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15 HARTFORDBUSINESS.COM | May 23, 2022 Meg Galistinos Partner & Connecticut Leader, Mercer Human Resources is not the only one feeling the squeeze from a tight labor market and finding new ways to work. Workforce challenges are weighing heavily on senior executives' minds, according to a recent Mercer study on Global Talent Trends. Two- thirds of C-suite executives say they are facing a labor shortage crisis with no end in sight. The good news for HR is that they have never been in greater demand, with 91% of HR Leaders saying they strategize more with executives on human capital risk than ever before. Executives agree, with 81% saying the business agenda and the people agenda have never been more intertwined. Executives are also asking for an ROI on these people investments. Of the organizations surveyed, the C-suite indicated that: improving workforce planning, providing a flexible work culture, and investing in upskilling and reskilling would yield the greatest return on investment. Delivering on Total Well-being Half of executives also said they learned from the pandemic that investments in well-being delivered a measurable return. "When we think of well-being, we need to think beyond traditional benefits and create an environment where employees can thrive," said Meg Galistinos. Creating a workplace where employees thrive means taking a holistic approach, including: 1) Ensuring physical health is a priority, 2) Assessing the impact of financial well-being, 3) Meeting employees' social needs, and 4) Supporting emotional well-being. With 3 out of 4 employees saying they are at risk of burnout, it has never been more critical to address these unmet needs. Doubling Down on Mental Health and Social Connectedness To address the burnout crisis, employers are taking a multi- faceted approach to mental health. This includes a focus on prevention – with 58% of companies offering tools to help employees build coping skills like mindfulness and resilience. Improving access through virtual counseling has been another priority for employers. Three years ago, an employer was innovative simply by offering access to telemedicine; today, telemedicine is table stakes. More organizations are offering manager training and peer-to-peer support. Enhancing time away from work has also been on the rise with a greater number of employers offering flexible hours, sabbaticals and remote working. For more information on Mercer's national survey or to speak with a Mercer consultant, visit us at https://www.mercer.us/our-thinking.html SPONSORED CONTENT Fast-tracking Financial Wellness More than half of employees are concerned about their future financial security and we see even higher numbers in the retail (59%), manufacturing (58%) and healthcare (57%) sectors. Despite these concerns, only 33% of organizations ensure a living wage for all workers, and only 30% plan to re-segment the workforce to better tailor financial benefits. Elevating the discussion from pay to wealth can make a difference to employees' outlook. Financial uncertainty is also putting retirement at risk, driving two of the top five reasons people plan to continue working past retirement age. In response, 39% of companies are enabling employees to adapt retirement benefits to their personal circumstances and 38% are proactively offering older workers different employment options, including phased retirement. All of this data points to the need for employers to take a highly personalized approach to meeting employee needs. In an employee–driven labor market, those who create trust and can clearly articulate their employer value proposition will lessen the people risk – and therefore business risk – within their organizations. Workforce Concerns Top the C-suite Agenda