Preparing for Turnover and Workplace Evolution Cheryl Bendtsen
Preparing for Turnover and Workplace Evolution Cheryl Bendtsen and Mark Siciliano Helmsman Management Services
Millennial Gen Xer Cheryl Bendtsen Mark Siciliano VP Claims, Shared Services, Helmsman Management Services VP & Managing Director, Helmsman Management Services/ East Division 2
They are lazy, entitled narcissists. The youth now love luxury. They have bad manners, contempt for authority. They are the future of the workforce and we can work it out. They have trouble making decisions. They would rather hike the Himalayas than climb the corporate ladder. 3
Drones Affordable Care Act Sharing economy Real-time service expectations 24 Affordable Care Act Distracted driving Hours Polarization of claims Computeraided driving Fraud & social media 4
Driverless technology When will is already here. driverless technology affect us? FULL AUTONOMOUS VEHICLE Traffic sign recognition Lane stability system Adaptive cruise control Autonomous parking Blind spot warning Lane departure warning Autonomous braking Bumper impact alert Cruise control Computer-Aided Driving 5
Winning the evolving workforce 52. 7 M 53. 5 M Disruption Adaptation 44. 6 M Opportunity Baby Boomers Gen Xers Millennials 6
Balancing generational differences Leaders can leverage generational strengths Millennials Gen Xers Boomers Loyal Adaptable Innovative Strong work ethic Results-driven Team-oriented “One size fits Technologically savvyall” doesn’t fit. Good communication skills Digital natives Benefits of balance among generations 4 Leading effectively 4 Satisfying specific Liberty Mutual Insurance customer needs perspectives 4 Maximizing strengths and 7
Work connected to the greater good Leveraging cuttingedge technology Feedback and positive reinforcement Desire for opportunities and to move up quickly What do Millennials value? Formal leadershipdevelopment opportunities Exposure to different jobs and aspects of the business 8
Work connected to the greater good Leveraging cutting-edge technology Feedback and positive reinforcement Desire for opportunities and to move up quickly 78% are influenced by how innovative a company is when deciding whether or not to work there. Formal leadershipdevelopment opportunities Exposure to different jobs and aspects of the business 9
80 billion Total estimated annual cost: $ “Paper” accidents Systemic cycling of claimants Organized crime Doc in a box 10
Results: § Claim denied § Referred to National Insurance Crime Bureau 11
Work connected to the greater good Desire for opportunities and to move up quickly 84% Leveraging cuttingedge technology Feedback and positive reinforcement rank “purpose” supreme when evaluating whether they are in the right job and want to stay there. Formal leadershipdevelopment opportunities Exposure to different jobs and aspects of the business 12
Caring and empathy Security and protection Growth and innovation Community and working together 13
Top 10 Millennial Employers 1 Google 2 Walt Disney 3 St. Jude’s Children’s Hospital 4 Apple 5 FBI 6 Local Hospital 7 Microsoft 8 CIA 9 Health Care Service Corporation 10 Children’s Health of Atlanta Liberty Mutual Insurance 14
Insurance must tell a better story Caring and empathy for customers and the injured Protecting customer property, information and financial security Enabling new businesses to launch and grow Supporting workers and employers while helping people get back to work 15
Desire for opportunities and to move up quickly Work connected to the greater good Leveraging cuttingedge technology Feedback and positive reinforcement >50% of Millennial workers hope to be working for another employer within the year. Formal leadershipdevelopment opportunities Exposure to different jobs and aspects of the business 16
Evolve hiring mindset Only hire “wows” § Beyond aptitude, hire for attitude Benefit Ensures you are hiring employees who can advance and succeed 17
Work connected to the greater good Leveraging cuttingedge technology Feedback and positive reinforcement Desire for opportunities and to move up quickly >60% of Millennials leave their company within three years. Formal leadershipdevelopment opportunities Exposure to different jobs and aspects of the business 18
Our research shows that the lowest-performing front-line managers have three times the turnover of the highest-performing front-line managers. 3 x 19
Lift the entire organization: Invest in leadership Mentorship Development programs § Candidate learns from leaders § Candidate becomes the leader § Senior leadership mentorship § Trying opportunities helps inform can drive culture Liberty Mutual Insurance future planning 20
Work connected to the greater good Leveraging cuttingedge technology Desire for opportunities and to move up quickly 87% of companies say it costs $15 -25 K to replace a departed Millennial employee. Feedback and positive reinforcement Formal leadershipdevelopment opportunities Exposure to different jobs and aspects of the business 21
Liberty Mutual Insurance Challenging projects Exploration of career goals Connection to top leaders Executive support Sponsorship Mentoring Building successful careers 22
Work connected to the greater good Leveraging cuttingedge technology Desire for opportunities and to move up quickly Most Millennials say they leave their jobs because they don’t consider the jobs to be “a good cultural fit. ” Feedback and positive reinforcement Formal leadershipdevelopment opportunities Exposure to different jobs and aspects of the business 23
What we’ve learned Minor changes to recruiting, You WANT Millennials on your team. Some principles remain the same, such as communication and feedback. Liberty Mutual Insurance development and management can elevate you to an employer of choice. Invest in your teams and build mutual commitment. 24
Keeping the hotel § happy § Customer: Hotel Parking attendant damages guest vehicle § Empathy for customer § Connection with guest § Customer wowed by claims handler, writes letter of thanks. Liberty Mutual Insurance 25
Calm through the first claim § Customer: Small commercial, first claim § Carrier would not pay § Subrogation specialist walks the customer through arbitration § We won arbitration and got the customer’s money back! Liberty Mutual Insurance 26
Nurse jumps into § action § Customer’s employee goes into cardiac arrest. Our nurse goes to the hospital after hours. § Stays with injured worker’s wife until her family arrived § Provides hotel room, updates, support Liberty Mutual Insurance 27
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