See Pandemic Preparedness
ThPellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Proin pharetra nonummy pede. Mauris et orci. Aenean nec lorem.
Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Maecenas porttitor congue massa. Fusce posuere, magna sed pulvinar ultricies, purus lectus malesuada libero, sit
ThPellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Proin pharetra nonummy pede. Mauris et orci. Aenean nec lorem.
Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Maecenas porttitor congue massa. Fusce posuere, magna sed pulvinar ultricies, purus lectus malesuada libero, sit
ThPellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Proin pharetra nonummy pede. Mauris et orci. Aenean nec lorem.
Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Maecenas porttitor congue massa. Fusce posuere, magna sed pulvinar ultricies, purus lectus malesuada libero, sit
Making Better Decisions
Download Full Report
See GRMS data
A European perspective
2. Companies need to be transparent about the risks and opportunities that climate change, and the shift to a net zero economy pose to their business.
3. Central banks and regulators need to make sure that our financial systems can withstand the impacts of climate change and support the transition to net zero.
4. Banks, insurers, investors and other financial firms need to commit to ensuring their investments and lending is aligned with net zero.
“By 2030 government will need to reflect on commitments made in Paris and milestones reached. It is likely that there will be an acceleration in climate policy, as governments seek to limit global warming and achieve the aims of the Paris accord, as the alternative is climate catastrophe. This will lead to greater pressure to divest, ‘green’ the system and meet climate change targets.”
At COP26, countries agreed to monitor commitments and milestones reached on an annual basis. This is likely to concentrate minds at the international level and apply additional pressure to energy companies as progress is made towards decarbonising the global economy.
Accoriding to recruiters and companies.
Leading Causes of Skills Shortage in the Industry
82%
Apprenticeships
Targeting women to join the Industry
Targeting transferable skills from other industries
Training and development of existing workforce
Partnering with colleagues
Changes to retention and recruiting practices
How are energy firms addressing the skills gap?
28.9%
22.6%
36.2%
64.7%
29.4%
28.5%
Experts across the sector acknowledge that attracting and retaining skilled talent is critical to meet growth plans as part of the energy transition. Commitment to building a sustainable talent strategy needs to become a leadership priority.
“For change to resonate at all levels of the organisation, responsibility cannot exist within the HR teams alone; it’s got to be a leader-led identity change.”
Tamsin Lambert, Talent Excellence Advisor, Shell
Bringing retirees back
15.7%
“The shift towards renewables, and the transition toward digitalisation and automation will gather momentum, placing a renewed emphasis on the need for new skills, and providing new opportunities for energy firms to develop their workforce.”
We expect to see new technologies and operations to continue creating new opportunities at entry and experienced levels. Decarbonization is driving an industry-wide operational evolution and many firms are reassessing their approach to succession by identifying future leaders in new ways. The path to leadership is becoming less linear, and firms are finding new ways to support future leaders with the skills and values needed to guide the firm through a period of rapid change.
Talk With Us
If you would like to discuss any aspects of these insights, or to better understand our capabilities in this area, please do not hesitate to get in contact with our team.
Emma Whitworth
Senior Risk Engineer
emma.whitworth@aon.co.uk
Geri McMahon
Co-Head of Responsible Investment
geri.mcmahon@aon.com
Suzanne Courtney
Chief Commercial Officer, EMEA
suzanne.courtney@aon.com
“Within 20 years, the development of technology is likely to accelerate the transition to automation. As business models change and roles become increasingly automated, different skills will be needed… digital readiness will be the difference between success and failure.”
Already, innovative technologies are helping firms evolve their operating models.We expect new technologies to become integral to business models, and firms will seek to fill new roles to support this transition. The pace of technological development will continue to grow exponentially, demanding new skills from the workforce, which will continue to evolve over time.
Mark Jeavons
Associate Partner - Head of Climate Change Insights
mark.jeavons@aon.com
Name Here
Details
Xxxxxx@aon.com
Divestment
Supply Chain
Talent
Leaders now appreciate that they need a deeper understanding of their supply chains, and the demand for flexible, accurate supply chain logistics is increasing. This has prompted a realization that supply chain due diligence cannot exist without data-driven technology – tracking goods in transit and potential downstream impacts of delay.
Building Workforce Resilience
Names Here
Name Here
Details
Xxxxxx@aon.com
Share the Insights
Name Here
Details
Xxxxxx@aon.com
Name Here
Details
Xxxxxx@aon.com
Name Here
Details
Xxxxxx@aon.com
Name Here
Details
Xxxxxx@aon.com
Read Legacy Issues
Siobhan Kelly
Managing Director
Human Capital Solutions
Aon experts discuss their experience of the Great Convergence in what is fast becoming an employee-centered market – and the risk and opportunities it presents to clients.
John McLaughlin: Clients are under pressure; they need to future-proof their talent strategy to power their business strategy. And the two are so closely interlinked; if they don't get the talent piece right, the business won't follow. The real problem is that everyone is changing simultaneously, which puts a lot of pressure on the talent market. The core problem that organizations now have is how to continue to compete for talent.
When we have got to the stage where the pay lever is starting to be somewhat exhaustible, we're going to see diminishing returns on continuing to pull it. Deutsche Bank increased salaries across the board by 30 percent last year. These are big numbers, and the organizations have done this in reaction to market pressures – the market places a significant premium on talent. It's not just big names trying to poach talent; it's tech firms and fintechs. Banks have deep pockets, but certain tech firms have deeper pockets or even different pay philosophies. Depending on the skill set, the lines between industries are blurred, so organizations face more competition from a whole new set of competitors.
When we look at our labor market, we've probably entered unhealthy territory. That means that we are hitting full employment and when this happens, and there are still lots of vacancies, which is the case in many western countries, a lot of roles remain unfilled. One of the outcomes is inflation becomes a real problem – something we're seeing right now. One of the drivers of inflation is wage increases. There's more to it than that, but it's a contributing factor, and it's unhealthy for organizations, and maybe the government. But when you start thinking about employees, would they see it as unhealthy? Perhaps not because all of a sudden, they have choice. It's easier to get a salary increase than ever before.
Most employees fall into the “live to work” or “work to live” camp. Work/life balance is an elusive concept – sought after but rarely achieved. Yet, the Great Convergence is a catalyst for change.
For the first time, in an employee-centered market, organizations are starting to understand the value of creating a sustainable working life for their employees. To retain and attract talent, they must build an environment where careers can exist and flourish alongside (and in harmony with) people’s personal lives and commitments. No one should sacrifice one for the other; this acknowledgement is no longer merely lip service at company meetings but must form the bedrock of employee value propositions and investment, permitting new talent to see it in action. As this understanding develops, the potential for diversity, equity and inclusion will also broaden, leading to workforces that truly reflect the societies they inhabit.
Conclusion
SECTION 4
Welcome
Making Better Decisions
Contact Us
www.aon.com
Legal
Privacy
Cookie Notice
What's the Challenge?
John McLaughlin: They're all interlinked and drive each other. It makes sense that many organizations want to become more digital. And so many of these companies are asking, are we not a tech company now? It's not necessarily new, but the trend is getting more pronounced over the years. For the past decade or so, companies have been rebranding themselves as tech, causing the digital convergence piece. That tech component continues to dominate business models, and more of it is powered by technology. Looking at the workforce makeup, an ever-increasing number of people are there to power, develop, and build technology. The tech component of the digital convergence piece is becoming mainstream, and organizations revolve around that. Layering in the talent perspective, it's clear that organizations need similar skills, regardless of the industry, to take advantage of digital business models.
What about social life convergence and how the idea of working life has changed? We've all become pretty good at virtual collaboration and relationship building. From a skills perspective, we operate in a hybrid virtual environment; social work/life convergence has prompted us to change the skills required of us. And now, going back to the office, we need to dust off some of the old skills.
Siobhan Kelly: I don't think one aspect is consistently dominating. It depends on the organization, industry sector and stage of development. Skills is a very immediate area currently impacting all organizations. With geopolitics, the conflict in Ukraine has made this issue topical. But it's more of an understated impact (beyond organizations directly involved in/impacted by the conflict) because it affects resilience and people's happiness.
In contrast, macroeconomic, digital and skills convergence are easily measurable. Firms can see: we are struggling because we don't have X number of people in these roles. Therefore, problems are clear and visible. The geopolitical convergence, or the social/personal one, has more subtlety. Developments are not as prominent, and therefore organizations might not acknowledge and react to changes as readily. However, these areas are bound to wellbeing and resilience because they directly impact individuals' personal lives. If the organizations don't have the correct setup and structure, they might not even be aware.
There's much more discussion now around resilience. However, organizations are still adopting a piecemeal approach, with only about 30 percent of employees seeing themselves as resilient. Therefore, despite the time, initiatives, and investment, why are efforts not having the desired impact?
It's challenging; perhaps it's because work life is only one part of the problem. So much is going on for people, and organizations can only tackle one piece of the puzzle. Or maybe it's just because organizations don't have sufficiently holistic strategies. As a concept, resilience is much newer than the whole idea of skills. People are used to thinking about skills and what they need. They're less used to talking about health, resilience and wellbeing in this way.
John McLaughlin: We also need to consider digital and geopolitical convergence in unison. That's interesting because part of the digital business model is that organizations can operate anywhere. And because if everything is powered by technology, they can have part of their workforce in India, part in South America, a couple of offices in Europe and a couple in Indonesia. The point is that the digital business model allows organizations to operate quite differently from a location perspective, and consequently, they must manage a very different geopolitical landscape.
John McLaughlin: I challenge the question and say we have seen increasing alignment. And the reason why is it has become a c-suite topic. People have been talking about attraction and retention for years, but it was never quite like what we're seeing now. We are now in a situation where organizations are questioning whether they can continue to operate as businesses if they can’t get the talent question right.
It doesn't matter who you talk to in the c-suite because it's such a big issue. It becomes irrelevant. In bringing in the staff 30 percent compensation increase, what does that mean from a profitability perspective? To compensate, firms need to hit pretty intense growth numbers, which they probably can't achieve with the same talent, so they need to hire more expensive talent. Organizations say: we've pulled the pay lever as the immediate response; what else can we do? How else can we encourage people to stay with us and build that sense of belonging?
The answer is around building resilience and agility, but it's also about delivering that sustainable working life. It's an evolution of what everyone's been talking about for the last two years – purpose. But purpose is only one component of it. When we're thinking about a sustainable working life, it incorporates purpose, but through a lens of belonging.
The idea of a sustainable working life is: what's my organization trying to achieve? How do I feel connected to it? An individual may have a voice in the organization, but how does this fit their private life? What comes first? It all comes together in one construct, which is broader than purpose.
Why is There a Misalignment Between the C-Suite and Managers Regarding the Attraction and Retention of Talent?
Siobhan Kelly: It can be difficult to link resilience with actual business performance, but stats like this show a clear connection: non-resilient employees are 42 percent less likely to be motivated or want to stay with their employer.¹ This is critical because retention is such a challenge for organizations, which automatically think, how can we persuade people to stay – give them more money and more benefits? But actually, this finding illustrates if organizations support people and their resilience, they're more likely to want to stay with them.
Half of the employees we surveyed said they don't feel a sense of belonging at work.² That's a shocking statistic, and there's probably a variety of reasons behind this. We know in early careers, people look for values: what do you stand for? What are you doing about climate change? What about the Ukraine crisis? Do their values match that of the organization? Those are the types of questions that interest that generation. Experienced employees are more focused on role models – are there other people like me in this workforce? This drove the whole conversation around diversity – if you can't see it, you can't be it. Different things inspire people's sense of belonging, which is why it's a complicated area. But understanding what people in your organization are looking for might help you support their sense of belonging in a better way.
John McLaughlin: The average female pension is 26 percent lower than the average male pension (in OECD countries) , and this begs the question of pay transparency. The Great Convergence places more pressure on specific skill sets, and all organizations are engaged in large-scale upskilling processes. Do organizations currently point women toward the right opportunities? Do women understand their potential here, and are they getting the chance to develop in these areas?
What Are the Data Telling Us?
Siobhan Kelly: It is tricky because there's so much they could be doing. You can look at your people proposition and define what you mean by it. What are your values? How do you communicate those and convey those in the marketplace? How do you live those internally? How do you create role models?
What are the future skills that you need in your organization? How do you set people up for success currently?
Career architecture and transparency are also important, so people know their opportunities. With health and wellbeing – what are the benefits we need to look at outside of pay that impact people and their whole working life?
One of the challenges companies have, is too much choice. There is a tendency to do too much and launch a whole range of initiatives that can't have the same impact as one or two key initiatives closely linked back to an opportunity statement. The key is to track everything back to this and not lose sight of what the organization wants to achieve. What is the data telling us about our organization – are we losing people in a particular cohort? Is it a specific level or job sector? What do we do about that? Organizations need to have a firm grasp of the data before they act.
What can Businesses be Doing to Build Toward a Sustainable Working Life?
Non-resilient employees are 42 percent less likely to be motivated or want to stay with their employer.
Name Here
“
Half of the employees we surveyed said they don't feel a sense of belonging at work.
Name Here
“
Data in Action Roadmap
Exploring the Data
Contact Us
Legal
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Visit the website
To learn more about how Aon is helping life sciences companies meet their hiring and retention goals, or to speak with one of our life sciences experts, please write to humancapital@aon.com.
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Data in Action
SECTION 3
Share the Insights
Making Better Decisions
Data in Action Roadmap
Exploring the Data
What's the Challenge?
Welcome
1. Rising Resilient report
2. Aon Client Insights: Over 800 companies responded in Dec. 2021: Aon Global HR Pulse Survey Results – 8th Edition
Why is There a Misalignment Between the C-Suite and Managers Regarding the Attraction and Retention of Talent?
Skills, Digital, Macro-Economic, Social, Geopolitical – Are They all as Important as Each Other in the Great Convergence or is one Dominating?
How is the Great Convergence Impacting Talent?
What Are the Data Telling Us?
What can Businesses be Doing to Build Toward a Sustainable Working Life?
Skills, Digital, Macro-Economic, Social, Geopolitical – Are They all as Important as Each Other in the Great Convergence or is one Dominating?
How is the Great Convergence Impacting Talent?
Scroll to the top
Scroll to the top
Scroll to the top
Scroll to the top
What can Businesses be Doing to Build Toward a Sustainable Working Life?
What Are the Data Telling Us?
Why is There a Misalignment Between the C-Suite and Managers Regarding the Attraction and Retention of Talent?
Skills, Digital, Macro-Economic, Social, Geopolitical – Are They all as Important as Each Other in the Great Convergence or is one Dominating?
How is the Great Convergence Impacting Talent?
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Scroll to the top
Scroll to the top
Scroll to the top
Scroll to the top
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Access self-assessment tools to understand the agility and resilience of your workforce.
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Legal
Privacy
Cookie Notice
Assess Your Workforce Resilience
Contact Us
Legal
Privacy
Cookie Notice
Explore aon.com
Visit the website
Assess Your Workforce Agility
Access self-assessment tools to understand the agility and resilience of your workforce.
Access More Insights
Assess Your Workforce Resilience
John McLaughlin
Chief Commercial Officer
Human Capital Solutions
Siobhan Kelly
Managing Director
Human Capital Solutions
Download our Workforce Resilience Insights
Section 1:
Key Theme
Section 2:
Key Theme
Section 3:
Key Theme
See Pandemic Preparedness
ThPellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Proin pharetra nonummy pede. Mauris et orci. Aenean nec lorem.
Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Maecenas porttitor congue massa. Fusce posuere, magna sed pulvinar ultricies, purus lectus malesuada libero, sit
ThPellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Proin pharetra nonummy pede. Mauris et orci. Aenean nec lorem.
Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Maecenas porttitor congue massa. Fusce posuere, magna sed pulvinar ultricies, purus lectus malesuada libero, sit
ThPellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Proin pharetra nonummy pede. Mauris et orci. Aenean nec lorem.
Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Maecenas porttitor congue massa. Fusce posuere, magna sed pulvinar ultricies, purus lectus malesuada libero, sit
Making Better Decisions
Download Full Report
See GRMS data
A European perspective
2. Companies need to be transparent about the risks and opportunities that climate change, and the shift to a net zero economy pose to their business.
3. Central banks and regulators need to make sure that our financial systems can withstand the impacts of climate change and support the transition to net zero.
4. Banks, insurers, investors and other financial firms need to commit to ensuring their investments and lending is aligned with net zero.
“By 2030 government will need to reflect on commitments made in Paris and milestones reached. It is likely that there will be an acceleration in climate policy, as governments seek to limit global warming and achieve the aims of the Paris accord, as the alternative is climate catastrophe. This will lead to greater pressure to divest, ‘green’ the system and meet climate change targets.”
At COP26, countries agreed to monitor commitments and milestones reached on an annual basis. This is likely to concentrate minds at the international level and apply additional pressure to energy companies as progress is made towards decarbonising the global economy.
Accoriding to recruiters and companies.
Leading Causes of Skills Shortage in the Industry
82%
Apprenticeships
Targeting women to join the Industry
Targeting transferable skills from other industries
Training and development of existing workforce
Partnering with colleagues
Changes to retention and recruiting practices
How are energy firms addressing the skills gap?
28.9%
22.6%
36.2%
64.7%
29.4%
28.5%
Experts across the sector acknowledge that attracting and retaining skilled talent is critical to meet growth plans as part of the energy transition. Commitment to building a sustainable talent strategy needs to become a leadership priority.
“For change to resonate at all levels of the organisation, responsibility cannot exist within the HR teams alone; it’s got to be a leader-led identity change.”
Tamsin Lambert, Talent Excellence Advisor, Shell
Bringing retirees back
15.7%
“The shift towards renewables, and the transition toward digitalisation and automation will gather momentum, placing a renewed emphasis on the need for new skills, and providing new opportunities for energy firms to develop their workforce.”
We expect to see new technologies and operations to continue creating new opportunities at entry and experienced levels. Decarbonization is driving an industry-wide operational evolution and many firms are reassessing their approach to succession by identifying future leaders in new ways. The path to leadership is becoming less linear, and firms are finding new ways to support future leaders with the skills and values needed to guide the firm through a period of rapid change.
Talk With Us
If you would like to discuss any aspects of these insights, or to better understand our capabilities in this area, please do not hesitate to get in contact with our team.
Emma Whitworth
Senior Risk Engineer
emma.whitworth@aon.co.uk
Geri McMahon
Co-Head of Responsible Investment
geri.mcmahon@aon.com
Suzanne Courtney
Chief Commercial Officer, EMEA
suzanne.courtney@aon.com
“Within 20 years, the development of technology is likely to accelerate the transition to automation. As business models change and roles become increasingly automated, different skills will be needed… digital readiness will be the difference between success and failure.”
Already, innovative technologies are helping firms evolve their operating models.We expect new technologies to become integral to business models, and firms will seek to fill new roles to support this transition. The pace of technological development will continue to grow exponentially, demanding new skills from the workforce, which will continue to evolve over time.
Talk with us
Mark Jeavons
Associate Partner - Head of Climate Change Insights
mark.jeavons@aon.com
Name Here
Details
Xxxxxx@aon.com
Divestment
Supply Chain
Talent
Leaders now appreciate that they need a deeper understanding of their supply chains, and the demand for flexible, accurate supply chain logistics is increasing. This has prompted a realization that supply chain due diligence cannot exist without data-driven technology – tracking goods in transit and potential downstream impacts of delay.
Building Workforce Resilience
Names Here
Name Here
Details
Xxxxxx@aon.com
Share the Insights
Name Here
Details
Xxxxxx@aon.com
Name Here
Details
Xxxxxx@aon.com
Name Here
Details
Xxxxxx@aon.com
Name Here
Details
Xxxxxx@aon.com
Read Legacy Issues
Laura Phelan, Director, Human Capital Solutions
John McLaughlin, Chief Commercial Officer, Human Capital Solutions
Aon experts discuss their experience of the Great Convergence in what is fast becoming an employee-centered market – and the risk and opportunities it presents to clients.
John McLaughlin: Clients are under pressure; they need to future-proof their talent strategy to power their business strategy. And the two are so closely interlinked; if they don't get the talent piece right, the business won't follow. The real problem is that everyone is changing simultaneously, which puts a lot of pressure on the talent market. The core problem that organizations now have is how to continue to compete for talent.
When we have got to the stage where the pay lever is starting to be somewhat exhaustible, we're going to see diminishing returns on continuing to pull it. Deutsche Bank increased salaries across the board by 30 percent last year. These are big numbers, and the organizations have done this in reaction to market pressures – the market places a significant premium on talent. It's not just big names trying to poach talent; it's tech firms and fintechs. Banks have deep pockets, but certain tech firms have deeper pockets or even different pay philosophies. Depending on the skill set, the lines between industries are blurred, so organizations face more competition from a whole new set of competitors.
When we look at our labor market, we've probably entered unhealthy territory. That means that we are hitting full employment and when this happens, and there are still lots of vacancies, which is the case in many western countries, a lot of roles remain unfilled. One of the outcomes is inflation becomes a real problem – something we're seeing right now. One of the drivers of inflation is wage increases. There's more to it than that, but it's a contributing factor, and it's unhealthy for organizations, and maybe the government. But when you start thinking about employees, would they see it as unhealthy? Perhaps not because all of a sudden, they have choice. It's easier to get a salary increase than ever before.
4. Making Better Decisions
2. Exploring the Data
1. What's the Challenge
Most employees fall into the “live to work” or “work to live” camp. Work/life balance is an elusive concept – sought after but rarely achieved. Yet, the Great Convergence is a catalyst for change.
For the first time, in an employee-centered market, organizations are starting to understand the value of creating a sustainable working life for their employees. To retain and attract talent, they must build an environment where careers can exist and flourish alongside (and in harmony with) people’s personal lives and commitments. No one should sacrifice one for the other; this acknowledgement is no longer merely lip service at company meetings but must form the bedrock of employee value propositions and investment, permitting new talent to see it in action. As this understanding develops, the potential for diversity, equity and inclusion will also broaden, leading to workforces that truly reflect the societies they inhabit.
Conclusion
SECTION 4
Welcome
Making Better Decisions
Contact Us
www.aon.com
Legal
Privacy
Cookie Notice
What's the Challenge?
John McLaughlin: They're all interlinked and drive each other. It makes sense that many organizations want to become more digital. And so many of these companies are asking, are we not a tech company now? It's not necessarily new, but the trend is getting more pronounced over the years. For the past decade or so, companies have been rebranding themselves as tech, causing the digital convergence piece. That tech component continues to dominate business models, and more of it is powered by technology. Looking at the workforce makeup, an ever-increasing number of people are there to power, develop, and build technology. The tech component of the digital convergence piece is becoming mainstream, and organizations revolve around that. Layering in the talent perspective, it's clear that organizations need similar skills, regardless of the industry, to take advantage of digital business models.
What about social life convergence and how the idea of working life has changed? We've all become pretty good at virtual collaboration and relationship building. From a skills perspective, we operate in a hybrid virtual environment; social work/life convergence has prompted us to change the skills required of us. And now, going back to the office, we need to dust off some of the old skills.
Laura Phelan: I don't think one aspect is consistently dominating. It depends on the organization, industry sector and stage of development. Skills is a very immediate area currently impacting all organizations. With geopolitics, the conflict in Ukraine has made this issue topical. But it's more of an understated impact (beyond organizations directly involved in/impacted by the conflict) because it affects resilience and people's happiness.
In contrast, macroeconomic, digital and skills convergence are easily measurable. Firms can see: we are struggling because we don't have X number of people in these roles. Therefore, problems are clear and visible. The geopolitical convergence, or the social/personal one, has more subtlety. Developments are not as prominent, and therefore organizations might not acknowledge and react to changes as readily. However, these areas are bound to wellbeing and resilience because they directly impact individuals' personal lives. If the organizations don't have the correct setup and structure, they might not even be aware.
There's much more discussion now around resilience. However, organizations are still adopting a piecemeal approach, with only about 30 percent of employees seeing themselves as resilient. Therefore, despite the time, initiatives, and investment, why are efforts not having the desired impact?
It's challenging; perhaps it's because work life is only one part of the problem. So much is going on for people, and organizations can only tackle one piece of the puzzle. Or maybe it's just because organizations don't have sufficiently holistic strategies. As a concept, resilience is much newer than the whole idea of skills. People are used to thinking about skills and what they need. They're less used to talking about health, resilience and wellbeing in this way.
John McLaughlin: We also need to consider digital and geopolitical convergence in unison. That's interesting because part of the digital business model is that organizations can operate anywhere. And because if everything is powered by technology, they can have part of their workforce in India, part in South America, a couple of offices in Europe and a couple in Indonesia. The point is that the digital business model allows organizations to operate quite differently from a location perspective, and consequently, they must manage a very different geopolitical landscape.
John McLaughlin: I challenge the question and say we have seen increasing alignment. And the reason why is it has become a c-suite topic. People have been talking about attraction and retention for years, but it was never quite like what we're seeing now. We are now in a situation where organizations are questioning whether they can continue to operate as businesses if they can't the talent question right.
It doesn't matter who you talk to in the c-suite because it's such a big issue. It becomes irrelevant. Bring in the staff 30 percent compensation increase –what does that mean from a profitability perspective? To compensate, firms need to hit pretty intense growth numbers, which they probably can't achieve with the same talent, so they need to hire more expensive talent. Organizations say: we've pulled the pay lever as the immediate response; what else can we do? How else can we encourage people to stay with us and build that sense of belonging?
The answer is around building resilience and agility, but it's also about delivering that sustainable working life. It's an evolution of what everyone's been talking about for the last two years – purpose. But purpose is only one component of it. When we're thinking about a sustainable working life, it incorporates purpose, but through a lens of belonging.
The idea of a sustainable working life is: what's my organization trying to achieve? How do I feel connected to it? An individual may have a voice in the organization, but how does this fit their private life? What comes first? It all comes together in one construct, which is broader than purpose.
Why is There a Misalignment Between the C-Suite and Managers Regarding the Attraction and Retention of Talent?
Laura Phelan: It can be difficult to link resilience with actual business performance, but stats like this show a clear connection: non-resilient employees are 42 percent less likely to be motivated or want to stay with their employer.¹ This is critical because retention is such a challenge for organizations, which automatically think, how can we persuade people to stay – give them more money and more benefits? But actually, this finding illustrates if organizations support people and their resilience, they're more likely to want to stay with them.
Half of the employees we surveyed said they don't feel a sense of belonging at work.² That's a shocking statistic, and there's probably a variety of reasons behind this. We know in early careers, people look for values: what do you stand for? What are you doing about climate change? What about the Ukraine crisis? Do their values match that of the organization? Those are the types of questions that interest that generation. Experienced employees are more focused on role models – are there other people like me in this workforce? This drove the whole conversation around diversity – if you can't see it, you can't be it. Different things inspire people's sense of belonging, which is why it's a complicated area. But understanding what people in your organization are looking for might help you support their sense of belonging in a better way.
John McLaughlin: The average female pension is 26 percent lower than the average male pension (in OECD countries) , and this begs the question of pay transparency. The Great Convergence places more pressure on specific skill sets, and all organizations are engaged in large-scale upskilling processes. Do organizations currently point women toward the right opportunities? Do women understand their potential here, and are they getting the chance to develop in these areas?
What Are the Data Telling Us?
Laura Phelan: It is tricky because there's so much they could be doing. You can look at your people proposition and define what you mean by it. What are your values? How do you communicate those and convey those in the marketplace? How do you live those internally? How do you create role models?
What are the future skills that you need in your organization? How do you set people up for success currently?
Career architecture and transparency are also important, so people know their opportunities. With health and wellbeing – what are the benefits we need to look at outside of pay that impact people and their whole working life?
One of the challenges companies have, is too much choice. There is a tendency to do too much and launch a whole range of initiatives that can't have the same impact as one or two key initiatives closely linked back to an opportunity statement. The key is to track everything back to this and not lose sight of what the organization wants to achieve. What is the data telling us about our organization – are we losing people in a particular cohort? Is it a specific level or job sector? What do we do about that? Organizations need to have a firm grasp of the data before they act.
What can Businesses be Doing to Build Toward a Sustainable Working Life?
Non-resilient employees are 42 percent less likely to be motivated or want to stay with their employer.
Name Here
“
1.
Half of the employees we surveyed said they don't feel a sense of belonging at work.
Name Here
“
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Exploring the Data
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What's the Challenge?
Welcome
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How is the Great Convergence Impacting Talent?
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How is the Great Convergence Impacting Talent?
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How is the Great Convergence Impacting Talent?
How is the Great Convergence Impacting Talent?
Skills, Digital, Macro-Economic, Social, Geopolitical – Are They all as Important as Each Other in the Great Convergence or is one Dominating?
How is the Great Convergence Impacting Talent?
How is the Great Convergence Impacting Talent?
1. Rising Resilient report
2. Aon Client Insights: Over 800 companies responded in Dec. 2021: Aon Global HR Pulse Survey Results – 8th Edition
+
What can Businesses be Doing to Build Toward a Sustainable Working Life?
What Are the Data Telling Us?
John McLaughlin: They're all interlinked and drive each other. It makes sense that many organizations want to become more digital. And so many of these companies are asking, are we not a tech company now? It's not necessarily new, but the trend is getting more pronounced over the years. For the past decade or so, companies have been rebranding themselves as tech, causing the digital convergence piece. That tech component continues to dominate business models, and more of it is powered by technology. Looking at the workforce makeup, an ever-increasing number of people are there to power, develop, and build technology. The tech component of the digital convergence piece is becoming mainstream, and organizations revolve around that. Layering in the talent perspective, it's clear that organizations need similar skills, regardless of the industry, to take advantage of digital business models.
What about social life convergence and how the idea of working life has changed? We've all become pretty good at virtual collaboration and relationship building. From a skills perspective, we operate in a hybrid virtual environment; social work/life convergence has prompted us to change the skills required of us. And now, going back to the office, we need to dust off some of the old skills.
Laura Phelan: I don't think one aspect is consistently dominating. It depends on the organization, industry sector and stage of development. Skills is a very immediate area currently impacting all organizations. With geopolitics, the conflict in Ukraine has made this issue topical. But it's more of an understated impact (beyond organizations directly involved in/impacted by the conflict) because it affects resilience and people's happiness.
In contrast, macroeconomic, digital and skills convergence are easily measurable. Firms can see: we are struggling because we don't have X number of people in these roles. Therefore, problems are clear and visible. The geopolitical convergence, or the social/personal one, has more subtlety. Developments are not as prominent, and therefore organizations might not acknowledge and react to changes as readily. However, these areas are bound to wellbeing and resilience because they directly impact individuals' personal lives. If the organizations don't have the correct setup and structure, they might not even be aware.
There's much more discussion now around resilience. However, organizations are still adopting a piecemeal approach, with only about 30 percent of employees seeing themselves as resilient. Therefore, despite the time, initiatives, and investment, why are efforts not having the desired impact?
It's challenging; perhaps it's because work life is only one part of the problem. So much is going on for people, and organizations can only tackle one piece of the puzzle. Or maybe it's just because organizations don't have sufficiently holistic strategies. As a concept, resilience is much newer than the whole idea of skills. People are used to thinking about skills and what they need. They're less used to talking about health, resilience and wellbeing in this way.
John McLaughlin: We also need to consider digital and geopolitical convergence in unison. That's interesting because part of the digital business model is that organizations can operate anywhere. And because if everything is powered by technology, they can have part of their workforce in India, part in South America, a couple of offices in Europe and a couple in Indonesia. The point is that the digital business model allows organizations to operate quite differently from a location perspective, and consequently, they must manage a very different geopolitical landscape.
Non-resilient employees are 42 percent less likely to be motivated or want to stay with their employer.
Name Here
“
Section 1:
Key Theme
Section 2:
Key Theme
Section 3:
Key Theme
See Pandemic Preparedness
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Making Better Decisions
Download Full Report
See GRMS data
A European perspective
2. Companies need to be transparent about the risks and opportunities that climate change, and the shift to a net zero economy pose to their business.
3. Central banks and regulators need to make sure that our financial systems can withstand the impacts of climate change and support the transition to net zero.
4. Banks, insurers, investors and other financial firms need to commit to ensuring their investments and lending is aligned with net zero.
“By 2030 government will need to reflect on commitments made in Paris and milestones reached. It is likely that there will be an acceleration in climate policy, as governments seek to limit global warming and achieve the aims of the Paris accord, as the alternative is climate catastrophe. This will lead to greater pressure to divest, ‘green’ the system and meet climate change targets.”
At COP26, countries agreed to monitor commitments and milestones reached on an annual basis. This is likely to concentrate minds at the international level and apply additional pressure to energy companies as progress is made towards decarbonising the global economy.
Accoriding to recruiters and companies.
Leading Causes of Skills Shortage in the Industry
82%
Apprenticeships
Targeting women to join the Industry
Targeting transferable skills from other industries
Training and development of existing workforce
Partnering with colleagues
Changes to retention and recruiting practices
How are energy firms addressing the skills gap?
28.9%
22.6%
36.2%
64.7%
29.4%
28.5%
Experts across the sector acknowledge that attracting and retaining skilled talent is critical to meet growth plans as part of the energy transition. Commitment to building a sustainable talent strategy needs to become a leadership priority.
“For change to resonate at all levels of the organisation, responsibility cannot exist within the HR teams alone; it’s got to be a leader-led identity change.”
Tamsin Lambert, Talent Excellence Advisor, Shell
Bringing retirees back
15.7%
“The shift towards renewables, and the transition toward digitalisation and automation will gather momentum, placing a renewed emphasis on the need for new skills, and providing new opportunities for energy firms to develop their workforce.”
We expect to see new technologies and operations to continue creating new opportunities at entry and experienced levels. Decarbonization is driving an industry-wide operational evolution and many firms are reassessing their approach to succession by identifying future leaders in new ways. The path to leadership is becoming less linear, and firms are finding new ways to support future leaders with the skills and values needed to guide the firm through a period of rapid change.
Talk With Us
If you would like to discuss any aspects of these insights, or to better understand our capabilities in this area, please do not hesitate to get in contact with our team.
Emma Whitworth
Senior Risk Engineer
emma.whitworth@aon.co.uk
Geri McMahon
Co-Head of Responsible Investment
geri.mcmahon@aon.com
Suzanne Courtney
Chief Commercial Officer, EMEA
suzanne.courtney@aon.com
“Within 20 years, the development of technology is likely to accelerate the transition to automation. As business models change and roles become increasingly automated, different skills will be needed… digital readiness will be the difference between success and failure.”
Already, innovative technologies are helping firms evolve their operating models.We expect new technologies to become integral to business models, and firms will seek to fill new roles to support this transition. The pace of technological development will continue to grow exponentially, demanding new skills from the workforce, which will continue to evolve over time.
Talk with us
Mark Jeavons
Associate Partner - Head of Climate Change Insights
mark.jeavons@aon.com
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Details
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Divestment
Supply Chain
Talent
Leaders now appreciate that they need a deeper understanding of their supply chains, and the demand for flexible, accurate supply chain logistics is increasing. This has prompted a realization that supply chain due diligence cannot exist without data-driven technology – tracking goods in transit and potential downstream impacts of delay.
Building Workforce Resilience
Names Here
Name Here
Details
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Share the Insights
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Name Here
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Name Here
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Read Legacy Issues
Laura Phelan, Director, Human Capital Solutions
John McLaughlin, Chief Commercial Officer, Human Capital Solutions
Aon experts discuss their experience of the Great Convergence in what is fast becoming an employee-centered market – and the risk and opportunities it presents to clients.
John McLaughlin: Clients are under pressure; they need to future-proof their talent strategy to power their business strategy. And the two are so closely interlinked; if they don't get the talent piece right, the business won't follow. The real problem is that everyone is changing simultaneously, which puts a lot of pressure on the talent market. The core problem that organizations now have is how to continue to compete for talent.
When we have got to the stage where the pay lever is starting to be somewhat exhaustible, we're going to see diminishing returns on continuing to pull it. Deutsche Bank increased salaries across the board by 30 percent last year. These are big numbers, and the organizations have done this in reaction to market pressures – the market places a significant premium on talent. It's not just big names trying to poach talent; it's tech firms and fintechs. Banks have deep pockets, but certain tech firms have deeper pockets or even different pay philosophies. Depending on the skill set, the lines between industries are blurred, so organizations face more competition from a whole new set of competitors.
When we look at our labor market, we've probably entered unhealthy territory. That means that we are hitting full employment and when this happens, and there are still lots of vacancies, which is the case in many western countries, a lot of roles remain unfilled. One of the outcomes is inflation becomes a real problem – something we're seeing right now. One of the drivers of inflation is wage increases. There's more to it than that, but it's a contributing factor, and it's unhealthy for organizations, and maybe the government. But when you start thinking about employees, would they see it as unhealthy? Perhaps not because all of a sudden, they have choice. It's easier to get a salary increase than ever before.
4. Making Better Decisions
2. Exploring the Data
1. What's the Challenge
Most employees fall into the “live to work” or “work to live” camp. Work/life balance is an elusive concept – sought after but rarely achieved. Yet, the Great Convergence is a catalyst for change.
For the first time, in an employee-centered market, organizations are starting to understand the value of creating a sustainable working life for their employees. To retain and attract talent, they must build an environment where careers can exist and flourish alongside (and in harmony with) people’s personal lives and commitments. No one should sacrifice one for the other; this acknowledgement is no longer merely lip service at company meetings but must form the bedrock of employee value propositions and investment, permitting new talent to see it in action. As this understanding develops, the potential for diversity, equity and inclusion will also broaden, leading to workforces that truly reflect the societies they inhabit.
Conclusion
SECTION 4
Welcome
Making Better Decisions
Contact Us
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What's the Challenge?
John McLaughlin: They're all interlinked and drive each other. It makes sense that many organizations want to become more digital. And so many of these companies are asking, are we not a tech company now? It's not necessarily new, but the trend is getting more pronounced over the years. For the past decade or so, companies have been rebranding themselves as tech, causing the digital convergence piece. That tech component continues to dominate business models, and more of it is powered by technology. Looking at the workforce makeup, an ever-increasing number of people are there to power, develop, and build technology. The tech component of the digital convergence piece is becoming mainstream, and organizations revolve around that. Layering in the talent perspective, it's clear that organizations need similar skills, regardless of the industry, to take advantage of digital business models.
What about social life convergence and how the idea of working life has changed? We've all become pretty good at virtual collaboration and relationship building. From a skills perspective, we operate in a hybrid virtual environment; social work/life convergence has prompted us to change the skills required of us. And now, going back to the office, we need to dust off some of the old skills.
Laura Phelan: I don't think one aspect is consistently dominating. It depends on the organization, industry sector and stage of development. Skills is a very immediate area currently impacting all organizations. With geopolitics, the conflict in Ukraine has made this issue topical. But it's more of an understated impact (beyond organizations directly involved in/impacted by the conflict) because it affects resilience and people's happiness.
In contrast, macroeconomic, digital and skills convergence are easily measurable. Firms can see: we are struggling because we don't have X number of people in these roles. Therefore, problems are clear and visible. The geopolitical convergence, or the social/personal one, has more subtlety. Developments are not as prominent, and therefore organizations might not acknowledge and react to changes as readily. However, these areas are bound to wellbeing and resilience because they directly impact individuals' personal lives. If the organizations don't have the correct setup and structure, they might not even be aware.
There's much more discussion now around resilience. However, organizations are still adopting a piecemeal approach, with only about 30 percent of employees seeing themselves as resilient. Therefore, despite the time, initiatives, and investment, why are efforts not having the desired impact?
It's challenging; perhaps it's because work life is only one part of the problem. So much is going on for people, and organizations can only tackle one piece of the puzzle. Or maybe it's just because organizations don't have sufficiently holistic strategies. As a concept, resilience is much newer than the whole idea of skills. People are used to thinking about skills and what they need. They're less used to talking about health, resilience and wellbeing in this way.
John McLaughlin: We also need to consider digital and geopolitical convergence in unison. That's interesting because part of the digital business model is that organizations can operate anywhere. And because if everything is powered by technology, they can have part of their workforce in India, part in South America, a couple of offices in Europe and a couple in Indonesia. The point is that the digital business model allows organizations to operate quite differently from a location perspective, and consequently, they must manage a very different geopolitical landscape.
Skills, Digital, Macro-Economic, Social, Geopolitical – Are They all as Important as Each Other in the Great Convergence or is one Dominating?
John McLaughlin: I challenge the question and say we have seen increasing alignment. And the reason why is it has become a c-suite topic. People have been talking about attraction and retention for years, but it was never quite like what we're seeing now. We are now in a situation where organizations are questioning whether they can continue to operate as businesses if they can't the talent question right.
It doesn't matter who you talk to in the c-suite because it's such a big issue. It becomes irrelevant. Bring in the staff 30 percent compensation increase –what does that mean from a profitability perspective? To compensate, firms need to hit pretty intense growth numbers, which they probably can't achieve with the same talent, so they need to hire more expensive talent. Organizations say: we've pulled the pay lever as the immediate response; what else can we do? How else can we encourage people to stay with us and build that sense of belonging?
The answer is around building resilience and agility, but it's also about delivering that sustainable working life. It's an evolution of what everyone's been talking about for the last two years – purpose. But purpose is only one component of it. When we're thinking about a sustainable working life, it incorporates purpose, but through a lens of belonging.
The idea of a sustainable working life is: what's my organization trying to achieve? How do I feel connected to it? An individual may have a voice in the organization, but how does this fit their private life? What comes first? It all comes together in one construct, which is broader than purpose.
Why is There a Misalignment Between the C-Suite and Managers Regarding the Attraction and Retention of Talent?
Laura Phelan: It can be difficult to link resilience with actual business performance, but stats like this show a clear connection: non-resilient employees are 42 percent less likely to be motivated or want to stay with their employer. This is critical because retention is such a challenge for organizations, which automatically think, how can we persuade people to stay – give them more money and more benefits? But actually, this finding illustrates if organizations support people and their resilience, they're more likely to want to stay with them.
Half of the employees we surveyed said they don't feel a sense of belonging at work . That's a shocking statistic, and there's probably a variety of reasons behind this. We know in early careers, people look for values: what do you stand for? What are you doing about climate change? What about the Ukraine crisis? Do their values match that of the organization? Those are the types of questions that interest that generation. Experienced employees are more focused on role models – are there other people like me in this workforce? This drove the whole conversation around diversity – if you can't see it, you can't be it. Different things inspire people's sense of belonging, which is why it's a complicated area. But understanding what people in your organization are looking for might help you support their sense of belonging in a better way.
John McLaughlin: The average female pension is 26 percent lower than the average male pension (in OECD countries) , and this begs the question of pay transparency. The Great Convergence places more pressure on specific skill sets, and all organizations are engaged in large-scale upskilling processes. Do organizations currently point women toward the right opportunities? Do women understand their potential here, and are they getting the chance to develop in these areas?
What Are the Data Telling Us?
Laura Phelan: It is tricky because there's so much they could be doing. You can look at your people proposition and define what you mean by it. What are your values? How do you communicate those and convey those in the marketplace? How do you live those internally? How do you create role models?
What are the future skills that you need in your organization? How do you set people up for success currently?
Career architecture and transparency are also important, so people know their opportunities. With health and wellbeing – what are the benefits we need to look at outside of pay that impact people and their whole working life?
One of the challenges companies have, is too much choice. There is a tendency to do too much and launch a whole range of initiatives that can't have the same impact as one or two key initiatives closely linked back to an opportunity statement. The key is to track everything back to this and not lose sight of what the organization wants to achieve. What is the data telling us about our organization – are we losing people in a particular cohort? Is it a specific level or job sector? What do we do about that? Organizations need to have a firm grasp of the data before they act.
What can Businesses be Doing to Build Toward a Sustainable Working Life?
Non-resilient employees are 42 percent less likely to be motivated or want to stay with their employer.
Name Here
“
1. How is the Great Convergence Impacting Talent?
Half of the employees we surveyed said they don't feel a sense of belonging at work.
Name Here
“
Data in Action Roadmap
Exploring the Data
Most employees fall into the “live to work” or “work to live” camp. Work/life balance is an elusive concept – sought after but rarely achieved. Yet, the Great Convergence is a catalyst for change.
For the first time, in an employee-centered market, organizations are starting to understand the value of creating a sustainable working life for their employees. To retain and attract talent, they must build an environment where careers can exist and flourish alongside (and in harmony with) people’s personal lives and commitments. No one should sacrifice one for the other; this acknowledgement is no longer merely lip service at company meetings but must form the bedrock of employee value propositions and investment, permitting new talent to see it in action. As this understanding develops, the potential for diversity, equity and inclusion will also broaden, leading to workforces that truly reflect the societies they inhabit.
Conclusion
Contact Us
Legal
Privacy
Cookie Notice
Explore aon.com
Visit the website
To learn more about how Aon is helping life sciences companies meet their hiring and retention goals, or to speak with one of our life sciences experts, please write to humancapital@aon.com.
Access More Insights
Data in Action
SECTION 3
Share the Insights
Making Better Decisions
Data in Action Roadmap
Exploring the Data
What's the Challenge?
Welcome
Text to be added once all citations are added to desktop version