38% of survey respondents have amended time off policies in the last 12 months, specifically targeting recruitment and retention
Lockton Companies, the world’s largest independent insurance brokerage and people solutions consulting group, announced today new survey results that show a major rise in time off policy adjustments in 2021, amid a changing landscape in leave policies as the COVID-19 pandemic continues. The results are part of Lockton’s 2021 HR Trends Survey Report – A Spotlight on Competitive Time Off Practices.
"As the Great Resignation took hold and Americans moved within the workforce at unprecedented rates, employers are reacting with swift adjustments to time off policies,” said Stacie Engelmann, Lockton Vice President, HR Consultant. “Organizations who aren’t looking to offer competitive benefits will be left behind in the fight to attract and retain top talent.”
The survey from Lockton showed key policy adjustments like better alignment with diversity, equity and inclusion programs; an increase in paid parental leave and other family-friendly approaches; and an increase in policies that provided flexibility for employees.
The COVID-19 pandemic continued to have an impact on policy designs, with 76% of surveyed employers now offering employees the ability to telecommute on at least an occasional basis, and 78% of respondents reporting they offer work-life flexibility as part of their talent retention strategy. This is in addition to efforts to respond to vaccine-related mandates that Lockton consultants are still working with clients to find solutions to in the new year.
Despite the overall cost of benefits packages rising, cost reduction strategies were notably absent as fewer than 10% of employers surveyed indicated that they were making changes to seek any financial savings for their organization.
The Lockton HR Trends Survey included nearly 700 U.S. employers from a wide variety of major industries and regions, representing nearly 1.5 million employees. For the full results of the survey, employers must participate in the study. To participate or for questions, send an email to firstname.lastname@example.org (opens a new window).