May Edition: Employee listening, investing in people, and family office succession planning

Mercer News & Notes returns to bring you more insights, research, and bold ideas for May.

Engage top talent with smarter employee listening 

An engaged, supported workforce is a must-have in the future of work. However, despite nearly half (47%) of organizations using continuous listening platforms as a core component of their engagement strategy, 42% of employees feel that their needs are not being met. 

At this point it's clearly not a matter of more listening; it's time for employers to adopt smarter listening. By shifting to a multi-method approach that allows them to understand the reality — not just one part of the reality — of the employee experience through the eyes of all persona groups, employers can gain deep understanding of their business, their people and the underlying drivers of human behavior and ensure their employee listening programs impact business outcomes.  

To bridge the gap between employer offerings and employee needs, employee listening must evolve. Discover how.

Invest in your people, protect your business

HR and risk professionals sit at the apex of a balancing act. Economic challenges, conflict, energy transition, disruptive technologies, talent shortages and growing benefits costs all require careful mitigation and effective risk frameworks and people management strategies. 

However, many of those same factors are at the core of business innovation. As leaders look to build and open new frontiers for their business, much of their focus is on new skills, the potential of AI, better stewardship of businesses and ways to evolve employee healthcare for a new generation of worker. If organizations are going to seize on the opportunities before them, they'll need to confront these new concerns, many of which may not have been perceived as employee-related in the past. 

From misinformation and disinformation to the impact of climate events on employee health, employers are becoming more aware of the concurrent crises that impact their people and their businesses. But when HR and risk professionals collaborate and think innovatively, they can build workforces and businesses ready to thrive. Discover how organizations can identify, prioritize and manage the most critical people risks. 

Successful successions: Navigating intergenerational transitions in family offices  

 When the transfer of authority within a family office is not managed effectively, it can put the preservation of a family's legacy at risk. A disrupted transfer of power and authority can result in the wealth and success built by one generation being eroded or lost by the next.

 To ensure smooth transitions of power within family offices, it is essential that family offices are built on well-designed wealth planning strategies, a strong governance framework and capable investment managers. We recommend two critical steps when rethinking family office succession: 

• The integration of a family narrative. By incorporating a narrative into the governance framework of a family office, it's possible to enhance understanding and communication within the family, all of which helps to mitigate conflicts, align common goals and foster positive outcomes for the family.
• The design and implementation of a bespoke target operating model. To effectively design and implement a bespoke target operating model for a family office, it is essential to ask pertinent questions about the family's vision and purpose. Once established, offices can conduct a thorough and honest assessment of the family office's past and current state, establishing a baseline for the family experience by evaluating how different generations perceive the family office. 

Discover why it may be time to rethink family office succession.

This month we're featuring Gord Frost , Mercer's Global Rewards Solution Leader and a member of Mercer’s global Career practice leadership team. With over 30 years’ experience working as a trusted advisor and business executive, Gord is an expert in designing and implementing future-focused total rewards strategies that meet the needs of a rapidly evolving workforce.

Working across a team of professionals based around the world, Gord advises clients on how to strengthen the relationship between business strategy and talent strategy, and he has extensive experience advising Boards of Directors and senior management on the design of executive compensation programs that align decision-making with shareholder value creation and are consistent with sound governance practices. 

Based out of Montreal, Gord is a proud dad to three young women, and outside of work he can often be found tackling a new home or yard DIY project. He holds an MBA from the Ivey Business School at Western University and a bachelor’s degree from McGill University, where he remains involved as a guest lecturer on various HR topics.

Are you already connected with Gord? If not, check out his profile, follow and connect with him to keep up with the latest news, work and thought leadership from Gord, and be sure to join our upcoming LinkedIn Live on June 6 where Gord will join speakers from Mercer and the World Economic Forum to discuss the urgent need for action to prepare for the longevity economy.

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And that’s all we have for this edition of Mercer News & Notes newsletter! We hope you’ll join us again next month as we continue to bring the latest insights directly to you, and please share any thoughts or recommendations on topics you’d like to see in our next issue in the comments below.  👇

Don’t forget to follow Mercer on LinkedIn for the latest insights and points of views on all things future of work, and feel free to reach out if you’d like to hear more about any of the topics discussed today!

The information contained in this document is provided for informational and educational purposes only. It should not be relied upon as investment advice or an offer or solicitation. The information represents the views and opinions of the author(s) regarding the economic conditions or financial instruments referenced herein. The opinions expressed are subject to change without notice. 

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