Professional Services

Opportunities and risks facing professional services firms

In a complicated business environment where your clients are rethinking their business models, you're investing heavily into helping them navigate a highly disruptive and dynamic environment.

Professional services firms face several important risks, including:

• Cyber: Cybersecurity threats from new technology and digitalization will continue to evolve. There's significant investment in AI, machine learning, quantum computing and data analysis
• Workforce transformation and leverage model: Market developments such as productization of services and AI augmentation of service delivery fundamentally shake the core of professional services firms’ operating, staffing and leverage models
• Critical skill gaps: Winning in the AI era requires professional services firms to recruit and motivate the best talent with critical skills, putting pressure on career and rewards systems
• Economic uncertainty: Lingering uncertainty has led many companies to optimize spending on professional services
• Global instability: Geopolitical tensions and polarizing elections across the globe have far-reaching impacts. Professional services firms may be caught in crises as their clients’ business decisions become politicized.

Professional services firms we serve

The world is facing unprecedented developments that require new ways to manage employees and risk. To help you navigate this changing world, our professional services business can address your people and risk management needs. Our team has specialist knowledge of all leading professions, such as:

• Accounting
• Consulting
• Law
• Marketing and design agencies
• Architecture
• Staffing agencies and professional employer organizations

We develop solutions that empower you to better manage your unique risk and people issues efficiently and effectively.

Risk transfer services and solutions for professional services firms

We have the resources necessary to provide your professional services firm with insurance brokerage, risk analytics and risk management consulting. In an industry where people are paramount, we serve as a hands-on extension of your risk management department. Understanding that every professional services firm has different risk financing and risk control needs, we can tailor the right cover for your firm.

Our risk management offerings include:

• Financial, executive and professional risks (FINEX)
• Professional indemnity
• Cyberinsurance
• Directors’ and officers’ liability
• Employment practices liability
• Network privacy/cyber risk liability
• Property & casualty insurance
• Captives
• General insurance program reviews
• Reputational risk

Human capital services and solutions for professional services firms

Winning new business is difficult. Delivering on it without the right talent is impossible. In today’s competitive market, firms need a breakthrough talent strategy that is as specialized as their services. We help professional services organizations attract, engage and retain talent through HR programs tailored to their unique business and workforce needs. We provide:

1. Workforce management strategies: As consolidation and automation transform how work gets done, we provide a holistic view of all the skills your organization has today and will need tomorrow. Together, we’ll design a workforce strategy that improves performance and strengthens financial resilience. Our services include:
   • Workforce transformation driven by AI adoption
   • Workforce Analytics Dashboard and workforce management strategies and solutions
   • Job architecture, leveling and integration with skills frameworks
   • Talent intelligence reports and labor market insights
2. Optimized total rewards: Attracting and retaining dedicated, qualified talent is critical to success in the professional services industry. We provide the data, insights and strategies you need to compete effectively for scarce talent, improve employee resilience and keep your best people. Our services include:
   • Compensation strategy and design
   • Healthcare and wellbeing consulting
   • Retirement and financial resilience benefit strategy
   • Partner and executive compensation
   • Total rewards optimization surveys and analytics
   • Pay equity and transparency analysis and design
   • M&A integration and harmonization
3. Enhanced employee experience: Though pay and benefits are crucial, high-performing professional services firms recognize that a differentiated employee experience is equally important. We partner with you to design a high-performance employee experience that supports engagement, resilience and safety amid ongoing industry disruption. Our services include:
   • Employee engagement surveys and software to help organizations understand evolving employee needs and sentiment
   • Employee communication strategy and implementation
   • Embark — an employee experience platform that provides timely information at critical moments
4. Improved benefits operations: Operational efficiency is critical to your firm’s ability to compete in a challenging climate. We can help you leverage resources and improve outcomes with services such as:
   • Benefits administration and outsourcing solutions for healthcare, retirement and other benefits
   • LifeSight pooled employer 401(k) plan
   • Deferred benefits and deferred compensation advisory
   • Global benefits management
   • Benefits captives

Effective use of capital

Mounting cost pressures and industry consolidation are requiring many organizations to adopt new capital management practices. We help with investment advisory services and M&A solutions that drive growth while optimizing investment.

Our services include:

• Outsourced chief investment officer (OCIO)
• Funds and strategies
• Retirement
• Mergers and acquisitions

Gaining competitive advantage in professional services

Amid uncertainty, we can help you identify how to manage risk, cultivate talent and explore new work models that'll set your professional services firm apart from the competition. Our dedicated team of experts can help you address your people and risk needs, so you can meet your goals and seize new opportunities.