Compensation is “not the leading factor any more” for workers entering the insurance industry, Aon chief administrative officer Lisa Stevens says. 

Employers need to “catch up with this next generation” and find what matters to them, according to US-based Ms Stevens, who oversees the global broker’s human resources, marketing and communications, and public affairs.

“Workers increasingly expect more than just a paycheck,” she told insuranceNEWS.com.au during a visit to Sydney. “The leading factor is, what type of benefits are you providing? Are you ahead of the curve on that as an organisation? And then, what kind of culture and environment have you created where there’s purpose and meaning? 

“This new generation coming in has been teaching us a tremendous amount. The Gen Zs are pushing us extremely hard on ‘purpose’, which is fantastic to me. I think it’s a massive opportunity for the world and for the HR industry to ... make sure that things people are doing are meaningful and matter.” 

Insurance companies have to “learn how to manage and lead differently than we’ve done before”, she says, and help leaders foster an engaging and purpose-driven workforce and an environment where people can “be their best selves when they show up to work”. 

“I think it’s positive and, like every generation, as the new ones come in, we have the opportunity to evolve and get better.” 

Ms Stevens has been Aon’s chief people officer since 2019, leading strategies for the business’ 60,000 employees. She took on her expanded role in June. 

Aon points to figures from Gallup last year indicating 51% of employees were considering a new job. 

“It's major,” Ms Stevens says. “What are you doing every single day so that your people feel like they're part of something bigger than themselves? That they can see the projection of learning?” 

Non-salary benefits and wellbeing matter more to employees than ever, and that “cuts across the entire workforce”. 

Initiatives at Aon include menopause assistance and bereavement time, which the broker addressed this year by collating scores of programs worldwide into a “best in class” offer. 

“It’s a very inclusive bereavement policy ... If you have a very close friend, you’re going to get the time off.” 

Aon uses algorithms to identify skills gaps and training opportunities, and to see which staff are likely to need financial education or help with mental resilience and structuring breaks. Staff are offered six counseling sessions a year. 

“That’s something I don’t think we would have thought of five years ago, but we knew we had to ... say, ‘How are we going to be more progressive about outreach for our colleagues?’ ”

Pay transparency is “huge in Europe right now”, Ms Stevens says, and Aon expects it will reach full transparency by the end of 2026. 

“For a very long time, it was just salary, and now it’s salary, bonus, equity, the full picture. This will help tremendously with levelling the playing field and equality.”