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The Workforce Revolution
 

The Workforce Revolution

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  • Just think of the ways this will impact how you manage your companies and your customer service. The insurance firms are still focused on on defining their customer service on their staff productive output instead of expanding, finding and creating relationships.
  • Virtual worlds, social networks, gaming constructs like avatars.
  • This is a perfect example of the production model.
  • Most boomers will not really retire. They will transition from working in the office to working remotely. We will not be facing this huge brain drain / loss of institutional knowledge.Companies need to figure out how to develop and deploy strategies that address these changes; they need to plan for a multi-cultural, multi-generational, multi-geographical workforce viewed from different job definition lenses.
  • We still manage our human capital visually and do not use the technological tools we have available to do provide us with objective results.
  • Maybe future producers are fabulous social networkers/ not physical ones. They become thought leaders/go to people as a result of the expertise they convey in their blogs, Facebook discussions, LinkedIn groups, Tweets and their u-tube videos. Maybe your best producer works from home using all his social networks to drive clients.
  • Job descriptions will be future focused and use a more modernized lexicon. May need a variety of terms to accommodate generational differences and cultural background. In conjunction with the rapid advancement of technology and social networking, we also have rapidly evolving terminology.

The Workforce Revolution The Workforce Revolution Presentation Transcript

  • The Workforce Revolution Sharon Emek, Ph.D., CIC Work At Home Vintage Employees LLC 386 Park Avenue South, Suite 303 New York, NY 10016 www.wahve.com 646.807.4372© 2012 Work At Home Vintage Employees LLC
  • The Increasing Rate of ChangeAgricultural Age Information10,000 BC to Age 1700 AD 1970 – 2010 Industrial Age Virtual/Connected/Creative Age 1700 -1970 2010 – 2020? •The value lies in the creative output, rather than purely the productive output of human labor. •The value lies in open sourcing and finding and creating relationships. This new virtual/connected/creative age will add to the challenges already being faced by insurance firms.© 2012 Work At Home Vintage Employees LLC
  • Changing Employee Dynamics  The aging of the baby boom generation along with declining fertility rates is changing America’s age structure. The number of people over age 65 will rise substantially beginning in 2011 as the oldest members of the babyboomer generation reach 651  About one in eight Americans are age 65 or above today and by 2030, one in five Americans will be 65 or older1  While the older population increasing dramatically, America’s current young population has zero growth1  82% of the nation’s young population growth from 2005 to 2050 will come from new immigrants and their children1  The industry is predicting a 50% babyboomer retirement over next ten years 1 U.S. Census, Next Four Decades, May 2010© 2012 Work At Home Vintage Employees LLC
  • Challenges to Insurance Firms 36 % projected boomers population with “zero” Challenges of a multi- Declining margins growth in young cultural workforce population Generational work ethic Thousands of back- differences among office processes Boomers, Gen X, Gen Y, Increasing staff costs completed by highly Millennial and future paid staff generations Brain-drain of Employers competing experienced, educated Constant new for the same labor pool and well-connected technology challenges & lack of talent employees© 2012 Work At Home Vintage Employees LLC
  • What Has Changed? Expectation of social networks immediate smart phones responses and virtual relationships Sophisticated New workforce client service values and and talent loyalty knowledge demands Diminishing client loyalty Insufficient Cost pressures Local human of the “new capital normal” market Multi-cultural, Increasing multi- challenges of generational global and workforce complex risk© 2012 Work At Home Vintage Employees LLC
  • What does this mean for businesses? This workforce revolution is challenging our current structure: • The way we view the workforce will have to change in dynamic ways – from a closed, controlled community to an open, collaborative community and from a production focused to creative focused • The step-by-step, top-down command and control management methods we use to build monolithic firms will need to be re-thought focusing on creative output and relationships • The linear fashion in which we design jobs will need to be transformed encompassing a variety of methodologies • Once we adopt new technology, we never return to old technology and the impact that makes on: – the amount and type of workforce we need – how jobs should be done – who should do the job – where the job should be done Management needs to see their world in 3D and focus on strategic workforce planning to optimize the value of their companies.© 2012 Work At Home Vintage Employees LLC
  • The Perfect Example of the Production Model Most CSRs/AMs still spend a majority of their time on back office tasks. CSR Time Low Return, Low Value Client Face to High Return, High Value Face Time 7% Carrier Phone/Email Time 15% Back Office Tasks Client Phone/Email Time 52% 24% Rough Notes, “Foundations of Customer Service,” August 2005© 2012 Work At Home Vintage Employees LLC
  • The Increasing Importance of Workforce Planning •Aging of the population with 50% of the industry retiring over next ten years •Generational differences – Gen X, Y and Millennial •Multi-cultural differences •Baby Boomers redefining retirement (“phased”) •The rapid advancement of technology and social networks •Proliferation of rules and regulations with new legislation often competing and colliding with existing legislation •The sheer number of educated people globally© 2012 Work At Home Vintage Employees LLC
  • So What’s Strategic WorkforcePlanning?It is, “The systematic approach of aligning business strategy,human capital strategy, and budgets in order to ensure thattalent with the right skills and competencies are in place tosupport anticipated and unanticipated future businessscenarios…”(Mollie Lombardi and Justin Bourke Strategic Workforce Planning – WinningScenarios for Uncertain Times, Aberdeen).© 2012 Work At Home Vintage Employees LLC
  • Stated More Simply… “Strategic Workforce Planning” identifies: The Right Job The Right The Right Skills Price Anywhere The Right The Right People Resources The Right The Right Quantity Moment© 2012 Work At Home Vintage Employees LLC
  • Benefits of Strategic Workforce Planning Strategic Workforce Planning should be an important strategic element in corporate management as it: • Reduces labor costs • Helps companies become more client/creative-focused instead of process/production-focused • Optimizes staffing and systems to achieve the greatest productivity at the lowest possible labor cost • Utilizes technology to mange human capital It’s about working smarter, not harder, to create staff, both insourced and outsourced, who perform their duties in the most efficient manner!© 2012 Work At Home Vintage Employees LLC
  • How can insurance firms flourish in this new arena? Need to re-define the work that needs to be done and the best methodology to get the work done Need to consider a world with a combination of virtual and physical employees/offices Need to identify the type of talent needed to do the work and provide the appropriate tools that will enable them Need to maximize use of technological tools Need to envision management styles, procedures and jobs that fit this new model, e.g., an open, collaborative culture Need to create a sales model that maximizes the virtual/social network world with the physical network world© 2012 Work At Home Vintage Employees LLC
  • Why is this different from what I do now? Hiring based on new paradigm • Stagnant Job descriptions • Dynamic, iterative job descriptions • Predominantly focused on process work • Focused on creative/relationship • Mostly present focused, not Hiring based on old paradigm development future focused • Considers rapidly • Limited consideration for changing terminology how to best utilize available talent • Considers job sharing • Limited to local talent, • Considers insourcing & which has been readily outsourcing available • Seeks talent wherever • Limited consideration for available at the right price the streamlining capabilities • Anticipates demographic of technology changes • Production focused • Retirement rates • Generational differences • Ethnic differences© 2012 Work At Home Vintage Employees LLC
  • How to Prepare • Parse out job descriptions based on high value creative, customer contact and low value production work, not the position • Re-name work positions to reflect this new approach, e.g. instead of producers use connectors, social networkers • Re-assess your staff and align them with the appropriate type and level of work • Effectively use technology, aligning it with human capital • Enhance the quality and quantity of work by being open to flexible arrangements, e.g., job-sharing, telecommuting • Consider firms that offer lower cost onshore, contract, knowledge workers and offshore process workers© 2012 Work At Home Vintage Employees LLC
  • What’s Available to Make This Model Work? • Human capital management technology, which aligns people and strategy • Cost-effective and sophisticated remote/outsourced talent domestically and globally • Productivity tracking software • Virtual training tools • Virtual meeting tools • VoIP / Internet phones • Video conferencing technology • Exchange technology which simplifies client acquisition and retention • Social networks/avatars • Smart phones, tablets, mobile applications© 2012 Work At Home Vintage Employees LLC
  • Overcoming the Fear of Outsourcing & Remote Workers Drivers • Broader access to talent • Reduced cost • Increased flexibility • Moves account managers to front line • Shared risk • Increase resource availability • Greater efficiency/higher quality • Keeps business operating when disruptions • Maximum use of available technology Inhibitors • Security & confidential Information • Communication concerns • Fear of loss of control • Trust • Employee backlash • Loss of knowledge capital • Ability to physically supervise© 2012 Work At Home Vintage Employees LLC Adapted from Gartner, IT Director’s Community of Practice, August 14, 2007
  • To Maximize the Use of Outsourcing & Remote Workers Create a Employ Real Overcome Trust that if Paperless time, straight- fear of not the right environment through seeing and procedures & technology. managing technology staff in an are in office place, peopl e can be managed anywhere any time© 2012 Work At Home Vintage Employees LLC
  • The value of any firm is in the Customer • Firm’s resources should be set on “core competencies” where they can provide unique value for customers • Think of what is not critical to insource & strategically outsource those activities • Consider creating jobs/titles that match the generational and ethnic differences within the firm and with the customer • Consider access to talent & consider offering talent the ability to work remotely if they need to • Look to see where you have misemployed/misdeployed talent • Use technology to deploy the strategy© 2012 Work At Home Vintage Employees LLC
  • The Insurance Office of the Future© 2012 Work At Home Vintage Employees LLC
  • Organizations who do not adopt an iterative strategic workforce plan based on an open, collaborative environment supported by technology and social networks will languish in fear in a world where change feels like it happens faster than the speed of light. Think differently. Imagine!© 2012 Work At Home Vintage Employees LLC
  • Reinventing retirement in America by helping people stay productive longer in a more balanced and rewarding way and providing businesses continued access to their talent and experience in innovative ways. Contact: Sharon Emek, sharon.emek@wahve.com 646.807.4372 ext. 501© 2011 Work At Home Vintage Employees LLC
  • Heres to the Crazy Ones… http://www.youtube.com/watch?feature=player_embedded&v=8rwsuXHA7RA© 2011 Work At Home Vintage Employees LLC
  • Full What Is WAHVE? service CSRsWork at Home Vintage Employees Trainers,(WAHVE) is an innovative remote Consultant,staffing solution for insurance firms Mentorsto optimize their workforce.We help firms realign businessstrategy to focus on customerservice, customer retention andgrowth by providing the right Back officetalent to perform support work at knowledgea significant savings. process workWHAVE is the repository for theindustry’s retiring talent and has asignificant database of retiredbaby-boomers who want to Projectcontinue to work from home to work tosupplement their retirement clean upincome. backlog © 2011 Work At Home Vintage Employees LLC