we can work it out: integrating millennials into the workplace handouts/rims...
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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
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
– 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
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)
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
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