Attracting and Retaining Quality Adjusters

Transcription

1 Attracting and Retaining Quality Adjusters Presented By: Bill Bunzel, Property Liability Claims Manager, Society Group Susan Collette, Claims Examiner, Amica Mutual Group Susan Henry, Senior Vice President, The Jacobson Group PLRB/LIRB Claims Conference March 2007 Orlando, Fla.

2 Agenda Understand the market. Recruit the best. Retain excellence.

3 Understand the Market Continued industry job growth + Mass exodus of baby boomers + Less skilled industry workers Shortage of talent Increased turnover

4 Industry Job Growth: Insurance industry labor market is expected to grow at 10%. Total U.S. Employment 9.5 Management/Business/Finance 14.1 Top Executives Human Resources/Training/Labor Relations Claims 14.6 Underwriters 6.0 Actuaries 10.9 Agents 8.6 Customer Service Representatives 20.0 Accountants/Auditors 14.0 Source: Bureau of Labor Statistics

5 Mass Exodus of Baby Boomers Someone turns 50 every eight seconds. 1/3 of the nation s population is included in the baby boomer generation. 43 percent of the labor force will be eligible for retirement within the next ten years. We are losing workers due to the aging workforce faster than our labor force is being re-supplied; this will result in a supply/demand gap of 10 million workers by 2010, 40 million workers by 2015.

6 Less Skilled Industry Workers Supply/Demand Excess jobs Lack of skilled workers to fill those openings

7 Less Skilled Industry Workers 60,000 CPCU Examinations Given 50,000 40,000 30,000 20,000 10, Source: American Institute for CPCU

8 Less Skilled Industry Workers Estimated Claims Adjuster Hiring Requirements (2014) 320, , , , ,000 84,000 hires required Source: Bureau of Labor Statistics

9 Your Employees Are Job Searching 65% of U.S. workers launched a job search last year. How serious are your employees? Interviewed Researched alternate careers 18.10% 16.80% 34.30% 46.80% HR Perspective Reality Networked 28.80% 52.70% Posted/ ed resume 24.90% 56.70% Read classifieds 36.80% 62.80% Updated resumes 32.30% 77.90% Surfed postings online 38.80% 79.40% Source: Salary.com

10 Industry Turnover Rate Percentage of Quits, Insurance and Finance, % 14% 13% 13.2% 13.7% 14.1% 12% 11% 11.2% 10% Source: Bureau of Labor Statistics

11 The Cost of Turnover Cost of covering the position (other employees time or cost of temporary worker) + HR s time screening and interviewing + Hiring Manager s time interviewing + New employee s salary and benefits + Other employees time training + Time to get to full productivity 2-3X the original employee s comp

12 Recruit the Best Define. Locate. Attract. Guarantee fit.

13 DEFINE TALENT What work experience makes a good candidate? Look beyond the resume and career history to transferable experience, style and character.

14 What Makes a Quality Adjuster? There is more to it than can he/she pay a property claim? Key Competencies Exercise

15 GUARANTEE FIT Remember that an interview is about discovering if the candidate can do the job, will do the job and is a culture fit. Everyone has a bad interview day. Don t get sold. Complete a 360-degree interview to ensure culture/team fit. Have interviewees meet with supervisors, peers, etc. Utilize the behavioral interview technique to obtain concrete examples of how the candidate can/will fit.

16 Employ the Behavioral Interview Identify critical success factors for the role (CSF). Set the stage for open and honest dialogue. Explore examples of how the candidate displayed these CSFs. Search For STAR Select based on answers and capabilities.

17 Employ the Behavioral Interview Identify critical success factors for the role (CSF). What are the key attributes needed for someone to be a quality adjuster? What questions will allow the candidate to display that they have performed in this way in the past? What information will convince me that this candidate is competent?

18 Employ the Behavioral Interview Identify critical success factors for the role (CSF). Set the stage for open and honest dialogue. Let them get to know you and get comfortable. Talk about the process you use to identify talent and match people with opportunity. Tell them you will not be asking the typical interview questions.

19 Employ the Behavioral Interview Identify critical success factors for the role (CSF). Set the stage for open and honest dialogue. Explore examples of how the candidate displayed these CSFs. Pose questions that will get at how the CSFs for this job have been part of their past behaviors. Ask questions that force them to use examples. Keep the conversation focused. PUSH on anything that is left glossed over or unanswered.

20 Employ the Behavioral Interview Identify critical success factors for the role (CSF). Set the stage for open and honest dialogue. Explore examples of how the candidate displayed these CSFs. Search for the Situation, Task or Action, and Result that helps you see their capabilities to fit this role effectively. If you don t feel like your question is answered, circle back. Don t be afraid to say you don t understand. Search For STAR Select based on answers and capabilities.

21 Employ the Behavioral Interview Identify critical success factors for the role (CSF). Set the stage for open and honest dialogue. Explore examples of how the candidate displayed these CSFs. Remain open-minded. Choose the candidate whose past experience and competencies are the best match for your role. Trust your gut. Search For STAR Select based on answers and capabilities.

22 LOCATE TALENT Non-traditional sources Internet New college graduates

23 Broaden Your Candidate Base Aside from your competitors, where do good candidates come from? Other industries: banking, mortgage lenders Non-traditional candidates: return-to-work mothers/fathers, early retirees, military Initiate and be open to recruiting skilled professionals/management WITHOUT insurance experience. Consider horizontal moves within the industry: a broker to a claims adjuster.

24 Add the Internet to Your Tool Box 98 percent of all job seekers are turning to the internet when searching for a new opportunity. Post your jobs on your company website and on industry or discipline-specific job boards. Access resume databases and search resumes: Use variations of your keyword (i.e., work comp, workers compensation) Try searching for competitors names. Conduct searches on various engines.

25 Step Up New Graduate Recruiting Understand their mindset: Their ideal opportunity: A strong corporate brand/culture Compensation and training Upward mobility They are 120% more likely than older counterparts to look on the Internet for jobs. They are 67% more likely to leave their current employer within the next two years.

26 Step Up New Graduate Recruiting Partner with insurance-focused universities (i.e., Georgia State, University of Georgia, Indiana State, Katie School at Illinois State, University of Wisconsin). Develop internships, career shadowing and scholarships programs. Build buzz on campuses: On-Campus recruiting Speakers at seminars Corporate headquarter open houses Break the insurance is not sexy stereotype.

27 ATTRACT TALENT Remember hiring is a two-way street. Write a job description that excites talent and speaks to their wants and needs. Enlist the talents of your marketing department to create more appealing ads and position descriptions.

28 Sell Your Job and Company Convince talented professionals that your job and your company represent the best opportunity. Describe opportunity (strategic impact, vision and culture) with knowledge and passion. Market your development and retention programs. Select recruiters/interviewees who are great company and industry ambassadors.

29 Recruit 365 Days/Year Everyone is a potential candidate; impress! 30-Second Elevator Speech Exercise

30 Retain Excellence Get in their heads. Create a positive work environment. Empower them. Give the hidden paycheck.

31 GET IN TALENT S HEADS What motivates talent? Great Company Values and culture Well-managed Exciting challenges Strong performance Industry leader Talented employees Strong development Inspiring mission Fun Job security Compensation/Lifestyle Differentiated, high total compensation Geographic location Respect for lifestyle Acceptable pace and stress Great Jobs Freedom and autonomy Exciting challenges Career advancement and growth Fit with admirable boss Source: McKinsey Quarterly

32 What Can You Offer Talent? Respect, Recognition, Rewards Sweetening the Pot Exercise

33 GIVE TALENT THE HIDDEN PAYCHECK Benefits Everyone provides health benefits. Differentiate yourself: Pay a higher percentage of the premium. Offer more benefits (dental, vision). Flexible Work Environment Half-day Fridays Telecommuting options

34 CREATE A POSITIVE WORK ENVIRONMENT Offer variety in the position. Bring human touch into the workplace. Reinforce the right behaviors to get the right results. Show your appreciation at the time it is deserved, not just at the holidays or quarterend. Gift certificates Early starts to holidays/weekends Paid days off

35 It Starts with Management Employees draw their perception of the company directly from the person they report to. Good managers protect employees from bad senior management. On the flip side, a company s senior management might be great, but all the employee may see is his/her manager. A great manager possesses the emotional intelligence necessary to coach and lead. Corporate values must be demonstrated organization-wide, at every level!

36 EMPOWER TALENT Develop your own. Involve the employee in the development process. Understand each employee s individual career goals. Create individual development plans for each employee. Define measurable objectives and goals. Give the employee ownership of the process.

37 Training and Development Trends New learning vehicles Cross-training Planned career rotations Stretched work roles Subject Matter Experts Individual career building: coaching, shadowing and mentoring

38 Training and Development Trends Approaches Involve all levels with corporate or departmental changes (get buy-in which will make training easier). Involve management in training programs (face time and emphasizes importance).

39 The Power of Mentorships Ability to connect with leaders who are not their managers Further insight on what it takes to be a leader, thrive in the position/industry Additional company perspective Ability to obtain guidance and suggestions

40 The Power of Mentorships Being a leader changes everything. Before you are a leader, it is all about you. It s about your performance, your contributions. It s about getting called upon and having the right answers. When you become a leader, success is all about growing others. Your success as a leader comes not from what you do but from the reflected glory of the people you lead. -Jack Welsh, CEO, GE

41 The Market: Shortage of Talent Increasing Turnover The Strategy: - Define Talent. - Guarantee Fit. -Locate Talent. - Attract Talent. - Retain Excellence. The Outcome: A loyal, prepared staff ready and willing to contribute to your company s current and future success