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Employee Retention of Aon Corporation

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Employee Retention of Aon Corporation
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Pratik Kukreja
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Employee Retention of Aon Corporation - March 31st, 2011

Aon Corporation (NYSE: AON) is a provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. It is based in the Aon Center in Chicago Loop Illinois, United States.[3] In July 2007, Aon Corp. was ranked as the world's second largest insurance broker.[4]
Aon was created in 1982, when the Ryan Insurance Group (founded by Pat Ryan in the 1960s) merged with the Combined Insurance Company of America (founded by W. Clement Stone in 1919). In 1987, that company was introduced to Wall Street as Aon, a Gaelic word meaning “oneness”. Combined Insurance was sold to ACE Limited in April 2008.
On August 22, 2008, Aon announced that it had acquired London-based Benfield Group. The acquiring price was US$1.75 billion or 935 million, with US$170 million of debt.[5] Today, the company is best known internationally as the principal sponsor of English football giant, Manchester United.[6][7]
On July 12, 2010, Aon announced that it has agreed to buy Lincolnshire, IL based Hewitt Associates for $4.9 billion in cash and stock.

Flexible benefits to provide UK workers with Christmas cheer
20% of companies are considering implementing flexible benefits
Nine out of ten cite employee motivation, staff attraction and retention as key reasons for flex

LONDON, 25 November 2009 While 2009 will go down as a year of cost-cutting for many businesses, one in five employers are still considering offering a flexible benefits package to their workers as a perk and to attract new talent, according to Aon Consulting, the leading employee risk and benefits management firm. Employers are increasingly realising that not only are flexible benefits a way to reward staff for their loyalty and hard work, flex also allows companies to control, and potentially even reduce, their spend on benefits.

A flexible benefits programme allows employees to pick and choose their benefits. Some of the standard benefits which might add a little Christmas cheer include the ability to buy or sell holiday time, subsidised private medical insurance, tax-efficient loans to obtain a bicycle to encourage ‘cycle to work’ schemes, childcare vouchers, discounted retail vouchers or even tax-efficient charity giving.

Some employers, though, are thinking extremely creatively and offering perks such as First Home Purchase Plans to capitalise on current low property values, a “Vehicle Benefits” package to reduce the cost of private motoring, and even skin cancer screening.

The 2009 Aon Employee Benefits and Trends Report, a survey of 650 employers across 13 sectors, also revealed that 94% of employers that currently have a flexible benefits programme implemented it as a motivational tool and for employee retention and attraction, rather than as a means of cost-cutting.

Commenting on these findings, Gareth Ashley-Jones, head of flexible benefits, Aon Consulting said: “It has been a tough year all round for both employees and employers. In many cases motivation might be ebbing, and flex is increasingly been seen as a cost-efficient method to give something back to workers. Companies that want to provide a cost-effective perk for staff who are doing a good job under very difficult circumstances can turn to flex as a cost-controlled way of delivering tailored benefits.

“Flexible benefits recognise that everyone has individual needs and that people may not, for example, value private healthcare but will value assistance paying for childcare. More strategically, many companies are using the recession as a time to put in place a benefits programme in time for the recovery, so they are able to recognise and reward their star performers with an attractive benefits package when the war for talent kicks off again.”

On March 17, 2011, the Organization and Compensation Committee (the "Committee") of the Board of Directors of Aon Corporation ("Aon") approved performance-based long-term incentive awards to certain of Aon's executive officers who will be named in the Summary Compensation Table for Fiscal Years 2010, 2009 and 2008 of Aon's Proxy Statement for the 2011 Annual Meeting of Stockholders (the "Named Executive Officers"). The awards for the Named Executive Officers and other eligible recipients were granted pursuant to the Leadership Performance Program (the "LPP") and the Aon Hewitt Performance Program (the "AHPP"), which were approved and adopted by the Committee on March 17, 2011 as sub-plans of the Aon Stock Incentive Plan, as amended and restated. The LPP and AHPP form part of Aon's broad-based stock award strategy that is intended to drive the overall success of Aon while encouraging employee retention.

Each LPP award represents performance share units that will be earned and settled in Aon common stock based upon Aon's performance relative to a cumulative adjusted earnings per share target over the period beginning January 1, 2011 and ending December 31, 2013 (the "LPP Performance Period").

Each AHPP award represents performance share units that will be earned and settled in Aon common stock based upon Aon Hewitt's performance relative to a cumulative adjusted segment pretax income target over the period beginning January 1, 2011 and ending December 31, 2013 (the "AHPP Performance Period").

Under each of the LPP and the AHPP, the total performance score can range from a minimum of 0% to a maximum of 200% of target. In addition, under each of the LPP and the AHPP, the Committee has the discretion to adjust Aon's performance results or the target to take into account extraordinary or unusual items occurring during the respective performance period. The nominal value of the awards under each of the LPP and the AHPP was determined by the Committee, and the number of target performance share units was calculated as of the date of grant based upon the fair market value of Aon common stock as of such date. Upon completion of the LPP Performance Period and the AHPP Performance Period, awards under each program will be determined and settled in shares of Aon common stock.

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