WAGING THE WAR FOR TALENT AND OTHER HOT BUTTON HR ISSUES: Viewpoints from an Industry Insider
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Transcript of WAGING THE WAR FOR TALENT AND OTHER HOT BUTTON HR ISSUES: Viewpoints from an Industry Insider
WAGING THE WAR FOR TALENT AND OTHER HOT BUTTON HR ISSUES:
Viewpoints from an Industry Insider
2014 Chicagoland IASA Event
Presented by: Margaret Resce Milkint Managing Partner
"Change can either challenge or threaten us...Your beliefs pave your way
to success or block you." -Marsha Sinetar, Author and Educator
Growing Talent Drain
Source: Bureau of Labor Statistics (BLS)
6.7% (overall)
2.1% (Insurance)
Unemployment Rate
Jan-00 Dec-00 Nov-01 Oct-02 Sep-03 Aug-04 Jul-05 Jun-06 May-07 Apr-08 Mar-09 Feb-10 Jan-11 Dec-11 Nov-12 Oct-130.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Overall Insurance & Related
Recruiting Challenges
Operations
Accounting
Claims
Compliance
Sales/Marketing
Underwriting
Product Management
Technology
Executives
Analytics
Actuarial
0 1 2 3 4 5 6 7 8 9 10
January 2014
Source: The Jacobson Group and Ward GroupSemi-Annual U.S. Insurance Labor Outlook Study, January 2014
Positions rated 5 or above are considered moderate
or difficult to fill.
Only 26.67% of industry workers are under the age of 35.
The median age for insurance professionals
is 45 YEARS.
Source: BLS
Nearly half of industry professionals will be retired or
on the verge of retirement within 15 years.
Workers aged 45 and older make
up 48% of the industry workforce.
Source: BLS
Multi-Generational Workplace
Source: BLS
For the first time in history, four generations are working side by side.
Source: U.S. Census Bureau
Generational SnapshotTraditional-ists (1900-
1945)
Baby Boomers
(1946-1964)
Generation X (1965-1976)
Millennials (1977 - 1995)
Source: U.S. Census Bureau
Traditionalists(1900 – 1945)
Strong work ethicValue work and jobPlace duty before pleasureReluctant to technology changes
Hot Buttons:• Flexibility• Privacy• Respect
Working with TraditionalistsCommunicate face-to-face.Take a more formal approach.Value their experience; tap into their knowledge base.Honor the chain of command.
Source: U.S. Census Bureau
Baby Boomers(1946-1964)
WorkaholicsFind sense of self in the work they doExtremely competitiveSometimes resistant to change
Hot Buttons: • PTO/Flexibility• Privacy• Respect
Working with Baby BoomersBe clear on objectives and desired results.Be patient with their need to work through Bureaucracy.Give them your full attention.Acknowledge that you have less experience.(when appropriate)
Source: U.S. Census Bureau
Generation X(1965-1976)
Value productivityWork-to-live mindsetTechnically competentIndependent and entrepreneurial
Hot Buttons:• Work/life balance• Flexibility• Challenge and
autonomy
Working with Generation XDo not micromanage.Allow them to multi-task.Use technology.Be open, honest and casual.
Source: U.S. Census Bureau
Millennials(1977-1995)
Want to make an impactCollaborative and energeticHigh employer expectationsTechnologically savvy
Hot Buttons:• Upward mobility• Team work• Flexible hours
Working with MillennialsCreate a collaborative environment.Encourage new ideas and be flexible.Commit to diversity.Promote mentorships and provide leadership.
Analytics and Social Media
Staff Increases by Function
Technology Underwriting Claims Sales/Marketing
Analytics Operations Actuarial Product Management
Accounting Compliance Executives0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
14-Jan
13-Jan
12-Jan
Source: The Jacobson Group and Ward GroupSemi-Annual U.S. Insurance Labor Outlook Study, January 2014
Most Likely
Least Likely
Most in Demand
Least in Demand
Nearly 3 out of 4 insurance companies think analytics will give them a
competitive edge.
Source: U.S. Department of Labor
Participate in continuing education opportunities and analytics training.
A new person joins LinkedIn every second.
Facebook has 1 billion active users.
Twitter receives 5,700 tweets every second.
Source: Leverage
79% of companies are already using or planning to use social media in their business strategy.
Source: www.inc.com
Social media is not about which platform is better; it is about cultivating relationships.
Stick to the platforms that most effectively enable you to engage your target audience.
Workplace Diversity
Wider range of perspectivesBroadened talent baseDeeper client connectionsImproved retention and performance
Benefits of Diversity
Women and men make up equal portions of the workforce.
BUT…
Women make up only 12% of insurance industry board seats globally.
Only 6% of top insurance industry executive positions are filled by women.
Source: BLS and St. Joseph’s University
Women Men
Male allies and champions are invaluable!
Signifies working together to achieve equality
Sponsorship provides an opportunity to connect with leaders and visualize new opportunities.
Sponsors provide direct and honest feedback about what it takes to be successful.
“It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change."
-Charles Darwin, Naturalist and geologist
Questions?
Thank You! Margaret Resce MilkintManaging PartnerThe Jacobson Group+1 (312) [email protected]