More Related Content Similar to The Workforce Revolution Similar to The Workforce Revolution (20) The Workforce Revolution 1. 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
2. The Increasing Rate of Change
Agricultural
Age Information
10,000 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
3. 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
4. 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
5. 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
6. 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
7. 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
8. 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
9. So What’s Strategic Workforce
Planning?
It is, “The systematic approach of aligning business strategy,
human capital strategy, and budgets in order to ensure that
talent with the right skills and competencies are in place to
support anticipated and unanticipated future business
scenarios…”
(Mollie Lombardi and Justin Bourke Strategic Workforce Planning – Winning
Scenarios for Uncertain Times, Aberdeen).
© 2012 Work At Home Vintage Employees LLC
10. 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
11. 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
12. 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
13. 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
14. 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
15. 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
16. 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
17. 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
18. 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
20. 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
21. 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
22. Here's to the Crazy Ones…
http://www.youtube.com/watch?feature=player_embedded&v=8rwsuXHA7RA
© 2011 Work At Home Vintage Employees LLC
23. Full
What Is WAHVE? service
CSRs
Work at Home Vintage Employees Trainers,
(WAHVE) is an innovative remote Consultant,
staffing solution for insurance firms Mentors
to optimize their workforce.
We help firms realign business
strategy to focus on customer
service, customer retention and
growth by providing the right Back office
talent to perform support work at knowledge
a significant savings. process work
WHAVE is the repository for the
industry’s retiring talent and has a
significant database of retired
baby-boomers who want to Project
continue to work from home to work to
supplement their retirement clean up
income.
backlog
© 2011 Work At Home Vintage Employees LLC
Editor's Notes 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.