We Can Work It Out: Integrating Millennials Into the Workplace Handouts/RIMS 16/CAD005/CAD005_Liberty... · We Can Work It Out: Integrating Millennials Into the Workplace (CAD005)

We Can Work It Out: Integrating MillennialsInto the Workplace

(CAD005)

Speakers:

Melissa Dunn, VP and Managing Director, Helmsman Management

Stephanie Conner, Senior Analyst, Risk Management, The Walt Disney Company

Melissa Dunn, VP and Managing Director, Helmsman Management

Learning Objectives

At the end of this session, you will:

• Understand the impact of changing demographics on the workforce and in particular insurance and claims industry

• Evaluate practices to increase engagement and combat turnover

• Learn about innovative programs to attract, retain and develop young talent

Changing Demographics

MILLENNIALS

adults ages 18-34, born between

1981-1997

53.5M Millennials

52.7M Gen Xers

44.6M Baby Boomers

3.7M Silent Generation

Pew Research Center analysis, Wall Street Journal, “Millennials

Become the Biggest Generation in the U.S. Workforce,” May 11, 2015

Impact to Businesses

SHIFTING WORKPLACE EXPECTATIONS

Millennials will require the workplace to adapt.

HIGH LEVELS OF WORKFORCE

DISRUPTION

Retirements and Recruitment

OPPORTUNITY

A highly educated workforce

Digital expertise

Fresh perspectives and new

levels of energy

What Do Millennials Value?

Feedback and positive

reinforcement

Formal leadership-development opportunities

Desire for opportunities and to

move up quickly

Work connected to the greater good

Access to technology and

collaborative workspaces

Opportunity to work remotely and telecommute

Exposure to different jobs and aspects of

the business

Engagement and inclusion

Adapting the Work Environment

Attract and Retain Talent

Maintain Standards

Establish Multi-Generation Cohesion

Flexibility

Leadership training

Technology and workplace enhancements

Employee-resource groups

Rotational programs

The Perception ProblemWhen we think of insurance jobs….what comes to mind…

• Repetitive, desk job, adversarial, complicated

• Several things have impacted the nature of the work –

• Demand for big data and analytics

• Enhanced Compliance Requirements

• Telecommuting

The Upside Reality

• Plenty of jobs

• Competitive salaries

• Stability

• Career Growth

• Flexibility

• International opportunities

• Claim departments can be interesting and fun

Rebranding the Position –Strategies for Attraction and Retention

• Success with Risk Management / Insurance major grads in claims has been variable

• Expectations for promotion and growth

• Low priority for interest

• Often move to positions in sales, service or UW

• Consider partnering with Colleges to build out claims curriculum

• Success with experience in social service, teaching, public service or government

• How to balance the soft side of the job with data and analytics demands

• Accelerated / scheduled promotions

Tapping into the right channels• Campus Recruiting

• Internet presence – reaching millennials where they live

• Games, apps and sites specific to campus recruiting

– YouTube video series

Interview

Myth Buster

Sales Academy

Intern Challenge

– LinkedIn

– Twitter

– Vine

Recruiting

Career

Mobility

Employee

Development

Approach

• Building on a philosophy of hiring, training and retaining top claims talent, an enhanced focus on three areas of impact

Recruiting: Bringing in the right talent

INCREASE IN

TURNOVEREARLY

ENGAGEMENT

ENHANCED INTERVIEW

2-3 interviews for multiple perspectives

Job shadowing to give the candidate exposure to the role and team

STRONGER, CLEARER RECRUITING TOOLS

Enhanced job descriptions

Detailed brochures that highlight company, culture

EVOLVE OUR HIRING MINDSET – ONLY HIRE “WOWS”

Beyond aptitude, hire for attitude

On average, one third of our new external hires are recent college graduates.

32 different ways to enter the organization.

Claims Adjusters, Case Managers, Nurses

Risk Control Consultants and Researchers

Underwriting, Marketing, Sales Professionals

Actuarial, Finance, Product Management

Information Technology, Human Resources

Claims Marketing & Sourcing• Career Fairs and Virtual Career Fairs

• General and Liberal Arts majors, open to all non-technical; Health & Safety majors

• Upon identifying students interested/fit for Claims, make note and connect with student organizations with similar students

• Virtual career fairs expand our reach to highly ranked schools beyond Target school list

• Engage claims specialists and claims managers on campus

• Present to targeted student population (classroom presentations, student club meetings)

Claims Marketing & Sourcing (continued)• Have former interns spread the word

• Ask them to share internship & FT opportunities with their peers;

• Ask them to connect us with their student orgs, professors, etc.

• Student Organization partnerships

• Present opportunities at organization meetings

• Email communications with position details to members

• Attendance at organization hosted events (networking dinners/lunches and career fairs)

• Claims Case Studies

• Alpha Kappa Psi, Delta Sigma Pi, Gamma Iota Sigma

• Offered to High Performing 3rd year students with interest in Insurance

• 3 day program in home office environment

• Opportunities to meet with CEO and Senior Leaders

• Workshops designed to highlight leadership skills

• Networking with student leaders from 30 Universities

• Programs designed to explore internship opportunities

Leadership Forum

The Value of the Internship / Externship• Traditional Interns

• Functions as an extended job interview

• Allows the candidate to get a real feel for the job and environment

• Rotational assignments allow for brief immersion in different disciplines

• Locks in candidates prior to graduation

• Externships

• Promoted through campus recruiting

• Allows full day immersion experiences

• Job shadow in local claims or sales office

• Aimed at second and third year students to attract interns

Full Time Development Programs• Actuarial Student Development Program

• Claims Rotational Program

• Financial Management Program

• Human Resources Development Program

• Product Management Development Program

• Technical Development Program

• Underwriter Training Program

• Business Analytics Development Program

Program participants form

friendships and become

part of a community.

Career Mobility: Building employee engagement• We address the needs of millennials – or any engaged employee

– to learn, be developed, and be connected to their organization through mutual commitment

CAREER LATTICE PHILOSOPHY

Encourage and enable employee to take lateral moves as a means

to career progression

ROTATION PROGRAM

Targets employees in their first 1-2 years with company

Roles in new line, complex and analytic teams

ACCESS TO SPECIAL PROJECTS and ASSIGNMENTS

Elite program for top-30 claims employees

Work on in-depth project with executive coaching

Employee Development: Managing our Talent Investment

ONBOARDING

PLAYBOOK

FORMAL MENTORSHIP

In the first 12 months on the

job, each new manager

receives 1 hour of mentorship

per month from a senior.

Formalized topics address

different leadership issues.

MENTORSHIP ACROSS THE TEAM

New Hire Mentorship Program:Focuses on career development and mobility

Manager Development Program: Focuses on the skills and opportunities needed to

transition to management

Fostering Career-long Growth • Management training at every level

• Front line to mid-level and executive

– Significant Focus on people skills

– Diversity and Development

– Competitive Operations

– Business Acumen

• Tuition Reimbursement Programs

• Recognize and Reward Professional Designations

• Continued opportunity for diverse opportunities

• Common to see transitions between business units

What We’ve Learned

• This is a process – change your culture, hiring practices and engagement incrementally

• Hold employees accountable…but give them opportunities

• Mentor, coach and give practical experience

• Communicate – provide real-time feedback, frequent check-ins, detailed reviews

• Invest in your teams and build mutual commitment to team, company and industry

Stephanie Conner, Senior Analyst, Risk Management, The Walt Disney Company

Learning Objectives

At the end of this session, you will:

• Learn how to attract and retain top millennial talent in a changing business landscape.

• Find out how a large U.S. business shifted its culture to prepare for the millennial generation.

• Hear firsthand from a millennial how she has learned to appreciate working in the risk management industry and how you can position these younger workers to succeed.

Path to Risk Management

• College Internship & Major

• Helmsman Adjuster

• Dedicated Disney Adjuster

• Know clients and colleagues

• Partnership is key

• Every meeting like a job interview

• Take advantage of opportunities

• Disney Risk Management

Future Workforce

By 2025 Millennials will account for __% of the global workplace.

• 42%

• 54%

• 75%

• 83%

(U.S. Bureau of Labor & Statistics)

Millennials in the Workplace

Different Perceptions

Different Perceptions

Business Segments & Different Cultures

• Media Networks

• Parks & Resorts

• Studio Entertainment

• Disney Consumer Products & Interactive Media

Number of Employees

The number of employees at The Walt Disney Company is:

• 150,000

• 185,000

• 250,000

• 545,000

Media Networks

Theme Parks and Resorts

Studio Entertainment

Consumer Products & Interactive Media

Our Three Key Messages

• Our reputation is our greatest asset;

• Almost every accidental loss is preventable;

• Every Cast Member is a part of the Risk Management process.

Performance Excellence

Performance Excellence

Productivity

& Efficiency

Cost

Reduction

Continuous

Improvement

Delegation &

Empowerment

Total Quality

Management

Leadership

& Training

Customer

Service

Team

Building

Effective Risk

Management

Disney Risk Management

Planning & Processes

Protection &Prevention

People: “Cast Members”

AndBusinessPartners

Management

Risk

Our Purpose in Risk Management• As a part of the organization: “to protect the assets of The Walt

Disney Company at the lowest possible long-term cost”

• As a team of professionals: “to provide the highest quality technical and professional services for the protection and experience of our Guests, Cast, Property, and Business Partners”

• Millennials in Disney’s Corporate Risk Management team…

Disney Corporate Risk Management Team

0%

10%

20%

30%

40%

50%

60%

Baby Boomer Gen X Millennial

55%

39%

6%

31%

50%

19%

2011

2016

Hire & Retain Millennials

• Business Relationships

• Trusting Partners

• Transitional Training and Transfers within Departments

• Appropriate job placement & versatility

• Average tenure for Millennial is 2 years

• Average tenure for Gen X is 5 years and 7 for Baby Boomers

• Innovation

• Reshape and redefine workforce

• Technology

• Explore and embrace

Technology & Social Media

• 56% of Millennials will not work at a company if they ban social media access.

• 71% of Millennials do not always obey social media policies at work.

• 40% of Millennials think that blogging about workplace issues is acceptable.

(Cisco & Iconoculture)

Technology is Key

• Gen X & Millennials 90%+

• HR Interaction

• HR Communication

• Instant Message

• Check smart phone on average 43 times per day

• Social media

• How community reacts to a moment

• Using platform

Importance of Mentor

• Baby Boomer & Millennial Connection

• Changes shifting from Baby Boomer to Millennial

• Involvement and opportunities

• Meeting invites for exposure

• Encouraging educational advancements

• Open feedback – away from annual review

Performance Feedback

_____% of Millennials said they prefer on-the-spot recognition over formal reviews, and feel that this is imperative for their growth and understanding of a job.

• 37%

• 59%

• 80%

• 91%

(Achievers and Experience Inc.)

Real Life Examples in Risk Management• Claims Adjuster from Liberty/Helmsman

• Risk Management student at RIMS conference

• Broker Recommendation

• Walt Disney World Cast Member

• Insurance work history and networking with WDW Risk Management

Quality in Action

“Of all the things I’ve done,

the most vital is coordinating

those who work with me and

aiming their efforts at a certain

goal.”

Walt Disney

The Disney Way