Navigating a Multigenerational Workforce: The Brave New World of Insurance Talent Presented by: Margaret Resce Milkint Managing Partner

Transcription

1 Navigating a Multigenerational Workforce: The Brave New World of Insurance Talent Presented by: Margaret Resce Milkint Managing Partner 2014 AmComp Fordham Conference

2 Strength lies in differences, not in similarities. -Stephen R. Covey, The Seven Habits of Highly Effective People

3 Labor Study Indicates Industry Stabilization U.S. Unemployment Remains Low The Global Talent Crunch State of the Industry Staffing Firms Optimistic One in Three Workers in the U.S. is a Freelancer The Affordable Care Act and the Labor Market Expectations Shift as Gen Y Moves into the Workforce Workplace Diversity Efforts Struggle Are You Millennial-Ready? Employment Trends Show Reason for Optimism

4 Unemployment Rate 12.0% 10.0% 8.0% 6.0% 6.1% (overall) 4.0% 2.0% 2.4% (Insurance) 0.0% Overall Insurance & Related Source: BLS

5 Recruiting Challenges Positions rated 5 or above are considered moderate or difficult to fill. Technology Actuarial Analytics Executives Product Management Underwriting Claims Compliance Sales/Marketing Accounting Underwriting- Operations July Source: The Jacobson Group and Ward Group Semi-Annual Insurance Labor Outlook Study, July 2014

6 Emerging Fields Cyber Risk and Analytics: dynamic new disciplines in the digital revolution Insurers are expected to add 23,700 analytics jobs by Source: BLS Accenture Institute for High Performance

7 Analytics talent supply is not expected to keep pace with the increased job growth. The U.S. could see a shortfall of more than 260,000 analytics experts by the year Source: Accenture Institute for High Performance

8 The War for Talent Companies must therefore address the needs of talent at all levels of the organization. Unsung segments are often as critical to overall success as A players. -McKinsey&Company

9 Workers aged 45 and older make up 48% of the industry workforce. Nearly half of industry professionals will be near retirement within 15 years. Source: BLS

10 Only 26.67% of industry workers are under the age of 35. The number of insurance professionals aged 55 and older is nearly 30 percent higher than the rest of the economy. Source: BLS

11 Major talent influx needed to fill the gap of near-term retirees. Graduates from risk and insurance programs meet only 10-15% of the industry need.

12 Millennials make up 25 percent of the U.S. workforce and are expected to form 50 percent of the global workforce by Millennials are the logical solution to fill the growing talent gap. Source: PwC

13 What About Insurance? Insurance is seen as boring and uninteresting. Source: PwC

14 Rebranding Insurance Move beyond insurance as sexy and rebrand insurance as good. Insurance is a noble profession with integrity, competitive compensation, low unemployment and unlimited potential!

15 Build awareness of insurance employment opportunities. Focus on educating and enlightening young professionals and recent graduates (0-3 years). Create a grassroots buzz!

16 Utilize sites such as MyPath to promote internship opportunities and inspire Millennials to join the industry.

17 The Growing Need for Succession Planning One of the things we miss in succession planning is that it should be gradual and thoughtful so that it s almost a non-event when it happens. -Anne M. Mulcahy, former Xerox CEO

18 Organizations and their boards need to take a closer look at succession planning. 27% adversely affected financially by a lack of planning. Source: CareerBuilder

19 Build your talent pipeline now. Develop your potential leaders now to avoid succession gaps in the future! Assess your current workforce now to see where leadership capacity is and isn t met.

20 Succession Planning Best Practices Establish ownership and oversight. Set succession goals and time frames. Develop compelling talent management and implementation. Utilize HIPOs to ensure success. Impact and Retain.

21 Succession Planning Means Mastery of the talent life cycle. Pinpointing weakness and driving changes. Growing your company s core business. Getting the right people in the right jobs. Operating with transparency and urgency.

22 Workplace Demographics Never before has demographic change happened so quickly. -Ernst & Young

23 Generational Snapshot Traditionalists ( ) Baby Boomers ( ) Generation X ( ) Millennials ( ) Source: U.S. Census Bureau

24 Workforce Breakdown Traditionalists Millennials 13% 29% Baby Boomers 27% Generation X 31% Source: U.S. Census Bureau

25 Navigating A Multigenerational Workplace No homogeneous talent pool can be innovative. Diversity is essential. -Kathy Hannan, KPMG LLP

26 Organizations are balancing a generation gap of more than 50 years between the oldest and youngest employees. Nearly 25% of HR professionals report generational conflict in their workplaces. More than 79% of the general public say there is a generational gap in American society. Source: Society for Human Resource Management and Pew Research Center

27 Working with Traditionalists Likes: Logical job processes Goal-oriented projects Respectful management Consistent communication Respect the chain of command. Communicate face-to-face. Value experience. Be formal. Dislikes: Trendy management styles Indecisive managers Profanity in communication Touchy-feely work environment Source: U.S. Census Bureau

28 Working with Baby Boomers Likes: Mission focused projects Democratic decision making Caring work environment Equal treatment of employees Pay full attention. Respect experience. Be patient. Be clear. Dislikes: My-way-or-the-highway management Lack of reception to presented ideas Brusque communication Overly bureaucratic job processes Source: U.S. Census Bureau

29 Working with Generation X Likes: Opportunities for professional growth Flexible work environment Direct communication Goal-oriented projects Promote the use of technology. Allow independent work. Support multi-tasking. Be open and honest. Dislikes: Managers who don t walk the talk Overly bureaucratic job processes Flashy work environments Micromanagement Source: U.S. Census Bureau

30 Working with Millennials Likes: Projects that support organizational goals Opportunities for personal growth Motivational management Collaborative work environment Support diversity and inclusion. Provide workplace flexibility. Encourage mentorships. Foster collaboration. Dislikes: Coworkers who don t value their experience Disorganized management Cynical workplace Condescending communication Source: U.S. Census Bureau

31 Managing Across Generations Fight stereotypes and generalizations with cross-generational discussion. All generations crave acknowledgement and respect in the workplace. Each generation is motivated by personal goals, seeks flexibility and the opportunity for rewarding work. Source: AARP

32 Managing Across Generations Don t just build tolerance, build diversity & inclusion. Embrace different perspectives, backgrounds and insights. Ask! You ll never know what your employees want or need if you don t ask. Celebrate uniqueness! Source: AARP

33 The strength of the team is each individual member. The strength of each member is the team. -Phil Jackson, NBA Coach

34 Questions? Thank You! Margaret Resce Milkint Managing Partner The Jacobson Group +1 (312)