WAGING THE WAR FOR TALENT AND OTHER HOT BUTTON HR ISSUES: Viewpoints from an Industry Insider Presented by: Margaret Resce Milkint Managing Partner 2014 Chicagoland IASA Event
"Change can either challenge or threaten us...Your beliefs pave your way to success or block you." -Marsha Sinetar, Author and Educator
Unemployment Rate 6.7% (overall) 2.1% (Insurance) Source: Bureau of Labor Statistics (BLS)
Recruiting Challenges Positions rated 5 or above are considered moderate or difficult to fill. Source: The Jacobson Group and Ward Group Semi-Annual U.S. Insurance Labor Outlook Study, January 2014
The median age for insurance professionals is 45 YEARS. Only 26.67%of industry workers are under the age of 35. Source: BLS
Workers aged 45 and older make up 48%of the industry workforce. Nearly half of industry professionals will be retired or on the verge of retirement within 15 years. Source: BLS
For the first time in history, four generations are working side by side. Source: BLS
Generational Snapshot Source: U.S. Census Bureau
Traditionalists(1900 – 1945) Strong work ethic Value work and job Place duty before pleasure Reluctant to technology changes • Hot Buttons: • Flexibility • Privacy • Respect Source: U.S. Census Bureau
Working with Traditionalists Communicate face-to-face. Take a more formal approach. Value their experience; tap into their knowledge base. Honor the chain of command.
Baby Boomers(1946-1964) Workaholics Find sense of self in the work they do Extremely competitive Sometimes resistant to change • Hot Buttons: • PTO/Flexibility • Privacy • Respect Source: U.S. Census Bureau
Working with Baby Boomers Be 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)
Generation X(1965-1976) Value productivity Work-to-live mindset Technically competent Independent and entrepreneurial • Hot Buttons: • Work/life balance • Flexibility • Challenge and autonomy Source: U.S. Census Bureau
Working with Generation X Do not micromanage. Allow them to multi-task. Use technology. Be open, honest and casual.
Millennials(1977-1995) Want to make an impact Collaborative and energetic High employer expectations Technologically savvy • Hot Buttons: • Upward mobility • Team work • Flexible hours Source: U.S. Census Bureau
Working with Millennials Create a collaborative environment. Encourage new ideas and be flexible. Commit to diversity. Promote mentorships and provide leadership.
Staff Increases by Function Most Likely Least Likely Most in Demand Least in Demand Source: The Jacobson Group and Ward Group Semi-Annual U.S. Insurance Labor Outlook Study, January 2014
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.
Benefits of Diversity Wider range of perspectives Broadened talentbase Deeper client connections Improved retention and performance
Women and men make up equal portions of the workforce. BUT… Women make up only 12%of insurance industry board seatsglobally. Only 6%of top insurance industry executive positions are filled by women. Source: BLS and St. Joseph’s University
Male allies and champions are invaluable! Signifies working together to achieve equality
Sponsorship provides an opportunity to connect with leaders and visualize new opportunities. Sponsorsprovide 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 Milkint Managing Partner The Jacobson Group +1 (312) 884-0410 firstname.lastname@example.org www.jacobsononline.com