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InnerCircle 2022: How Liberty Mutual used culture to navigate change to drive growth


Employers 07.15.2022 2 MIN

Change is necessary for growth—but it isn’t always easy. When companies undergo major changes, preserving culture and supporting the evolving needs of employees can provide a much needed sense of stability. Liberty Mutual’s Monika Cox shared her best practices for creating successful outcomes learned while implementing an Early Retirement package during the pandemic.

From June 8–10, HR leaders from across Corporate America gathered at the InnerCircle conference to discuss key strategies for maximizing potential at their companies. In a fireside chat, Monika Cox, EVP & Head of Global Total Rewards, Liberty Mutual Insurance, explored supporting workforce culture through business change.

When the pandemic hit, employees everywhere faced new demands for childcare, homeschooling, and leave options. For Liberty Mutual, offering an Early Retirement package (ERO) during the pandemic helped meet the changing needs of their employees while maintaining a strong company culture. With transparency and clear communication around the offer, they were surprised by the outcome: half of all eligible employees opted in, exceeding their targets significantly.

 

Key Takeaways

  • Having a third party, objective voice to listen to and support employees through difficult decisions is a critical factor to the success of workforce transitions. Liberty Mutual turned to Goldman Sachs Ayco to help their employees navigate the early retirement offering. Insight and objectivity helped employees make more confident decisions around the offer.
  • Transparency is key. Make sure to communicate with your employees on important updates—even when you need to draw hard lines on topics like eligibility. Open, clear and consistent communication can help ensure employees understand the company’s objectives and reduce negative cultural impacts.
  • Part of the ERO’s success was its urgent and limited nature. Liberty Mutual ensured employees understood how and why they created this one-time offer, which likely contributed to the large number of employees that engaged.
  • Maintain a culture of trust. It’s difficult for employees to trust when companies offer something that sounds too good to be true. If you have established a culture that builds employee trust, your benefit offerings can be similarly successful.

 

Introducing change into your company can be intimidating. By maintaining company culture, boosting transparency, and giving employees the opportunity to receive an objective, third-party perspective, change initiatives can be successfully implemented to promote company growth.

Contact us to learn more about how Goldman Sachs Ayco can provide support to your employees through their benefit decisions. Read more insights from InnerCircle on compensation, benefits, talent and culture.