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Competing for Technology Talent

Technology talent continues to be in high demand as insurers work to enhance customer experience, increase operational efficiency, personalize their offerings and compete in a quickly evolving environment.

Read our blog post for ways to be strategic and intentional in overcoming this talent challenge and effectively appealing to candidates within the technology space.

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Performance Management in the New Reality

As we approach the end of 2020, most insurers are preparing for annual reviews and beginning to set goals for 2021. The past year brought about many changes, and it’s likely your team’s projects and priorities evolved along with the shift in work dynamics. Day-to-day responsibilities were redefined, individuals had to lean into remote work, and many were dealing with unforeseen personal circumstances. Effectively evaluating employees’ performance and setting goals for the new year in such a tumultuous and unpredictable environment can be a challenge. However, similar to most of this year’s activities, it’s smart to step back and redefine your strategy within the available parameters. Consider each employee’s unique circumstances and the personal toll of the pandemic, understanding previous metrics may no longer apply. This year’s review cycle provides an opportunity to strengthen your overall organization, rather than focusing strictly on awarding promotions and raises or reprimanding poor performance. Approach this year’s performance reviews with empathy and an open mind. Make sure your team is conducting reviews via video to ensure you can read facial expressions and other non-verbal cues. Be intentional in evaluating your employees’ progress and contributions over the past year, while also setting attainable goals for moving forward in the new landscape. Here are a few areas to consider as you reflect on 2020 and look forward to the new year. Modified Goals Ideally, as the year has progressed, you have talked with your employees and made adjustments to goals that were no longer feasible due to the current environment (for instance, goals related to projects that were deprioritized, in-person training and events, etc.). These modified goals may look different than in year’s past; however, it’s important to make sure your expectations are still reasonable. In addition to the tangible goals set earlier in the year, take employees’ overall team and company contributions into account. Were they able to quickly adjust to a new work environment? Did they serve as a team player, helping others get ramped up on new technology and stepping into projects outside their standard scope of work? Collaboration, teamwork and flexibility should not be overlooked. Employee Feedback It’s important to look at the past year comprehensively and take employees’ perspectives and feedback into account within your review. Ask each individual what they think is going well, what areas they are struggling with and what tools they need to do their job better. These responses will likely be influenced by their current personal situations, perhaps more than ever. For instance, someone assisting young children with virtual school may need the flexibility to work in the evenings rather than mornings. Individuals working in more remote locations may require an upgraded internet plan to avoid unnecessary delays. Now that virtual work may continue through the new year, multiple screens or other technology may enable employees to be more efficient. If you haven’t already been having weekly or bi-weekly conversations with employees, ask them to provide this feedback a few weeks before the review so you can take it into consideration. If others work closely with the individual, seek out their feedback prior to the review as well, to help you gain a more well-rounded view of their work and contributions. Ongoing Growth More casual conversations around performance should occur on a regular basis throughout the year. Formal reviews are not the time for major surprises. Saving negative feedback for months in order to deliver it during review time will confuse employees and weaken their trust. If you haven’t already, establish an ongoing dialogue around the work individuals are doing well and the areas that need improvement. During standing weekly or bi-weekly meetings, share this feedback with employees and provide them with the opportunity to correct missteps immediately, rather than weeks or months later. This can be woven into the team's culture by fostering an open forum where employees can share successes and wins, as well as areas in which they are struggling. Openly focusing on growth and development creates an environment where individuals aren’t afraid to have more sensitive conversations and can channel feedback in a productive way. Goals for the New Year SMART goals continue to be relevant in the current environment. However, it’s likely you may also need to set goals that are less measurable or that allow for flexibility. Consider how your organization’s core values can be reflected through those goals. For instance, if teamwork is a core value, what behaviors are associated with it and how are those behaviors expected to be exhibited? Additionally, once it’s determined employees will begin reentering the workplace, make sure to discuss their readiness and create goals for their return. Include them in the planning to help ensure a positive experience. If a goal didn’t get accomplished in 2020, what was the reason? If time and prioritization were issues, consider performing a time study. What tasks are coming up on a day-to-day basis that distract from core functions and goals? What necessary administrative duties are taking time out of the work day, but aren’t being accounted for? If your standard productivity measures are no longer feasible, think about the tools or processes you may need to adopt in order to have transparency into your team’s progress. This could mean exploring project management tools, communication platforms, time tracking systems and more. Provide employees with a greater sense of purpose by helping them understand how their work fits into achieving larger organizational goals. Set teamwide goals to help build collaboration among team members and grow a sense of shared accountability. You may also consider asking employees to come up with one of their own goals for the year and asking how you can best support them in accomplishing it. While this year’s review and goal-setting processes may bring more ambiguity than in the past, focus on how you can make your team and organization stronger and energized for the year ahead. Rethink how you approach goal setting, take external factors and unforeseen projects into account, and remain empathetic. The past year has made most organizations more agile as they’ve overcome challenges and created new opportunities. End the year looking back on successes and more importantly, preparing to tackle anything 2021 brings.

Encouraging Mentorships to Strengthen Your Workforce

Mentoring relationships are integral to comprehensive employee development programs. The abrupt shift to the virtual environment has caused many organizations to put professional development aside in light of more pressing business concerns. However, now that many organizations are successfully moving forward in this new environment, employee development is more important than ever. By encouraging mentorships, whether formal or informal, insurers can reap many benefits, such as advancing the effectiveness of their workforces and increasing employee satisfaction. Mentees, their managers, mentors and the overall organization have much to gain. While mentoring relationships may have previously been built in person, they can easily translate to the remote environment. In a recent article published in Insurance Journal, Phokham O’Connor, talent delivery manager at The Jacobson Group, shared insight on building an effective mentorship program. Her piece, “The Role of Mentorships in Building a Strong Workforce,” discusses the benefits for all involved parties and how to create successful partnerships, as well as how organizations can get started. A few of her tips for creating effective mentoring programs and relationships include the following: Ensure both parties are committed to the process and prioritize regular meetings. Set clear expectations around what the mentee aims to gain from the experience. Pair mentees with mentors who will provide the most value; for instance, if an individual wants to hone their leadership skills, an effective leader who understands how to build relationships and motivate teams may be an ideal match. Determine clear parameters for the relationship including meeting frequency, accountability and timeframes. Leverage video as much as possible; set up coffee dates or lunch meetings over video conferencing platforms to recreate the face-to-face experience. For additional details and best practices for leveraging mentorship programs within your own organization, view the full article. For more insight on virtual leadership development, read our recent white paper, “Reinvigorating Leadership Development Plans for the Virtual Age.”

Building Effective Mentoring Relationships

Mentorships can play a valuable role in all stages of your professional journey. Whether these relationships are developed through formal programs or more casual arrangements, gaining insight and perspective from mentors who excel in certain areas, have navigated similar situations or have overcome comparable challenges is invaluable. Mentorships can provide you with the clarity and confidence you need to make pivotal career decisions, take on new responsibilities or build key skills. However, while most professionals understand the potential impact of mentoring relationships, many do not know where to begin. The remote environment creates an additional hurdle, as these relationships must be created virtually and with more intentionality. Here are a few best practices for building effective mentoring relationships that can help propel your career. Understand Your Goals Before you reach out to potential mentors, it’s important to have a clear understanding of what you want out of the relationship. Set yourself up for success by focusing on one or two key areas at a time, rather than overwhelming yourself with too many goals. Are you a new manager, hoping to gain guidance for leading a team? Are you determining the next step in your career and seeking insight from those who have been in similar situations? Is there a certain soft skill you’re hoping to develop? Or perhaps you are vying for a leadership role and weighing how to position yourself. There are numerous reasons to seek out a mentor. Make sure you can articulate your needs and what you are hoping to accomplish as a result of the relationship. Find the Right Mentor With your goals in mind, think of individuals who possess the knowledge and experience to help you achieve them. If your organization has a formal mentorship program, ask how you can participate. If no formal program is available, you’ll need to be more proactive in creating your own mentorship opportunities. As a general rule, you’ll want a mentor who will provide an objective point of view (not a current supervisor). You may want to reach out to someone you admire within your organization who is particularly skilled in a certain area. Consider individuals you worked with at past companies or peruse your alma mater’s alumni network. If you are active on LinkedIn, explore connections whose perspective you value. Most professionals have had mentors in the past and are willing and open to paying it forward. Foster a Valuable Partnership Successful mentoring relationships take work and dedication. Make sure both you and your mentor are committed to the process and aligned on the relationship’s parameters. For instance, if you are seeking advice on breaking into a certain field or making a lateral move, you may not need to meet with a mentor on a regular basis. It could be as informal as asking the individual if you could buy them coffee and ask questions about their own experience. On the other hand, you may need to build a longer-term relationship when positioning yourself for a promotion or navigating office dynamics. In more formal situations, you may ask to meet every month or so and establish specific milestones you’re hoping to hit. Set realistic expectations with yourself and your potential mentor, while respecting their time and other commitments. Let them know why you are seeking their insight and what you are hoping to get out of the relationship. Recognize their role as a mentor is to inspire, guide and advise, not to tell you what to do. Adapt to the Virtual Environment In most relationships, meeting face-to-face is invaluable. While it may not be possible for you to meet with your mentor in an office environment, consider how you can strengthen your relationship in the remote landscape. Try to meet on video to better gauge facial expressions and body language. If you live near one another, suggest meeting for a physically distanced walk or coffee. Additionally, consider using the virtual environment to your advantage and connect with individuals outside of your immediate geographic area. Leverage Mentorships Throughout Your Career While mentorships commonly occur between a more junior mentee and a more experienced mentor, their value is not limited to young professionals. Continually seek out mentors as you progress within your career and allow the dynamics to shift based on your current needs. More seasoned professionals can also benefit from peer mentorships and reverse mentorships to better connect with younger generations or gain insight from someone going through similar experiences. At the same time, micro-mentorships, which are short-term arrangements with a highly focused purpose, can help give you the confidence you need to make difficult decisions or take calculated risks down the road. Continue to seek out and build these relationships throughout your career. No matter their format, mentorships should be a key component of your overall professional development strategy. Clearly define your goals, seek out individuals you trust and admire, and commit to the process in order to be most effective. For more remote professional development best practices, view this recent post.

Developing Leaders in the Remote Environment

Insurers are adjusting many aspects of business in order to accommodate a primarily virtual world. As the business environment evolves, the skills and competencies necessary for successful managers are also shifting. Organizations must rethink their approach to leader development and build plans that will hold up in the age of COVID-19 and beyond. Recently, Judy Busby, senior vice president of executive search and corporate strategy, shared her insights on creating proactive and intentional professional development plans. With long-term remote and hybrid work environments becoming the norm, the way skills are developed and goals are achieved is being redefined. In her white paper, “Reinvigorating Leadership Development Plans for the Virtual Age,” she explores key considerations for molding leaders who will be effective and successful in the changing environment.Rather than focus solely on what these individuals need to effectively grow as managers, it’s now vital to also focus on how goals will be accomplished and who will be involved in their growth. What is required for success and advancement? Create SMART goals that are more finite and clearly defined than ever before. As you work with leaders to set their goals, ensure you are clearly aligned on how they will be accomplished and how expectations have translated to the virtual world. How will you support their development goals? Learning can take place in a number of ways and it is imperative to lay out a clear plan. Consider how to recreate shadowing opportunities, especially for newer managers. Encourage mentorship relationships from both a long-term and micro-mentorship standpoint. Explore virtual conferences and traditional online courses to broaden their perspective and maintain relevance. Who will play a role in their development? Determine who the best individuals are for your leaders to learn from. Bring in peers who excel in certain areas, enlist external experts to build key skills, or coordinate shadowing opportunities. Focus on growing both technical and human skills to develop well-rounded and effective leaders. A strong management team is one of the most important factors for your organization’s long-term vitality. Learn more about taking a proactive and intentional approach, as well as how to assess individuals’ management skills and competencies, by viewing the full white paper.

Compass 13.4: An Intentional Approach to Remote Productivity

Shifting organizational dynamics and employees facing new challenges have leaders focused on how to manage and measure productivity.

The Role of Mentorships in Building a Strong Workforce

Published on Insurance Journal Whether developing a formal program or fostering organic interactions, supporting mentorship is a great way to demonstrate your commitment to employees' growth and development.

Boardroom View 2.3: The CEO’s Role in the Transition Process

Succession planning is a critical tasks for boards, but the job is not complete once a successor has been selected. Boards are tasked with facilitating a smooth transition and ensuring a successful succession process. This issue's feature article discusses how intentionality regarding the incumbent's role in the CEO transition process can set the stage for success.

The Underwriter of the Future: An Update

Automation, artificial intelligence and other emerging technologies are transforming the insurance industry. As virtual work environments become the norm, the pace of change is further accelerating to accommodate shifting employee and customer expectations. Underwriting roles continue to evolve into multi-faceted positions with expanding responsibilities. We previously discussed the future of underwriting in this white paper. As we shared, traditional underwriting roles are evolving as data becomes even more abundant and automation simplifies basic tasks. This has been further accelerated by the virtual business environment and remote, data-driven assessments. Today’s underwriting professionals are responsible for analyzing data, translating technical concepts, building relationships, serving as innovators and much more. At the same time, they are working with numerous teams and flexing their skills across various departments. According to our Q3 2020 Insurance Labor Outlook Study, the likelihood for carriers to increase underwriting staff has remained consistent throughout the last six months, in spite of the pandemic. Underwriting roles are moderately difficult to fill within the overall insurance industry and tied with actuaries as the most difficult positions to fill among life/health carriers. Our study found that of the insurers planning to add underwriters to their teams in the next year, 77 percent are seeking experienced and management-level individuals. As underwriting transforms, there are a number of skills tomorrow’s underwriting leaders will require in order to be most successful. Effective Communication: Underwriters, especially underwriting leaders, must be able to effectively communicate across business units, as they partner with actuarial, data analytics, IT and more. Relationship-building is becoming more important as silos break down and teams focus on interdepartmental collaboration. Additionally, as more tedious tasks are automated, underwriters will be able to focus more time on client-facing and relationship-building tasks. Natural Curiosity: Today’s underwriters must marry art and science. While automation provides a base of information, successful underwriters will dig into the data to pull out relevant insights and analyze any inconsistencies. New technologies and advancements with IoT will enable underwriters to better measure and determine risk at the individual level, while telling a holistic story. In today’s world, data is abundant, yet a curious human eye is required to make it most impactful. Critical Thinking: Human judgement will not be easily replaced. Well-developed critical thinking and problem-solving skills enable underwriters to analyze complex issues and supplement automated information. It’s important that quantitative analysis is blended with qualitative insights to be most effective. Setting Up Your Team for Future Success In addition to seeking out new skill sets, underwriting leaders will need to adjust their management styles to set teams up for future success. There are several ways underwriting departments can adapt to meet current and future needs: Embrace remote work without sacrificing productivity.Insurers are now set up to effectively operate in a remote environment and the majority will continue providing flexible work options. Even as employees return to the office, it’s important to offer work from home opportunities to stay competitive. The Q3 2020 iteration of our Insurance Labor Outlook Study found more than three-quarters of carriers plan to allow employees to occasionally work from home and half will offer full-time remote work. Today’s underwriters expect flexible options in work locations and hours. Organizations that do not accommodate these needs will risk losing top talent. Rethink training. As automation infiltrates the industry, training must also be reevaluated. Previously, insurers would use simpler cases as a starting point for training new underwriters. Now, these smaller and easier cases are being handled automatically. If more junior team members aren’t ready to take on complex cases independently, focus on providing them with opportunities to shadow more seasoned underwriters. You may also consider training specifically for soft skills, which are increasingly important for underwriting success. Leverage temporary employees. Maintain productivity while avoiding staff burnout when experiencing increased workloads and undergoing special projects. Many insurers incorporate contractors as part of their comprehensive talent strategies, preparing for potential unforeseen needs and to support staff during busy seasons. Recognize how your department can benefit from a hybrid workforce and understand best practices for effective management, even if you don’t have an immediate need. Focus on a positive virtual culture. Even when some or all staff is working remotely, it’s important to make sure everyone feels they are part of a cohesive team, including contractors. Maintain face-to-face contact by leveraging video conferencing whenever possible. Schedule all-team meetings on a regular basis and connect with employees one-on-one to see how they are doing on both a personal and professional level. Focus on frequent and transparent communication to recreate the office environment and build employee morale. Access to data and automation continues to increase. Underwriters must harness this information and determine how to maximize both human skills and technology. At the same time, leaders must rethink management techniques and team structures to accommodate for the changing landscape and ensure success for years to come.

Insurance Job Growth Continues Six Months Into The Pandemic

Published on PropertyCasualty360: PropertyCasualty360 discusses the current state of the insurance labor market, citing statistics found in a Jacobson report.

Reinvigorating Leadership Development Plans for the Virtual Age

As the insurance industry moves forward in a largely virtual environment, organizations must look at talent development through a new lens. Our white paper shares how leaders can realign their leadership development strategies with the current state of work.

8 Tips to Ensure Project Success

Keeping insurance organizations running smoothly is more important than ever, and an experienced staffing firm can be a valuable resource for filling talent gaps or handling special projects. As organizations embrace the hybrid staffing model, there are several things we recommend to help develop a strong partnership with your interim staffing partner and, ultimately, ensure the success of any project. Most of these tips can apply to internal special project teams, as well. Define your project needs. Before opening discussions with a firm, determine your goals and metrics. Will you consider an assignment a success if the consultant simply completes the tasks as outlined at the start of the engagement, or do you need someone who can take on new projects as priorities change? Will an independent, task-oriented expert suffice; or would a team-focused employee with an improvement mindset be a better fit? Consider what you need from a temporary staff member. The questions you may ask when interviewing for a permanent role are not always applicable to interim resources. You likely don’t need to know where a temporary employee plans to be in five years, for example, but you do need to understand their technical aptitude and work style. Review the questions you plan to ask when meeting with prospective consultants and adapt them to be relevant to each temporary need. Your talent provider will likely facilitate this process and provide their expertise regarding key requirements for different roles. Rethink location requirements. As remote work has become the norm in recent months, you may now feel more comfortable with employees working from home. If you typically require staff to spend some amount of time on-site, it could be beneficial to reconsider whether or not it’s truly necessary. An effective staffing partner should be able to provide consultants capable of managing their own workloads to meet expectations, whether they work remotely or in your office. Set reasonable expectations. When outlining essential qualifications for your project, narrow your “must-haves” list to the top three to five skills, separating additional characteristics into a list of preferences. You don’t want to lose time looking for the single professional with an exact combination of specific competencies that may not all be critical for your project, if they exist at all. After determining the level of expertise required, craft your budget accordingly. Develop realistic timelines. Take a close look at your anticipated start date. Will onboarding materials be ready? Will your staff trainer be available? Additionally, estimate the duration of the project. A contract worker may have other commitments, and sharing a realistic end date enables your staffing partner to find the best professional for the assignment. Get ahead of potential obstacles. When you meet with a talent provider to discuss a need, share technology requirements early on, as this may affect sourcing strategies and onboarding timelines. Setting up system access and completing background checks can also slow down the process; determine your company’s requirements and share these with your staffing partner. Any other specifications unique to your company should also be relayed before outreach efforts begin. Prepare involved parties to respond quickly and completely. The biggest delays often come as a result of misalignment with decision-makers. Find out who will need to weigh in throughout the process. Then, ensure responsible parties understand when they’ll be required to contribute and how quickly they’re expected to respond. The market is still relatively tight, so this will ensure you don’t lose out on the best insurance talent due to internal delays. Prioritize consistent communication. The most important feature of a successful partnership is effective communication, both internally and with your staffing firm. Communicating in a timely manner is essential throughout an engagement to ensure ongoing alignment. Further, sharing continual feedback allows your talent partner to proactively adjust to meet your needs and better serve you in the future, ultimately aiding your company in achieving your enterprise goals. The right staffing partner can enable you to be nimble and quickly adapt to changing talent needs. By establishing your goals and setting clear expectations, you’ll be able to leverage interim resources who can immediately make an impact. View the full infographic here.

Jacobson Employee Spotlight – Q3 2020

We recently wrapped up the Q3 2020 Semi-Annual U.S. Insurance Labor Outlook Study in partnership with Aon plc. Despite the tumultuous overall economic climate, 83 percent of the study's respondents intend to maintain or increase their staff sizes in the next 12 months. Additionally, insurers are seeing persistent recruiting difficulty. The corporate employees represented in this quarter's employee spotlight roundup are integral in helping our clients meet their insurance talent needs, whether through our executive search practice, professional recruiting service arm or subject matter experts solution. SARAH RADFORD Recruiter, 2 years at Jacobson Hometown: Clarendon Hills, Illinois Alma Mater: University of Mississippi Describe Your Role: As a recruiter in our professional recruiting solution, I set out to find the perfect individual for each position. I love that I get to speak with candidates from all parts of the country and discuss such a wide variety of roles! Favorite Thing about Jacobson: I love working with such amazing people. I have made great friends, and it’s comforting to know everyone at Jacobson is there to help you when you need it! Jacobson in Three Words: Collaborative, Supportive, Fun Favorite Music: Country! I usually attend multiple concerts each year, but now I'm just listening to playlists at home.  Surprising Fact about You: I was an Irish dancer when I was younger. I'm about 95 percent Irish! JOYCE DUNN Vice President and Managing Director, 10 years at Jacobson Hometown: Abbeville, South Carolina Alma Mater: Lander University for my Bachelor of Science in business/accounting and Florida State University for my Master of Science in Management in insurance and risk management Describe Your Role: As a managing director within Jacobson’s executive search practice, I support client relationships, evaluate candidates and direct the internal team regarding search strategy. I am passionate about delivering a consultative talent solution for our clients. Favorite Dessert: Peach cobbler Surprising Fact about You: I enjoy playing the piano. Jacobson in Three Words: Integrity, Client-focused, High-quality KAREN AIELLO Assistant Vice President of Account Management, 12 years at Jacobson Hometown: Crystal Lake, Illinois Describe Your Role: I manage consultants who are assisting clients on temporary projects and remove any roadblocks in their way so each project is as successful as possible. I also support the client relationship, ensuring our consultants meet expectations and our clients are happy with the results. Jacobson Superpower: Breaking an awkward silence with a funny one-liner Best Piece of Advice: Make sure you can honor your promises. If you don’t have an answer, it’s better to say “I don’t know” and get back to them with the right answer than to guess. Jacobson in Three Words: Focused, Accommodating, Ethical MEGHAN SYLVESTER Senior Researcher, 5 years at Jacobson Hometown: Chicago Heights, Illinois Alma Mater: Western Illinois University Describe Your Role: As a senior researcher, I work alongside our team of recruiters, supporting them by identifying potential candidates for our clients. Favorite Music: Country music Weekend Plans: Spending time with my husband, Bobby, and our son, Eli Surprising Fact about You: I am a soon-to-be-certified personal trainer! Best Piece of Advice: Without strategy, execution is aimless. Without execution, strategy is useless. For more insight on the industry’s hiring plans, view the full labor study report or infographic.