Get Ready for the Top 5 HR Trends in 2023

HR can make an impact in a business by identifying the forces creating instability and linking HR processes.
Key Takeaways
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There is still tremendous opportunity for organizations to integrate their HR programs.
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Employers should tap into existing data to better understand what their employees want and need from a total rewards perspective.
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By effectively measuring and capturing wellbeing data, companies can then design wellbeing programs that address the real needs of their workforce.
HR plays a crucial role in enabling companies to achieve their strategic goals in a complex and challenging environment that’s transforming the workplace. Some of the factors impacting the workforce include:
- A more volatile business environment triggered by challenging macroeconomic trends and geopolitical instability
- Greater demand and opportunity to focus on employee wellbeing
- A more dispersed workforce and talent pool due to hybrid and remote work
- Ongoing difficulty with attracting and retaining talent
- Demand for talent with the right skills for the future
The HR function has a unique opportunity to partner with other areas of the business to address these challenges in a holistic way. Leaders can have a compounding impact on their initiatives by connecting the forces that are creating instability and linking HR processes. For example, attracting talent in this market is challenging, companies’ hiring budgets may be more constrained, and the need for future skills in the workforce is as great as ever. These forces create an opportunity for companies to double down on their retention, engagement and re/upskilling programs.
Here are five trends where HR professionals have an opportunity to lead and turn challenges into opportunities.
1. Economic Uncertainty Requires a Reimagining of Total Rewards.
While employees are concerned about the impact of inflation on their household bills, employers are facing the challenge of balancing rising costs with providing appropriate support — all while hiring and retaining the right talent to fuel growth.
“For most people, the cost of living, inflation and economic uncertainty will remain the worrying backdrop to everyday life in 2023. This is close on the heels of the pandemic, whose high toll on mental health and resilience is still very much playing out,” says Rachel Fellowes, chief wellbeing officer at Aon.
Employers should tap into existing data to better understand what their employees want and need from a total rewards perspective and then use existing platforms to efficiently deliver those compensation and benefits. Too often, companies tie total rewards to an industry benchmark that isn’t relevant or, worse yet, based on faulty assumptions and guesswork. Companies should also clearly communicate their total rewards programs in an environment where compensation might not be as robust as prior years. Consider what other benefits employees are receiving and how effectively these benefits connect with employees’ needs — and then measure this over time.
Where is the Opportunity for HR? Think of Alternative Cost-Cutting Initiatives.
Companies must always invest in their core talent, but this is particularly true in an uncertain business environment. Trying to achieve growth by cutting costs will leave organizations vulnerable, particularly when the business environment shifts favorably.
“If headcount reductions really are the only option, they need to be looked at holistically and with added consideration for future needs and potential, as well as the impact this will inevitably have on diversity and inclusion,” says Michael Burke, CEO of Human Capital Solutions, Aon.
Alternatives to reducing headcount or other dramatic measures could include:
- Rethinking operating models to include shared service models and outsourcing
- Modifying organizational design to foster efficiency through grade alignment
- Aligning employee benefits to employee needs
- Cutting the costs of service providers and travel and entertainment
- Employing technology and digitalization to promote efficiencies
- Utilizing alternative financing models to fund insured benefits, such as benefits captives
For more information about how employers can support their people during a time of high inflation, please read our article, Increasing Inflation: Key Considerations for Employers Looking to Provide Better Support.
2. Wellbeing Continues to Rise in Importance Across Every Region — But Initiatives Don’t Always Match Stressors Impacting Employees
Companies should focus on their wellbeing strategy and make it more comprehensive. Nearly two-thirds of organizations globally say employee wellbeing is more important to their company since 2020, and 47 percent say employee wellbeing has become a bigger priority since 2020, according to Aon’s 2022-2023 Global Wellbeing Survey.
Respondents who say employee wellbeing is more important to their company since 2020:
Source: Aon 2022-2023 Global Wellbeing Survey
It’s clear why wellbeing has risen in importance: Driving wellbeing initiatives attracts talent in a tight job market and creates positive business results. Aon's 2022-2023 Global Wellbeing Survey found improving employee wellbeing factors can enhance company performance by at least 11 percent and up to 55 percent.
Where is the Opportunity for HR? Develop an Agile Wellbeing Strategy that Connects Initiatives to the Issues That Matter Most to Employees.
Companies should consider designing wellbeing initiatives that more closely match the stressors impacting employees right now. For example, many of the financial wellbeing benefits companies offer center on retirement savings plans or "saving for retirement" seminars. But the financial wellbeing issues reported to impact employees the most are focused on the immediate term (e.g., living paycheck to paycheck, paying off debt) — concerns that are only exacerbated by high inflation.
In practice this could mean committing to new ways of measuring wellbeing. Aon’s Human Sustainability IndexOpens in a new tab, for example, measures wellbeing, resilience and sustainability at the individual, team and organizational level. Once a baseline measurement is determined, employers are much better equipped to decide what changes they need to make to their wellbeing initiatives to drive improved return on investment and growth.
Access the full results of Aon’s 2022-2023 Global Wellbeing Survey.
3. Wellbeing Is Starting to Be Integrated Into Company Culture and Key Business Initiatives
No longer a standalone issue, wellbeing is increasingly being integrated into company culture and key business initiatives, as well as other areas of human capital management. In 2020, 67 percent of respondents to Aon’s Global Wellbeing Survey said they were partially or fully integrating wellbeing into their business and talent strategies. That number jumped to 80 percent in 2022-2023.
Source: Aon 2022-2023 Global Wellbeing Survey
Across different regions, we see roughly half of our survey participants report some level of integration of DE&I and wellbeing, with Asia-Pacific reporting the strongest connection.
DE&I Strategy Moderately or Comprehensively Incorporates Wellbeing
Source: Aon 2022-2023 Global Wellbeing Survey
Where is the Opportunity for HR? Stay Ahead of the Curve by Integrating All HR Programs.
Despite progress, there is still an enormous opportunity for organizations to integrate all of their HR programs. Linking programs together will identify gaps in coverage across employee populations. For example, are your organization’s health and benefits programs better in one location or among certain demographics? In one instance, Aon’s 2022 Global Diversity, Equity and Inclusion Survey found that 29 percent of employers report inconsistent benefit structures across their employee populations. This can lead to bias in plan design and have a negative impact on DE&I and wellbeing programs.
Access the full results of Aon’s 2022 Global Diversity, Equity and Inclusion Survey.

4. Future Skills Planning Has Become More Urgent as the Skills Gap Persists.
There are many questions to sort out in assessing and strengthening the future skills needed in the workforce. How do you know which current employees have the potential to learn, change and adapt? How do you reward for hot skills? Where do you source new talent with these skills and help existing employees through the transition?
Regardless of industry or location, businesses need their talent to possess the core competencies of their job in addition to technological acumen and adaptability. Employees with technological knowledge can understand and use new technologies, such as cloud-based tools, artificial intelligence, machine learning and big data. Technological acumen also means workers on the factory floor can work with new digital tools. In addition, your workforce must be adaptable to new situations by learning emerging technologies and processes and adapting to customer demands.
Indeed, failure to innovate and meet customer needs is identified as the number 10 risk facing businesses around the world, according to Aon’s 2021 Global Risk Management Survey. This risk is closely tied to having talent with the right skills. As companies build these future skills among their workforce, they are more likely to drive innovation and execute on their strategy.
Where is the Opportunity for HR? Invest in a Future Skills Framework That Will Help Answer These Questions.
There are three steps in creating a skills framework.
- Identify the workforce skills that your organization needs to fulfill its strategy — and connect those skills to the firm’s job architecture so these initiatives are in sync.
- Conduct a future skills assessment to identify where there are gaps in the workforce for those necessary skills. For example, do you lack people that understand how artificial intelligence can be used to enhance current processes?
- Develop workforce strategies to close this skills gap. This includes both reskilling and upskilling talent where possible and acquiring future skills through hiring the right talent.
Future skills planning is a common challenge to career development. One in five participants of Aon’s 2022-2023 Global Wellbeing Survey named a “lack of clear career path” as a top five issue for their organization.
Employers that identify current talent with the potential to develop future skills will not only close their skills gap; they will also create a more compelling employee experience.
Read about Aon’s approach to helping companies manage their workforce skills.
5. Boosting Your EVP Is Critical to Attracting and Retaining, But it Will Only Come from Improving Other HR Initiatives.
Foster a culture around a sustainable working life by developing a human-centered employee value proposition (EVP). Companies should keep in mind that most employees bring their whole selves to work. Compartmentalizing their “professional self” from their “personal self” no longer works because you can’t genuinely separate the two. The answer is to support both to create a sustainable working life.
The overall experience that employees have is more than any one HR initiative. Employee benefits may be more important to some individuals while others care more about their career development. The EVP is the collection of an employer’s values, culture, policies and benefits.
Where is the Opportunity for HR? Track Your Firm’s EVP Over Time and Ensure the Relevance and Impact Remains Strong.
People are becoming more aware and selective about the type of organization they want to work for. In a post-pandemic environment, more workers are telling us through surveys and client engagements that they are looking for an organization with a sense of purpose and belonging, values that align to theirs, and employee wellbeing programs and flexibility that are core to overall total rewards.
To create a compelling EVP consider the following:
- Use internal and external benchmarking data around skills and benefits to help reevaluate current programs.
- Strengthen the communication of what your organization offers so current and prospective employees know what value they are receiving or can expect.
- Survey employees frequently to determine what is important to them — we have seen how much this can change in the past few years.
Explore more of our insights around workforce resilience.

Embrace These Trends for a Competitive Talent Strategy
The nature of managing people is that trends change over time. What people want from the workplace evolves — as the pandemic and rise of remote work has shown. However, many of these HR trends have been set in motion for years. For example, wellbeing was already rising to the top of the HR priority list well before the pandemic. What has changed is how companies have improved their strategy around wellbeing; they are thinking about the topic more holistically and syncing those activities to other HR programs.
Employers that embrace change and measure and adapt their programs will ultimately improve their ability to attract, retain and sustain their workforce.
General Disclaimer
The information contained herein and the statements expressed are of a general nature and are not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information and use sources we consider reliable, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.
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Article 10 mins
Build Resilience for an Extremely Active Atlantic Hurricane Season
Record-warm Atlantic Ocean temperatures and a shift to La Niña conditions have led forecasters to predict an extremely active Atlantic hurricane season in 2024. Learn how to build business resilience to mitigate risk for hurricane-prone properties.
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Alert 7 mins
Workforce Implications of U.S. Supreme Court Ruling on ‘Chevron Deference’
The U.S. Supreme Court has changed the way laws are interpreted in the development of regulations. This change has the potential for far-reaching consequences for both regulatory agencies and employers.
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Article 18 mins
The Optimal Outsourced Chief Investment Officer
For institutional investors, engaging an outsourced chief investment officer, or OCIO, is one of the most critical decisions an organization can make. Choosing the right partner can lead to achieving the desired results or unexpected consequences.
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Article 4 mins
Credit Solutions Market Overview
Overview of the current trade credit insurance market and outlook on trend developments.
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Article 11 mins
Building a Future-Ready Workforce for the Professional Services Industry
The need to attract and retain high-quality talent in an environment of intense competition is at the forefront of professional services leaders’ minds.
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Article 11 mins
Enhancing Cyber Resilience in the Renewables Sector
Renewable energy is critical to meet net-zero targets, but as the industry grows, so do cyber attack surfaces. Learn how to prepare for emerging threats and support long-term ambitions.
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Article 7 mins
Connected Perspectives: Better Decisions on Interconnected Risks for FAB Organizations
As the scale and speed of interconnected risks escalate, innovative risk management strategies help FAB businesses build the resilience and agility needed to thrive.
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Article 10 mins
Driving a Future-Proof, Skills Based Approach for the Renewable Energy Sector
The renewable energy sector is undergoing a sweeping transformation, as it plays a pivotal role in the challenge to achieve global net-zero goals. Attracting, upskilling and retaining talent is critical for sustainability.
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Article 7 mins
How to Navigate Evolving Construction Contractor Risks in EMEA
Contractors in EMEA face an array of risks they must mitigate or transfer while managing the complexities inherent in major construction projects.
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Article 12 mins
8 Focus Areas for the Renewable Energy Sector
As more companies seek to reduce their carbon footprint, the renewable energy sector continues to grow, presenting both opportunities and red flags for organizations with renewable energy growth plans.
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Article 6 mins
Reshoring: Managing Risks and Building Resilience Closer to Home
Proactive risk management and data-driven reshoring strategies can empower risk managers in logistics companies to navigate supply chain complexities with confidence.
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Article 5 mins
Captive Insurance: Uptick in Use Reflects Market Realities
As more companies become comfortable using captives and understanding the value they add, captives are likely to become further embedded into corporate risk strategies, regardless of market conditions.
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Article 6 mins
Building Strategies for Sustainable Growth as a Mid-Sized Organization
Helping midsize organizations leverage key partnerships to address challenges around talent, market, regulatory compliance, and leveraging capital.
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Article 12 mins
Helping Employers Navigate the Rise in High-Cost Medical Claims
A rapid rise in medical plan costs is being driven in part by high-cost claimants — a high-risk group that disproportionately accounts for a large amount of healthcare costs. Here are strategies for addressing this issue.
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Article 9 mins
Four Steps to Implementing an Effective Online Benefits Platform
Online benefits platforms are a key component of the overall employee value proposition. As employers maximize the ROI of their people spend, here are four tips which may assist with implementing a successful online benefits platform.
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Article 8 mins
Pay Transparency Can Lead to Better Equity Across Benefits
Efforts to bring more transparency to pay practices shine a light on benefits equity — and it’s not only about wages and salary.
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Article 3 mins
Building Resilience Against the Constant Cyber Threat
The rapid pace of digitalisation means that organisations in the UK are constantly struggling with the ever-present threat of cyber attacks.
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Article 2 mins
Creating a Fair and Equitable Workforce for Everyone
Equity has an important part to play in a balanced strategy to improve the attraction and retention of key employees.
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Article 2 mins
How to Balance the Conflicting Forces of Efficiency, Performance and Wellbeing
How are business leaders adapting to a generational change in how work gets done?
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Article 2 mins
Introduction: Clarity and Confidence to Make Better Decisions
Lori Goltermann, CEO of Regions and Enterprise Clients, Aon examines the main issues discussed at the event.
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Article 2 mins
Making Better Decisions – A Treasurer’s Perspective
Our panel discussion looked at the issues facing corporate treasurers and how they have become more complex and interconnected.
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Article 3 mins
Seizing the Opportunity: Building a Comprehensive Approach to Risk Transfer
Businesses are still in search of competition, alternatives and innovation in their insurance programmes.
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Article 2 mins
Tapping New Markets to Unlock Deal Value
Companies and financial sponsors are constantly seeking innovative and capital-efficient ways to facilitate M&A deals.
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Article 2 mins
The Age of Rising Resilience – An Economic Outlook
Professor Trevor Williams analyses the latest indicators and what they mean for the UK — and global — economy.
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Article 2 mins
The Aon Difference
How Aon is moving further, faster to bring new, innovative solutions that address companies’ risk and people challenges.
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Article 5 mins
The Rise of the Skills-Based Organisation
Today's employers need to continually learn and adapt to emerging technologies and skills if they are to thrive in the talent landscape.
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Article 3 mins
The Year of the Vote: How Geopolitical Volatility Will Impact Businesses
Companies that operate around the world need to have a global appreciation of the heightening geopolitical risk.
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Article 6 mins
Three Ways Collective Retirement Plans Support HR Priorities
Collective retirement plans are growing in popularity and improving employees’ financial wellbeing in the process. Other advantages that haven’t been as widely explored include how these retirement structures allow HR to shift its focus to strategy.
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Article 8 mins
How North American Construction Contractors Can Mitigate Emerging Risks
Getting ahead of risk is vital for North American construction contractors, as they aim to manage evolving issues, while delivering job safety, solving workforce shortages and containing project costs.
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Alert 6 mins
U.S. Department of Labor Restores and Extends Overtime Protections
The Department of Labor released a final rule increasing overtime protections for the standard salary level threshold for the “white collar" exemptions and the threshold for employees classified as Highly Compensated Employees. Employers need to prepare for these significant changes.
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Article 10 mins
How Insurers Can Capture Climate Opportunities
Climate change adaptation and the transition to net zero present huge premium growth opportunities for insurers. The key question is how to get started.
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Article 7 mins
How to Navigate the EMEA Cyber Risk Insurance Market
As the cyber insurance landscape continues to evolve in EMEA, companies need actionable insights and solutions to strengthen their cyber risk strategies.
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Article 9 mins
Insurers Seek Risk Transfer Solutions to Offset Higher Retentions and Resume Growth
The challenges of 2023 eroded the buffers that many insurers had previously enjoyed, bringing an increased focus on capital management and a variety of capital sources according to Aon’s capital poll.
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Report 18 mins
Evolving Technologies Are Driving Firms to Harness Opportunities and Defend Against Threats
While advancements in AI, cyber and data technology are helping companies operating in an increasingly digital world gain a significant competitive edge, they also introduce new and evolving risks.
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Article 6 mins
How to Make the Most of Voluntary Benefit Plans in the U.S.
As healthcare costs rise, voluntary benefits are a critical component of engaging employees, while also helping to manage direct and indirect medical expenses. Here are three strategies for employers to make the most of their voluntary benefits.
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Article 8 mins
NIS2 Compliance Readiness for Organizations across the European Union
The expansive scope, stringent sanctions and pivotal role of management related to the new NIS2 Directive provide a strong foundation to protect against evolving cyber risks.
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Article 8 mins
London Insurance Market: Unveiling Demands for New Skills in 2024
The London insurance market seeks a generation of game-changers who can navigate uncertainties and drive innovation to ensure the industry’s future success in a digitalised world.
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Article 3 mins
Better Decisions in Trade, Technology, Weather and Workforce
From global supply chain risks to climate insecurity, organizations face challenges and complexities on a scale rarely seen before.
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Article 15 mins
How Artificial Intelligence is Transforming Human Resources and the Workforce
Artificial intelligence is having a measurable impact across all aspects of HR — from talent management to compensation, health and benefits, and retirement planning. To effectively harness the technology, HR leaders must ensure both their own teams and the wider workforce are prepared.
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Article 3 mins
Risk Capital and Human Capital Perspectives
Risk Capital CEO Andy Marcell and Human Capital CEO Lambros Lambrou discuss how innovations in Risk Capital and Human Capital can help organizations boost resilience and navigate volatility.
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Report 15 mins
Wide-Ranging Trade Issues Confront Global Businesses on Multiple Fronts
Global business leaders highlight risks linked to trade as some of their top concerns — both physical and financial. While the topic is complex and broad, there are opportunities that business leaders can pursue to stay ahead of emerging trade dynamics.
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Report 16 mins
Climate Analytics Unlock Capital to Protect People and Property
Extreme weather and a changing climate are impacting many of the risks businesses face today. To address future exposures, organizations will need advanced climate and natural catastrophe models and expertise that can assess chronic and acute risks.
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Report 14 mins
A Workforce in Transition Prepares to Meet a Host of Challenges
Engaging a changing workforce requires data and innovation. Workers increasingly expect more than just a paycheck. In response, organizations are balancing costs with the ability to provide a compelling employee experience.
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Case Study 3 mins
How Aon Helped M&G Wealth Develop New Advisor Skills
Aon partnered with UK financial advice firm M&G Wealth to help the firm better understand the make-up of a highly successful advisor of the future, including the skills needed given shifts in societal needs, technology and regulation.
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Article 8 mins
Energy Transition Investments: How Advanced Analytics Can Empower Organizations
Advanced analytics can empower organizations with deeper insights into the risks and opportunities surrounding renewables, while also supporting energy transition investment.
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Article 17 mins
Q1 2024: Global Insurance Market Overview
Positive performance in 2023 fueled insurer growth ambitions but underwriting remained disciplined in the first quarter of 2024.
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Article 12 mins
How Life Sciences Build Robust Talent Pipelines in the Age of Digitalization
While digitalization is delivering transformational change to R&D across the sector, it is also rapidly reshaping recruitment and retention strategies.
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Alert 6 mins
U.S. Federal Trade Commission Bans Employee Noncompete Agreements; Here’s What Employers Should Know
The FTC has announced a rule that bans noncompetes and clauses that have a similar effect. While the rule will face legal challenges, employers should take steps now to prepare for an environment where they cannot use noncompete agreements.
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Article 7 mins
Managing Construction Risks: 7 Risk Advisory Steps
Risk advisory services can help construction stakeholders navigate uncertainties, optimize performance and drive growth in their projects.
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Article 9 mins
Floating Offshore Wind Unlocks New Opportunities and Challenges
While there are similarities in the risk profile of floating offshore wind and bottom-fixed offshore wind, challenges like unproven technology and tow-to-port strategies for maintenance require a collaborative approach between owners/developers and their insurance partners.
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Article 4 mins
Parametrics Unlock Solutions For Future Risks
Macrotrends are transforming our world and creating emerging property-casualty exposures, which will have profound implications for the insurance industry.
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Article 7 mins
U.S. Cyber Insurance: Market Trends and Opportunities
Understanding market trends and future projections in an evolving cyber insurance market is paramount to strengthening risk mitigation and transfer strategies.
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Article 5 mins
How Climate Modeling Can Mitigate Risks and Improve Resilience in the Construction Industry
In an era of escalating climate-related challenges, the construction industry is turning to advanced climate modeling to fortify its risk management strategies.
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Article 14 mins
How Technology Will Transform Employee Benefits in the Next Five Years
Advances in technology will not only transform healthcare and treatment outcomes — benefit offerings, access to care, diagnosis, treatment and affordability challenges will also be radically changed. Here is what to expect as these efforts take shape globally.
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Article 10 mins
Key Trends in U.S. Benefits for 2024 and Beyond
As healthcare costs continue to rise, employers are struggling to balance cost control with attracting and retaining talent. The results of Aon's 2024 U.S. Health Survey point to key strategies organizations are using to help.
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Article 11 mins
Capturing Carbon on the Critical Pathway to Net Zero
As the world races to reduce climate risks and limit CO<sub>2</sub> emissions, the demand for scalable and cost-effective decarbonization technologies is increasing. Carbon capture projects form an important part of the low carbon energy transition, bringing both challenges and opportunities.
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Article 7 mins
Protecting North American Contractors from Extreme Heat Risks with Parametric
Growing extreme heat conditions have escalated risks, delays and costs for the construction industry in North America. Parametric insurance can help protect against such risks, offering contractors and building owners agility, efficiency and flexibility.
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Article 9 mins
How Insurance Can Help Hedge Potential Exposures Under the New Unified Patent Court System
The launch of the Unified Patent Court allows for a new patent filing process across Europe using a centralized system. While this brings significant financial and operational benefits, navigating these changes will demand a robust litigation risk management strategy.
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