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A comparative analysis of asbestos disclosures from annual reports on Form 10-K submitted by public corporations that are known to have been named in asbestos personal injury litigation July 2010
This white paper takes a closer look at M&A success factors and the specific steps companies need to take in order to address the key people issues. July 2010
New research from Towers Watson shows that with say on pay looming, companies move to further tighten the link between executive pay and performance. July 2010
Standard & Poor’s (S&P) recently announced that the enterprise risk management (ERM) practices of nonfinancial companies will not be rated based on their implementation of a particular ERM framework or process. July 2010
Volume 2 of the CFO Guidebook, Pensions and Corporate Financial Performance -- Intricately Linked, explores four integrated primary policy areas that are crucial to successful retirement plan financial management: benefit poilicy, accounting policy, funding policy and investment policy. July 2010
According to a recent Towers Watson flash survey, risk managers are ready for change once the financial crisis recedes. July 2010
The Global Alternatives Survey aims to track the movements of alternative assets managed on behalf of pension funds by the world’s largest alternative investment managers and to produce authoritative rankings. July 2010
Roiled by the global economic crisis and faced with
powerful imperatives to manage costs, productivity
and a host of talent management issues, a growing
number of multinationals are taking steps to stem
long-term costs and drive performance by supporting
employee health and well-being. July 2010
Social media is emerging as the next frontier of innovative communication. And savvy companies are taking notice. July 2010
The Practitioner's Guide to Generalized Linear Models is written for the practicing actuary who would like to understand generalized linear models (GLMs) and use them to analyze insurance data. The guide is divided into three sections. June 2010
Although it's been a top priority of HR executives for four consecutive years, more respondents than ever (nearly half) cited talent/performance systems as their main objective for 2010, according to Towers Watson's HR Service Delivery Survey of nearly 500 large and midsize companies around the world.
June 2010
This paper addresses what policies and procedures institutional investors should adopt to ensure that they are receiving good execution value for their FX transaction costs. June 2010
All about Korea’s pension market, providers and performance June 2010
The private equity industry has been under the spotlight over the past few years, not always for the right reasons. This publication seeks to review how recent developments will affect the private equity industry and to identify areas of possible opportunity for investors over the next couple of years. June 2010
Commercial insurance prices in the United States remained flat during the fourth quarter of 2009, according to Towers Watson's most recent Commercial Lines Insurance Pricing Survey (CLIPS). June 2010
Discover how organizations can use the Culture Alignment Tool to align their cultures with their strategic objectives in order to drive business performance. June 2010
Welcome to the 2010 edition of UK Long-term statistics, Towers Watson’s annual publication that presents historical data for key economic and investment indices. June 2010
Malcolm Gladwell, a noted author and speaker widely recognized for his unique perspectives, discussed three commonly made, yet misguided, assumptions about the power of prediction at a packed Towers Watson Dinner and Dialogue event at Le Bernardin in New York City, on April 29. This is a recap of his remarks. June 2010
This piece has been written by our Global Investment Committee and provides a summary of the main market price action, important macro developments and new policy responses as a result of the Euro-zone economic crisis. May 2010
This piece has been written by our Global Investment Committee and provides a summary of the main market price action, important macro developments and new policy responses as a result of the Euroland economic crisis. May 2010
The recession of 2008/2009 forced many organizations to reexamine their talent management approach. Leading companies have begun to account for all the different dynamics of talent and have systematically changed their approaches to reflect the coming reality of the next five years. Discover five new rules for effective talent management today. May 2010
This survey of benefits professionals provides a snapshot of how employers are responding to health care reform challenges that have far-reaching implications for retention, recruitment, productivity, workforce planning, change management and the overall employer-employee deal.
May 2010
Towers Watson clarifies causes of recent failures of catastrophe bonds to protect investors and describes what can be done to restore market confidence and protect assets going forward. May 2010
Executive pay programs have in large part worked as intended during the most severe downturn in nearly a century, according to Towers Watson’s analysis of 176 Fortune 500 companies’ recent proxy filings. May 2010
A powerful pulse survey to a random employee sample that quickly delivers key insights to senior leaders. Some key survey measures include how actions taken during the downturn have impacted the retention of critical talent, adherence to core values, support for company mission, and the company image with the public May 2010
This survey explored how companies are determining, managing, monitoring, funding and allocating capital in light of the popularity of economic capital methodologies, ongoing regulatory changes, rating agency requirements and economic turmoil. May 2010
As more organizations seek to reward managers for balanced business performance, some still find it difficult to rationalize a focus on – and investment in – the human component. May 2010
This report chronicles the growth of bancassurance in India, the issues commonly faced, key challenges and opportunities and potential. The report contains extensive commentary and insights on the distribution practices, processes and approaches adopted by bancassurers. May 2010
Frontier markets are diverse, populous and growing. In this paper we consider the role this investment strategy is currently playing in institutional investor’s equity portfolios. April 2010
A vast majority of Canadian employers are taking substantive steps to mitigate the effects of the ongoing funding crisis facing their defined benefit (DB) pension plans, according to a new survey from Towers Watson, a global professional services company. The majority of employers surveyed believe the pension funding crisis is likely to continue beyond the next few years. April 2010
Towers Watson research shows that, as economic uncertainty continues, companies need to focus on cost management yet ensure that their plans provide competitive reward opportunities and support key business goals. April 2010
Towers Watson’s Global Investment Committee explores quantitative easing – explaining what it is, how to implement it, the impact it has had on our economy and finally the outstanding risks and implications this strategy could have for investors. April 2010
This paper documents the key investment beliefs held by Towers Watson's Global Investment Committee. These beliefs support how we work with our clients and may be used to assist clients in determining their beliefs. This document is not intended to be comprehensive and will evolve over time. April 2010
According to a Towers Watson survey conducted in early January, employers’ predictions for 2010 are mixed but guardedly optimistic — with a majority of organizations planning a renewed growth focus and some judicious hiring, while over a third will continue to make targeted workforce reductions.
April 2010
A comparative analysis of asbestos disclosures from annual reports on Form 10-K submitted by public corporations that are known to have been named in asbestos personal injury litigation April 2010
This Bulletin article provides a broad overview of the pricing methodology used on VA living benefit riders, with particular focus on the Guaranteed Minimum Withdrawal Benefit (“GMWB”) feature. April 2010
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Purpose of the study: to assess the stock market rewards to pharmaceutical companies for innovation, which the study defines as both bringing new drugs to the market and diversifying the drug portfolio. April 2010
Towers Watson’s 29th Annual Canadian Survey of Economic Expectations provides forecasts from Canada’s leading business economists, strategists and portfolio managers on 24 Canadian economic and financial indicators, as well as projections for pension investment strategies. March 2010
As the financial climate improves, many U.S. life insurers say they plan to enhance and upgrade essential elements of their enterprise risk management (ERM) function, according to a recent study by Towers Watson and technology service provider CSC, and conducted by the American Council of Life Insurers. March 2010
While pharmaceutical sales compensation plans have remained remarkably consistent, there are signs of more dramatic changes to come. Companies are beginning to change their coverage models in response to cost pressure and the different ways in which buying decisions are being made. This paper highlights key findings from 2009 research on pharmaceutical salesforces. March 2010
Most employees may be losing 5-15 years — about 30% or more — of their retirement income to fees. Towers Watson research suggests fees should be an important consideration when plan sponsors evaluate and select TDFs. The analysis also indicates how the effect of high fees on retirement income can be larger than the effect of variations in glide path design. March 2010
The 2010 Retirement Confidence Survey—the 20th annual wave of this survey—finds that the record-low confidence levels measured during the past two years of economic decline appear to have bottomed out. The percentage of workers very confident about having enough money for a comfortable retirement has stabilized at 16 percent, which is statistically equivalent to the 20-year low of 13 percent measured in 2009. March 2010
For much of 2009 attention was firmly focused on economic recovery, but the year ended with all eyes on Copenhagen and the diplomatic efforts to reach a global agreement to tackle climate change. March 2010
Towers Watson research shows that the impact of organizational culture on workplace safety is an equally significant factor in the development of a safe workplace. March 2010
Amid heightened cost pressures brought about by the prolonged economic downturn, companies are assessing their health care programs to control costs and build healthier and more productive workforces. Despite their efforts, however, employers remain frustrated by employees’ poor health habits and the difficulty in motivating behavior change. Additionally, they are uncertain about the potential for health care reform legislation that could increase their financial and administrative burdens. March 2010
Commercial insurance prices in the United States remained flat during the fourth quarter of 2009, according to Towers Watson's most recent Commercial Lines Insurance Pricing Survey (CLIPS). March 2010
Companies from different industry sectors participated in the 2009 Strategic Compensation Survey. In this document we present the updated results, based on our November 2009 survey, with information on collective and individual salary adjustments applied between June and November, as well as forecast for 2010. March 2010
Multinational pooling and captive benefit financing are increasingly important tools for multinational companies. By better leveraging your global purchasing power through pooling and captive arrangements, you can maximize cost savings for your employee benefit programs around the world and optimize non-financial benefits, such as improved service and underwriting. March 2010
Towers Watson research reconfirms that when organizations address people and culture issues early, strategically and with discipline, they improve their chances of achieving a more successful merger or acquisition deal. March 2010
Reliably measuring and benchmarking an organization’s safety culture leads to improved business performance. Towers Watson can help. March 2010
Even in a soft economy, many renewable energy companies are engaged in a difficult war for talent. This paper provides a current snapshot of the industry's workforce challenge along with key findings of recent Towers Watson research on the industry. March 2010
Towers Watson interviewed 158 companies from different business sectors on salary increases and variable pay trends in Brazil and provides the key findings of the 2009 practices and the expectations for 2010. The information was collected in October and November 2009 and answered by representatives of the participating companies’ compensation areas. March 2010
This paper explores the key differences between IFRS and U.S. GAAP in accounting for employee benefits and stock-based compensation. It looks not just at the existing rules, but also at changes contemplated by the International Accounting Standards Board (IASB). February 2010
With health care costs continuing to climb, the effects of the current economic crisis yet to be shaken off and health reform discussions still underway, employers find themselves at a crossroads. A Towers Watson survey recently found that despite these challenges, employers have never been more interested in workforce health and well-being. February 2010
This white paper examines the human capital challenges facing the health care industry today and how business leaders can position their organizations for success. February 2010
Towers Watson’s quarterly Capital Markets Review provides a high-level summary of capital markets and economic developments. February 2010
Towers Watson’s Property & Casualty Claim Officer Survey focuses on the economic climate’s impact on claim operations, including loss costs, litigation levels, expense management and expense-related claim performance metrics. February 2010
To learn more about how investors are seeking to manage their risks, optimize returns and improve their governance strategies, Towers Watson conducted a global survey of investment managers. The analysis focuses on 98 managers’ views of capital markets, national economies, investment strategies and governance. February 2010
This article, part of our ongoing series on embedding ERM in insurance, analyzes the capital management function’s roles and responsibilities, including collaboration with the risk management function. February 2010
The findings of the fifth in a series of pulse surveys conducted in 2009, which assessed HR's role in achieving M&A success and the specific skill sets that enable HR to contribute most effectively during a merger or acquisition. February 2010
This is a study of the 13 largest pension markets in the world and accounts for more than 85% of global pension assets. The countries included are Australia, Canada, Brazil, France, Germany, Hong Kong, Ireland, Japan, Netherlands, South Africa, Switzerland, the U.K. and the U.S.. February 2010
This paper outlines some of the main fees and terms we have come across in terms of real estate investing and how we would like them to change in order to produce a fairer deal for investors. Although some of the issues identified in this paper are specific to ‘opportunity’, ‘opportunistic’ and ’value-add’ strategies, the points we raise have wider implications and are applicable to all real estate vehicles. January 2010
There is no doubt that emerging markets continue to grow in importance in the context of a global economy, but investment solutions in this area are not simple. Over a number of years Watson Wyatt spent a considerable amount of resource examining the key economic drivers behind the emergence of the structural growth phenomenon taking place in countries such as China and India. Our findings highlighted the complexity many pension funds face when trying to address a portfolio allocation in this area. January 2010
Towers Perrin and Watson Wyatt have come together as Towers Watson, a global company that shares a common set of values and a singular focus: our clients. January 2010
Helps financial executives gain insights into managing defined benefit pension plans in the context of their company's overall financial performance.
December 2009
As recessionary pressures continue to ease and organizations seek an edge to fuel their recovery, talent and performance management are retaking center stage. December 2009
Reduced head count. Increased employee cost sharing for health care. Anxiety about falling 401(k) account balances. Tighter training budgets. If you're an HR manager, you're probably wondering when it will all let up. December 2009
Our data and our experience confirm that organizations have awakened to the importance of having skilled and engaged people at all levels delivering results. December 2009
Despite the economic downturn, organizations continue to take a long-term view of the HR function and see value in supporting it in order to achieve key business goals. December 2009
Fifteen extreme risks that would have a high impact on global economic growth and asset returns if they occurred. The events of the last two years have demonstrated that risk management cannot afford to stop at the 95th percentile and that ways need to be found to factor in very unlikely, but high-impact events. December 2009
This brief glossary of terms highlights expressions plan fiduciaries are likely to encounter in the course of fulfilling their investment responsibilities. December 2009
A new survey conducted in October 2009, a year after the Lehman Brothers' collapse, finds that while the worst may be over, finance executives continue to worry about crucial financing and risk management issues, as well as their ability to carry out acquisitions and other strategic plans.
December 2009
This article, part of our ongoing series on embedding ERM in insurance, describes an analytical framework that can be applied to an insurer’s internal measurement and management system to align value assessment, risk and capital management. December 2009
The quandary posed by underwater options isn't new. Companies face it whenever stock prices tumble for a prolonged period, whether the decline cuts across the market as a whole or falls only on certain hard-hit sectors. December 2009
Frequent recognition is like applause; it rewards the accomplishment in real time. December 2009
The recession has had widespread and unprecedented impact on U.S. employers and their employees. While the worst might be over, companies need to be prepared for the effects to linger even after the economy recovers. December 2009
The 2009/2010 Staying@Work report details current trends and best practices in companys' health and productivity programs, including employer efforts to improve employee health, combat presenteeism and reduce lost time from work. December 2009
Against a backdrop of market bubbles and crashes, two recessions and rising health care expenses, companies have made changes to their retirement programs to mitigate risk and manage costs. Some have shifted risk to their workers by transitioning from defined benefit (DB) to defined contribution (DC) plans. Many have reduced the retirement benefits they provide. If corporate America's commitment to worker retirement plans continues to decline at the pace it has over the past decade, we could see retirement straits in the future that negatively affect employers and employees alike. December 2009
The significant decline in employees’ retirement savings and confidence, coupled with the relatively short history of 401(k)s, has raised questions about the future of DC plans. As companies begin the long climb to recovery and focus on managing costs and providing more effective benefits, we could see longer-term changes on the horizon. December 2009
Employers are using decision-support tools to help employees make better choices about the health care plan they select. They are using more online communication and reducing their reliance on paper materials. December 2009
Companies looking ahead to how they will restructure their reward programs in a recovering economy will no doubt be asking some tough questions about their 401(k) plans. December 2009
Companies that communicate with courage, innovation and discipline, especially during times of economic challenge and change, are more effective at engaging employees and achieving desired business results. Our research has consistently found the firms that communicate effectively with employees are also the best financial performers. December 2009
With no economic recovery in sight, companies are under unrelenting pressure to curb workforce costs. At the same time, they know they need talent — skilled people who remain engaged and committed — to make it through the downturn and refocus on long-term growth. December 2009
A comprehensive approach to measuring ROI. December 2009
Insurance companies remain convinced that enterprise risk management delivers rewards, but many continue to struggle with integrating ERM into their business.
December 2009
Companies with highly engaged employees generate more marketplace power than their competitors. December 2009
Companies are struggling to balance persistent pressures to cut costs with ongoing talent management needs in response to the sour economy. December 2009
Defined benefit pension plans are caught in a period of significant volatility that requires sponsors to better understand investment and cash flow implications while rethinking plan design. December 2009
The survey of employers conducted across 12 countries in Asia-Pacific, highlights a significant gap between the value of benefits provided by the employer and their perceived value by the employees. This represents a key challenge that employers face in the design, implementation and communication of their benefits programs. December 2009
A detailed examination of proxies filed by large corporations. December 2009
Authors Steven Nyce and Sylvester Schieber conclude that if we expand health insurance coverage without controlling costs, we have the potential to soak up future wage growth and crowd out retirement benefits. August 2009
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