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) 884-0410mmilkint@jacobsononline.comwww.jacobsononline.com