WTW plans to boost hiring to overcome talent lost during Aon deal

Global broker  WTW (Willis Towers Watson) is planning to scoop up talent from the market over the coming year in a move to overcome the impacts top executive departures seen during the integration of its failed $30 billion merger deal with Aon, its chief executive officer (CEO) Carl Hess (pictured) indicated in the company's 2021 financial results statement.

“Our hiring levels have increased and we expect that the impacts of previous colleague departures will subside helping us to deliver long-term organic growth and margin expansion in line with our Investor Day expectations,” Hess said.

“Our new global leadership team has been working diligently on our new path forward as we look to execute on our strategic priorities,” Hess added. “We are squarely focused on delivering on our targets and I am confident that the actions we are taking will create value for our clients, colleagues and shareholders.”

Hess somewhat echoed the comments of former WTW CEO John Haley, who earlier in August, suggested a seemingly “aggressive” hiring strategy to attract new employees in a “hot talent market”.

Haley admitted that the company has “lost some valuable colleagues” while it was in the process of merger with Aon due to the uncertainties involved, but argued that its client retention rates have remained at the same level as prior years and its top leadership ranks have remained intact.

For the year ended December 31, 2021, WTW grew its revenue by 4% and organic revenue by 6% for the financial year 2021. The total revenue came in at $9 billion for the year, versus $8.62 billion in the prior year.

Net income attributable to WTW, which includes discontinued operations (i.e Willis Re), was $4.2 billion for 2021, an increase of 324% from $996 million for the same period in 2020.

The 2021 figures included the $1 billion income receipt related to the termination of the proposed Aon transaction.

Commenting on the results, Hess said: “For the year, we delivered revenue growth and meaningful margin expansion. While the results are in line with our expectations, they do not fully reflect the near and long-term potential of the Company.

“Looking ahead to 2022, we remain committed to doing the work that’s needed to strengthen performance.”

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