Hartford Financial Services Group Inc
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Financials : Insurance | Mid Cap Value
Company profile

The Hartford Financial Services Group, Inc. is a holding company. The Company's business segments include Commercial Lines, Personal Lines, Property & Casualty Other Operations, Group Benefits and Hartford Funds. The Commercial Lines segment, which provides workers' compensation, property, automobile, marine, livestock, liability and assumed reinsurance to business in the United States. The Personal Lines segment provides automobile, homeowners and personal umbrella coverages to individuals across the United States. The Property & Casualty Other Operations segment includes certain property and casualty operations. The Group Benefits segment provides group life, accident and disability coverage, and other products and services. The Hartford Funds segment offers investment products for retail and retirement accounts and provides investment management and administrative services. The Company sells products through multiple distribution channels to individuals and businesses.

Closing Price
$68.96
Day's Change
1.30 (1.92%)
Bid
--
Ask
--
B/A Size
--
Day's High
69.01
Day's Low
67.96
Volume
(Below Average)
Volume:
1,709,266

10-day average volume:
2,081,488
1,709,266

Retention Roadblocks: The Hartford's New Study Shows Employers And U.S. Workers Disagree On Many Workplace Issues, Contributing To Turnover

8:32 am ET May 19, 2022 (BusinessWire) Print

New research from The Hartford found that differences in opinion among U.S. workers and employers about company culture and retention are helping to fuel turnover in the workplace. A majority of U.S. workers (59%) said it would be easy to find a new job and many have taken or plan to take steps to leave their current job. While higher wages were the top motivator (47%) for those who switched or plan to switch jobs, 33% of workers said they sought a better workplace culture. Only 14% of employers recognized company culture as a factor in employees' decisions to leave.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220518006115/en/

"It is no surprise that workers are seeking higher salaries, but it is concerning employers are not seeing eye-to-eye with their workforce on issues related to workplace culture and retention," said Jonathan Bennett, head of Group Benefits at The Hartford. "These disconnects are impeding retention. Employers who will attract and retain diverse, innovative and talented people will not only include the foundation of strong pay and benefits, but will be those who embrace a transparent, inclusive work culture that prioritizes flexibility and communication."

One-third of U.S. workers moved to a new company in the past year or plan to move in the next 12 months, according to The Hartford's 2022 Future of Benefits Study, which polled U.S. workers and human resource benefit decision-makers. Overall, many workers have taken or plan to take steps to switch jobs, including applying for a job (49%), updating their resume (62%), and looking at job postings (71%). The top five reasons U.S. workers left their job or plan to leave their current job are:

Higher wages (47%) Better workplace culture (33%) Career advancement (30%) Flexibility (24%) Poor treatment by management (22%)

Baby Boomers were more likely than other generations to cite higher wages (60%), while Gen Z/Younger Millennials said workplace flexibility (33%), and GenX and Older Millennials said career advancement opportunities (32% and 34% respectively).

Protecting the New Paycheck

Although employee benefits were not a big influence for those seeking new employment opportunities, starting fresh at a new company is a milestone opportunity for workers to spend time learning about and re-evaluating what benefits best fit in with their lifestyle and family. The Hartford's study found most employers (70%) believe employees underutilize the services, benefits, and programs they make available.

"Historically there has been a lack of understanding about the value and financial support that benefits such as disability and supplemental health insurance can provide when employees are faced with the unexpected," Bennett said. "Given the large number of workers switching jobs, employers must bridge the education gap and help workers understand how these benefits can protect their new paycheck."

Most employers (71%) consider the benefits package they offer to their employees to be better than many of the packages offered by their competitors, but only 55% of workers agree. However, this is an upward trend among workers from 50% in February 2021, 45% in June 2020, and in line with how they felt in March 2020 (56%). Even though workers may not view their benefits packages as competitive as employers do, 79% of workers say they value the benefits offered through their employer.

Employers and U.S. workers who don't currently offer or have access to certain benefits agree on what employee benefits they would like to see offered in the future:

Benefit not currently offered to U.S. workers interested in Employers likely to
some workers                     having their company offer offer it in the future
                                 the benefit
-------------------------------- -------------------------- ----------------------
Critical illness insurance       73%                        64%
-------------------------------- -------------------------- ----------------------
Long-term disability insurance   73%                        66%
-------------------------------- -------------------------- ----------------------
Life insurance                   72%                        68%
-------------------------------- -------------------------- ----------------------
Accident insurance               70%                        66%
-------------------------------- -------------------------- ----------------------
Short-term disability insurance  69%                        73%
-------------------------------- -------------------------- ----------------------
Hospital indemnity insurance     60%                        61%
-------------------------------- -------------------------- ----------------------

The Great Resignation's Great Disconnect

The Hartford's study showed there is an opportunity for employers to better demonstrate the actions they are taking to retain and care for their workforce. Nearly all employers (96%) believe they are taking steps to retain their workforce. However, their efforts are not fully felt by employees with only half of workers (52%) saying their company is taking steps to retain employees.

Employers are also more optimistic about their workplace when it comes to job satisfaction, workplace stress levels and mental health:

69% of employers think their workers are satisfied with their job, but only 48% of workers agree Job satisfaction is lowest among workers at the smallest companies: 35% at companies with 2-50 employees, 47% at companies with 51-500 employees, 50% at companies with 501-5,000 employees and 48% at companies with more than 5,000 employees Only 17% of employers felt turnover has gotten worse, compared to 39% of workers Turnover is also placing a burden on workers, 28% of whom say they are stressed due to being overworked and understaffed 28% of U.S. workers describe their company culture as stressful compared to 11% of employers 80% of employers feel workers have flexibility in their schedule to get the mental health help they need, compared to 53% of U.S. workers - a decrease among workers from 58% in February 2021

The Road to Retention

Bennett said the disconnects among employers and U.S. workers should be viewed as an opportunity to reevaluate offerings, gather and act on feedback from their workforce, and communicate more about company culture and benefits. He recommends employers:

Understand that the desire for higher wages will always be present but talk to employees about their goals and what opportunities might be available for career advancement. Recognize that remote work is an enabler of turnover and has provided the talent pool with access to more opportunities. When possible, continue to embrace flexibility in the workplace. Foster an open and inclusive work culture in which workers feel comfortable coming forward when they need help with workload or stress. Help workers understand how important benefits can be to protecting their income by demonstrating the value of employee benefits and highlighting other available services such as employee assistance or wellness programs. Reinforce that employees are in control of their benefits decisions and can customize their selections based on their specific needs to help protect themselves, their family and their future. Provide educational content that talks to employees about different life milestones and how the insurance products can help protect them in different scenarios rather than focusing first on the products.

The Hartford is a leading provider of employee benefits products and services, including leave management, group life and disability insurance, as well as other voluntary products. For more information, visit www.thehartford.com/groupbenefits. For more information about the study, visit www.thehartford.com/futureofbenefits.

Methodology

The Hartford's 2022 Future of Benefits Study was fielded Feb. 4 - Feb. 16, 2022 and included 501 employers and 1001 U.S. workers. The employers surveyed were HR professionals who manage/decide employee benefits and U.S. workers surveyed were actively employed. The margin of error is employer +/- 4% and employee +/-3% at a 95% confidence level. The Hartford's Future of Benefits study was previously conducted in March 2020, June 2020 and February 2021.

About The Hartford

The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com.

The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please read The Hartford's legal notice.

HIG-E

Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our 2021 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.

From time to time, The Hartford may use its website and/or social media outlets, such as Twitter and Facebook, to disseminate material company information. Financial and other important information regarding The Hartford is routinely accessible through and posted on our website at https://ir.thehartford.com. In addition, you may automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the "Email Alerts" section at https://ir.thehartford.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220518006115/en/

SOURCE: The Hartford

Media: 
Michelle Symington
860-547-5385
michelle.symington@thehartford.com

 
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