests that the rash of litigation that has occurred in recent times is stifling innovation. Jessica Sclafani, associate director at Cerulli, notes that “plan sponsors feel they have little to gain by appearing ‘different’ from their peers due to the risk of being sued. This mindset can make plan sponsors reluctant to adopt new products … .”

The Zenefits Saga Continues

It appears Zenefits woes are continuing—and if the predictions of one consultant are correct, they aren’t likely to end anytime soon.

Yesterday, Washington State Insurance Commissioner Mike Kreidler ordered Zenefits to “cease free distribution of its employee benefits software, noting the tactic violates Washington state insurance law against inducements,” his office’s statement reads.zenefitslogo

Washington is said to be the first state to take action against the company for violating inducement laws. Under an agreement with Kreidler, Zenefits can challenge the order within 90 days.

The state took issue with the fact that Zenefits required clients to designate it as its broker of record and then collected insurance commissions from the products it sold in order for them to access its free software.

“The inducement law in Washington is clear,” Kreidler said. “Everyone has to play by the same rules.”

Following the announcement, Zenefits’ General Counsel Josh Stein posted the following on the company’s website

“Today, Zenefits has reached a compromise agreement with the Washington Office of the Insurance Commissioner (OIC) on how Zenefits will price its services in Washington State.  Beginning January 1, at the order of OIC, Zenefits may no longer provide free software services in Washington. As a result, Zenefits will charge all Washington state customers $5 per employee per month for our core HR product.”

Stein went on to say …

“The Washington viewpoint is a decidedly minority view. Since its founding, Zenefits has had conversations with regulators about our business model, which includes some free HR apps. Many states have looked into the issue and concluded that free software from Zenefits is not a problem; in fact, it’s in the interest of consumers. Only one state other than Washington has disagreed.  Utah’s department of insurance tried to force Zenefits to raise prices for consumers, and Utah’s state legislature and governor quickly took action, passing a bill to clarify that its rebating statute should not be interpreted to prohibit innovative new business models that deliver value to consumers.”

Earlier today, I spoke with Rhonda Marcucci, partner and consultant in Gruppo Marcucci, a Chicago-based HR and benefits technology consulting firm.

Zenefits has created its own regulatory scrutiny reputation for the rest of its life, Marcucci told me. In this case, she said, “I don’t think it is driven so much by the brokers but by the insurance departments who are extremely angry about the licensing piece—so that now invites more scrutiny in other places. Brokers may have brought it to [the attention of insurance regulators], but the way I look at this, Zenefits is a regulatory penalty box—and they will be, I think, forever.”

Marcucci noted that every state, except for California, has some kind of no rebating or inducement laws for transactions. But that doesn’t necessarily mean that every employer is following the law.

At the end of day, she said, states typically base their decision on enforcing these laws by “who screams the loudest.”

As far as Zenefits is concerned, Marcucci said, it’s realistic to expect that other states might follow Washington’s lead, especially those states with difficult regulatory insurance environments such as New York.

The Gig Economy: Pros and Cons

More than one in 10 working Americans have joined the so-called gig economy, working as freelancers or independent contractors, according to a survey of 1,008 people from ReportLinker. A third of respondents said they would consider exiting the traditional workplace to work in the gig economy, while nearly half said they would be willing to consider doing so within the next three years.

Why would so many consider giving up the security and benefits of a full-time job for the uncertainties of gig work? Twenty eight percent of survey respondents cited “being your own boss,” while the ability to work flexible hours came in second. Nearly 40 percent of job seekers say they’d consider becoming an independent contractor, as would 59 percent of part-time workers and 33 percent of students, according to the survey.

The lack of benefits is a drawback for those working in the gig economy, however, with one in four of the respondents who work as freelancers citing the lack of retirement benefits as a downside. Indeed, the lack of traditional job benefits such as sick-leave pay and unemployment benefits has led the United Kingdom to appoint a team of four experts to review the impact of “disruptive” businesses such as Uber and Deliveroo on that nation’s workforce, reports the BBC. The panelists include Matthew Taylor, chief executive of the Royal Society for the Arts.

“One of the key issues for the review is ensuring that our system of employment rules are fit for the fast-changing world of work,” Taylor writes in a piece for the Guardian newspaper.

“As well as making specific recommendations, I hope the review will promote a national conversation and explore how we can all contribute to work that provides opportunity, fairness and dignity,” he told the BBC.

The lack of benefits typical in most gig economy jobs has resonated Stateside as well, of course, with a number of gig workers filing suit alleging that they’re actually employees, not independent contractors, and are thus eligible for benefits such as unemployment compensation. In response, companies that employ freelancers are pushing for bills that promote “portable” benefits that workers would be able to take from job to job. Online home-cleaning company Handy, for example, is circulating a draft bill in the New York State legislature that would establish guidelines for portable benefits for workers in that state’s gig-economy companies, reports Reuters. The bill would classify workers at companies choosing to participate in the program as independent contractors rather than employees under state law, as long as the companies’ dealings with their workers “meet certain criteria.”

Not all are pleased with the bill. Larry Engelstein, executive vice president of 32BJ Service Employees International Union, criticized it as offering workers too little.

“The amount of money that’s supposed to be put into these portable benefit funds seems so meager,” Engelstein told Reuters. “The actual benefit a worker is getting hardly warrants what the worker is giving up.”

Answering the Cancer Call

It’s nice to see efforts continuing at a healthy pace to help employers and employees deal with one of the scariest threats to corporate 508254750-cancerhealth — the growth of cancer in our aging workforce.

The latest initiative is an impressive one, a program introduced recently by the Memorial Sloan Kettering Cancer Center in New York through which it now collaborates with employers to simplify the whole process for their working cancer patients to get the help they need. New as the program is, it already has six employers signed on for this collaboration, including CBS Corp. and the Port Authority of New York and New Jersey.

Through the program, called MSK Direct, each collaborative partnership is customized to the individual employer’s and its employees’ needs. A customized menu might include initial evaluations or second opinions, the options to immediately begin cancer treatment and support services such as counseling.

“Cancer care is extraordinarily difficult to go through, but accessing it in a time of distress shouldn’t be,” says Wendy Perchick, senior vice president of strategy and innovation at MSK. “MSK Direct is a prime example of our commitment to our mission, which includes making all aspects of our experience, care and services more accessible, seamless and beneficial to as many people as possible. In the face of a cancer diagnosis, we want patients, their family members and their employers to feel certain they are in caring and highly capable hands.”

Let’s face it, she and others say: The number of cancer diagnoses among working Americans is only going to climb as baby boomers continue to keep working out of a sense of purpose, but also out of necessity, whatever the cost to health, welfare and sanity may be.

As this story in HRE by Julie Cook Ramirez less than a year ago confirms, the number of people continuing to work with cancer diagnoses is now close to 15 million. And though there are a lot of positives around that for those employees (a sense of purpose, distraction away from their diagnosis, the list goes on), there are many challenges they bring to work as well, including diminished physical capabilities and stamina, and some mental impairments as they undergo chemotherapy.

The story also details things HR professionals can do to make such a devastating time for an employee a little more navigable, such as reworking their schedules, making a special effort to go over all benefits till they’re sure the patient understands and basically just being there to answer all the questions they may have.

As the numbers grow, so grow the costs. This post by me in 2014 put the price tag for employers at about $19,000 annually per 100 employees in lost work time and medical treatments, according to research from the Integrated Benefits Institute. (IBI President Tom Parry confirmed for me that these are still the latest figures.)

Numbers aside, let’s face it, there are a whole lot of us baby boomers in the workplace probably in a good bit of denial about what lies ahead. Many of these boomers’ employers might also be happily sharing in that denial as they continue reaping the benefits of older employees’ work ethics and knowledge.

But let’s also face the inevitability. None of us are getting any younger. And as workers age, health problems at work grow. As one friend, a seemingly ageless practicing family doctor in Seattle who likes to backpack, power walk, participate in medical missions abroad … and who’s just been diagnosed with breast cancer … put it, “No one ever told us boomers that life after 50 becomes a journey of loss — loss of our own health and loss of loved ones to the loss of their health. They should have told us this.” (And she’s a doctor!)

At least some employers are now facing this reality with their unstoppable boomers and helping them through the obstacle course that is cancer, however they want to be helped.

For some tips on how this might be done at your organization, and some immediate steps you can take to increase the value of cancer-care benefits and services you’re providing, consider this report — High Value Cancer Care: Guidance for Employers — that the Northeast Business Group on Health put out just last week. Here’s the news statement as well.

Roughly, as Dr. Jeremy Nobel, executive director of NEBGH’s Solutions Center, lays it out:

“Understanding what high-value services to look for when evaluating sites of care; making sure patients have access and coverage for seeking expert second opinions whether via health-plan-recommended specialists, a Center of Excellence or third-party second-opinion services; and encouraging employees to educate themselves about the benefits of palliative care and to request it early in the treatment process are all important steps employers can take right now.”

I guess I might only add that leaving them in the driver’s seat on directions to go and care to pursue, honoring their journey with the dignity they deserve, is a must.

Trading PTO for Perks

It happens all the time: The end of the year rolls around, and busy employees find themselves with handfuls of unused vacation days, and too much work to feel good about cashing them in.

But what if they could still get something of value in exchange for that paid time off?

A new start-up is enabling employees to do just that.

As recently reported in the Washington Post, PTO Exchange has just begun working with Premera Blue Cross to let the health insurer’s workers trade in the value of their unused paid time off for other perks, which could include added contributions to 401(k) accounts, putting money toward college tuition expenses, getting reimbursement for travel expenses or making a donation to a favorite charity.

While Premera Blue Cross is PTO Exchange’s first and only client thus far, co-founder Rob Whalen told the Post that PTO Exchange has heard from “150 interested companies, including large retailers and pharmaceutical firms, and is in advanced discussions with several major [HR] consulting firms.”

Organizations are “trying to offer flexibility to their employees,” Whalen told the paper. “They currently have this benefit on the books, and it’s budgeted—they might as well find ways to use it.”

The notion of offering workers the opportunity to swap paid time off for other perks “is a brand new concept meant to meet an emerging workforce need,” says Craig Dolezal, senior vice president at Lincolnshire, Ill.-based Aon Hewitt.

We could very well see others emerging to provide a similar service, he says.

“Like all innovations in benefits, there typically is a leader that drives a potential solution first, with others more than willing to create their own version once there is a real market need. … If more adopt [the PTO Exchange] model, we will most certainly see others build comparable solutions.”

Whether that happens, of course, is predicated on the idea that exchanging PTO days for other needs or wants passes all legal, administrative, compliance and financial tests, adds Dolezal.

Indeed, employers and HR have much to consider before rolling out such a benefit to the workforce.

“The very first place to focus is on the alignment with an employer’s business, cultural and human capital strategies,” says Dolezal. “Does this type of total benefits flexibility benefit the organization and [its] people? Does the exchange work in concert with [the company’s] broader workforce management approaches?”

If the answer to those questions is yes, then the company “would need to explore the legal and financial viability of the exchange and test the administrative approach,” he says, “to ensure this potentially new benefit can work seamlessly alongside other total rewards programs.”

 

Zenefits: Unicorn Comeback?

Remember Zenefits — the cloud-based benefits-administration startup that was going to revolutionize the industry by providing a benefits platform to small and mid-sized businesses and which was valued at $4 billion just two years after it was founded? The high-flying unicorn plummeted back to earth amid revelations that Zenefits’ co-founder and CEO, Parker Conrad, led an effort to help the company’s sales reps skip over state insurance-licensing requirements so they could start selling as soon as possible. More fuel was added to the bonfire when details started emerging about Zenefits’ rowdy office culture, in which managers had to send out a memo specifically banning employees from having sex in the building’s stairwells. The company parted ways with Conrad, laid off hundreds of employees, and cut its valuation in half in order to avoid a lawsuit by investors.

Now the company is struggling to regain its once-lofty perch, but its got robust new rivals to contend with. In today’s New York Timestechnology columnist Farhad Manjoo interviews Zenefits’ current CEO, David Sacks, about its soon-to-be-released software redesign, the internal reforms he undertook to fix the company’s culture and its new branding campaign, which include billboards throughout Silicon Valley that ask: “What is Z2?” In the wake of Conrad’s resignation, Manjoo writes, Sacks worked hard to rebuild Zenefits’ reputation by being open and honest about previous wrongdoings, describing his strategy as “admit, fix, settle and repeat.”

But Zenefits’ path to redemption faces roadblocks in the form of  new, well-funded competitors such as Gusto, which has 40,000 paying customers and was recently valued at $1 billion, Manjoo writes. Gusto has a much different corporate culture than did the earlier incarnation of Zenefits, where the philosophy had been “ready, fire, aim”: Gusto is taking a slower, more deliberate approach to building its business under the leadership of its CEO, Joshua Reeves. Its offices “has the air of a meditative retreat,” Manjoo writes, with plants, couches and a ban on wearing shoes “to make it feel more like home than work.”

Yet regardless of whether Zenefits or Gusto ultimately prevails, this heated competition for the SMB market probably means the ultimate winners will be the small to mid-sized companies that had previously been unable to afford the sort of benefits-administration software that large companies have long enjoyed. Despite the sordid behavior that marked its rise, Zenefits’ early founders at least deserve props for being one of the first to use the cloud to help this long-underserved market.

 

Are You Giving Job Seekers What They Want?

The gender gap. The generation gap. The wage gap. The skills gap …

Disparities abound in the workplace, unfortunately. And, according to Randstad U.S., we can go ahead and add “attributes gap” to the lengthy list.

The HR services provider’s recent survey of more than 200,000 respondents—designed to measure “the market perception of employers with the largest workforces” in 25 countries, according to Randstad—found salary and employee benefits, long-term job security and a pleasant working atmosphere to be the top three employer characteristics that job seekers value most.

These same attributes, however, scored fifth, sixth and eighth, respectively, on the list of attributes that would-be employees feel companies actually offer.

The same poll finds employers excelling in other ways, of course. The problem is that job seekers don’t seem to care that much about the things that organizations are good at delivering.

For example, the attributes that job seekers feel U.S. employers score highest on—financial health, strong management and quality training, in that order—rank fifth, ninth and seventh on jobseekers’ list of most-desired employee attributes.

“These findings reveal an ‘attributes gap’ between what U.S. job seekers want and what they perceive potential employers to be best at providing,” says Jim Link, chief human resource officer at Randstad North America, in a statement.

“What this should signify to employers is a growing disconnect that can be detrimental from an employee engagement, retention and, ultimately, cost perspective.”

Naturally, Randstad offers employers and HR executives suggestions on bridging this gap, such as “evaluat[ing] where you stand versus companies with which you compete for talent and determin[ing] the best steps to take to improve upon performance and/or perception.”

In addition, the firm recommends developing a three-year plan to “anticipate the future needs of your employees and what employer attributes talent will view as most important,” advising HR leaders to “arm yourself with insight leveraging talent analytics and predictive workforce intelligence to stay ahead of changing workplace dynamics.”

While organizational and HR leaders “may not be able to influence every workplace desire, managing workers’ wants and needs should not only be done from a macro-level by the organization,” says Link, “but also much more frequently from a micro-level by managers to ensure alignment.”