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The Human Element of AI Transformation

Discover ways to effectively navigate through AI transformation. Only 4% of companies say they’re creating real value from their AI investments. The key differentiator is how well organizations manage the human side of implementation. 

Download the white paper to explore best practices for taking a human-focused approach as you lead through change.

Recruiter Report: Find the “Perfect” Candidate

Finding top talent remains difficult in today’s labor market. However, holding out for the “perfect” candidate may mean losing out on high-potential individuals that would thrive in the role.

Read our blog post gain insights on redefining what the ideal candidate looks like and share how to take a realistic and future-focused approach to making the right hire.

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Compass 11.4: Flexible Work Arrangements

This issue's feature article explores building a purposeful culture that engages employees and positions organizations for future success. We caution that flexible work environments are just a quick fix and discusses other ways to build supportive, desirable and intentional workplaces needed to succeed in the future.

Where Have All The Executives Gone?

It is no secret that the insurance industry is suffering a severe talent gap created by the aging workforce. In fact, it is projected that the industry will need to fill nearly 400,000 positions in the next couple of years, but there are simply not enough employees and candidates to take these roles. According to the most recent Semi-Annual U.S. Insurance Labor Outlook Study, insurers rated executive positions the most difficult to fill at 6.8. A mass exodus of tenured, skilled professionals limits insurers from selecting their next leaders from within. These professionals could have exerted great leadership, only if they are still there. Unfortunately, now insurers are left staring at empty office chairs previously occupied by long-tenured senior executives. How did we get here? During the uncertainty of the Great Recession, insurers laid off employees and instituted hiring freezes in order to keep personnel costs at a minimum. Some professionals forced out of the industry ventured to different fields, and insurers have since carried on with a thin lineage of mid-level professionals. Now, organizations are left with a smaller bench for executive replacements. In addition, many insurers also put an end to training programs that fostered well-rounded insurance leaders for years. Historically, cross-training programs rotated new hires into different departments, allowing them to learn various functions within the organization. Even when the economy started to prosper again, organizations did not reinstate rigorous training models or return to pre-recession training budgets. Cross-training programs helped emerging professionals excel not only at their designated roles, but also provided context on enterprise-wide operations. These programs increased the organizational flexibility to sustain fluctuating workloads and ensured teams maintain productivity despite employment changes. At the same time, rotational training instilled a culture of collective success and allowed employees to better understand other functional areas and their coworkers’ responsibilities. Professionals were armed with the experience to grow into well-rounded empathetic leaders. If these programs had prevailed, insurers today would have a diverse bench of emerging leaders at their disposal. It is essential that cross-training programs are revived to prevent future executive shortages and to ensure long-term sustainability. How can we fix this? Even if forward-thinking insurers revive cross-training programs today, this cannot reverse the current talent crisis. There simply are not enough qualified industry professionals to mitigate today’s growing leadership loss. One solution is to recruit proven leaders with transferable skill sets from different industries. If highly technical experts are needed to fill in the gaps, insurers should look to the finance industry. Many finance professionals, skilled in mathematics and statistics, can seamlessly transition to actuaries, financial executives, risk managers or underwriters within the insurance space. Even though they do not come with a deep understanding of the insurance industry, they have the foundational technical acumen to thrive and exert great influence once they are up-to-speed. Organizations should also consider expanding their candidate pools to include former military officers, who come from strong leadership backgrounds. Military veterans hold high levels of responsibility and authority for their units and are people-oriented. They have years of experience in an analytical, strategy-based environment and are guaranteed to be skilled in motivating, encouraging and empathizing with others. Military training teaches officers the value of promoting diversity and being a good listener, and these individuals are well prepared to make decisions in extreme conditions and take risks. While lack of relevant industry experience may be a deterrent for some insurers, it should be noted that military officers reached the height of their careers by performing duties as fast learners in stressful environments. Many also possess strong data analysis and technology experience. This valuable foundation can be a strong learning platform for insurance knowledge. To attract these non-traditional executive candidates, insurers should continue to promote the financial stability and social value of the industry. Insurance is a recession-proof industry that provides value to society. It provides a rewarding work environment for employees and helps people recover, sometimes during some of the most difficult moments of their lives. If insurers are willing to provide competitive compensation packages, they can motivate these candidates to switch careers and provide sustainable leadership into the future. Insurers may often find locating these nontraditional candidates challenging. Partnering with an insurance executive search firm can help organizations efficiently and effectively search for candidates both in and out of the traditional candidate pool. Successful search partners have an extensive network and intimate knowledge of what it takes to succeed in the industry, translating into the executives needed to address present and future leadership shortages. As C-suite executives vacate their long-held leadership roles, insurers are left with the task of providing continued leadership and guidance to their organizations. Being open to expanding traditional candidate pools can provide immediate relief, while reviving cross-training programs can support comprehensive succession plans for the future. As the war for executive talent deepens, organizations must be ready to make long-tail investments to grow sustainable C-suite teams for years to come.

Salary Strategies to Combat the Job-Hopping Craze

Today’s insurance industry is a passive candidate-driven market. As increasing retirement rates and the widening skills gap force organizations to continuously hire, workers feel empowered to switch jobs for a raise in pay. In fact, 2.7 percent of people in the private sector voluntarily left their jobs this May, the highest level since 2001, according to the Bureau of Labor Statistics. Employees know job-hopping is effective, too. The bureau reported last month that real wages have remained unchanged for all employees since June last year, even though the overall unemployment rate has significantly decreased.  Despite the increasing number of candidates looking for better pay, many organizations are not ready to compete within this job-hopping environment. Some insurers still try to hire new employees without increasing salaries, but lateral compensation is simply not a motivating factor for candidates. Most job seekers consider lateral career moves as net-neutral decisions. Employers must start adapting their compensation plans in order to gain a competitive position in the talent marketplace. Many insurers have traditionally promoted from within as a cost-effective solution. Promoting current employees with less experience not only costs less than external hiring, but decreases onboarding time and is beneficial to organizational productivity and employee morale. It sends a message that employees do not have to change companies to find professional growth and rewarding careers. But internal promotion is not always feasible. There simply may not be a qualified candidate on your bench. As the candidate-driven market continues to heat up, insurers need to reevaluate their salary levels to continue attracting and retaining quality talent. Insurers must be prepared to pay salaries high enough to entice passive, content professionals to leave their current jobs and join a new organization. Employers can no longer rely on minimal salary increases. High performing professionals are not likely to move without significant financial incentive. Job-hopping candidates usually demand a 15 to 30 percent pay raise to even consider a new offer. However, employers often find any increase above 20 percent problematic. They worry that such a wage hike will bring dissatisfaction among employees of the same level. To balance candidates’ expectations with those of the current staff, insurers must evaluate their overall compensation strategies to stay competitive with the overall market. Demonstrating that the company monetarily values all of its employees is a decisive weapon in standing out in today’s war for talent. Well-compensated employees are less inclined to leave – even for better compensation. The cost of vacancy cannot be overlooked. The wage hike should be viewed in a long-term perspective, as it may eventually be inevitable to maintaining your workforce. When a position goes unfilled, insurers risk compromising workloads and revenues while losing competitiveness and productivity in the marketplace. The additional cost of recruiting, onboarding and training replacements increases this burden further. Competitively paid positions help retain employees. They also draw more qualified candidates in less time and help ensure roles are not left vacant for long. Organizations are often faced with making critical compensation decisions with limited information and resources. Obtaining up-to-date market data is critical. Employers often ask for candidates’ previous salaries in an effort to determine how much to offer, but many major cities and states have started to ban this practice. For example, New York City’s employers have been restricted from asking about a candidate’s pay history since last October and Massachusetts followed suit just last month. This trend is spreading nationwide, as our nation continues to fight wage discrimination and the gender pay gap. Online data is not necessarily reliable either. Employers must be cautious in interpreting fair market value from competitors’ online job postings. Advertised salary information can often be inflated with sign-on bonuses, anticipated commission and other benefits. Insurers looking to make informed decisions must remember there are no set standards in providing salary information for job postings. Many insurance industry associations conduct compensation studies and provide the results to participants for a minimal fee. These can be a valuable and accurate tool for benchmarking your employees’ salary levels with that of like companies. Establishing a relationship with a professional recruiting firm can also give you unique access to compensation trends and candidate expectations. Insurance recruiting firms offer a deep understanding of the labor market and its current trends. They can provide guidance on developing competitive compensation packages that stand apart from the competition and ultimately attract top talent to the table. Candidates seeking higher wages are dominating the talent pool. On top of the aging workforce crisis, insurers are tasked with adjusting their compensation strategies to meet their employees’ and candidates’ expectations. You get what you pay for; and those organizations willing to offer enticing salaries have a better chance of staying ahead of the current labor crisis and landing the talent needed to outperform the competition for years to come.

Compass 11.3: Ai’S Candidacy In Insurance

This issue's feature article explores how AI is augmenting the workforce and redefining the future of work. Modernization projects driven by AI are permeating all functions industry-wide, and only those organizations who are effectively adapting to the new AI-infused workplace will experience continued success. We're sharing our insights on how organizations can empower employees, leveraging their talents alongside AI to realize the potential of this technological revolution.

Diversity and Inclusion: Turning Talk into Action

The paradigm of diversity and inclusion (D&I) is evolving at this very moment. The world is not the same as it was 10 years ago. The “salad bowl” is quickly replacing the United States’ “melting pot.” Men stand as allies to tackle gender disparity and support equal representation in organizations, companies are publicly and boldly demonstrating their support of the LGBTQ community, and workplace activists are actively collaborating with individuals and teams to contextualize workplace equality. Insurers are extending their definitions of diversity, striving to bring in new, fresh perspectives and effectively address the changing demands of their customers and employees. Leaders from diverse backgrounds are inspiring the industry to continue their work towards diverse and inclusive companies. Organizations are elevating the topic from mere conversations to tangible actions and infusing inclusion into their corporate DNAs. We celebrated the industry’s recent strides towards D&I in our recent white paper. Here are just six of the many D&I trends we touched on: Providing More Employee Resources: Many organizations now have their own corporate D&I programs and women have more resource groups available than ever before. In fact, nearly 97 percent of companies have some sort of formal or informal D&I strategy in place, and diversity training is being built into the hiring and onboarding process. Establishing Training Programs: Many institutions now provide diversity credentialing programs and certified training manuals to provide professionals with the right techniques and tools to embrace forward-thinking mindsets. Educated D&I advocates help others become accountable for promoting inclusion, linking additional benefits to D&I metrics. Elevating Diversity to the C-Suite: To tackle the absence of an active and interwoven D&I program, organizations gave birth to the Chief Diversity Officer – a C-level position focused solely on managing D&I efforts. The position has become a driving force of change and earned a permanent place in the C-suite. Openly Supporting LGBTQ communities: Many insurers have publicly demonstrated their commitment to D&I by participating in LGBTQ community events and campaigns. They have used social media to announce their support, identified their preferred pronouns in their signatures and bios, and focused on improving their workplaces for better inclusivity. Collaborating Across Organizations: Insurers are increasingly discussing D&I’s potential for innovation and problem solving at networking summits and conferences that bring diverse stakeholders together. Partnering with Diverse Suppliers: Today’s organizations are intentionally choosing diverse suppliers. Last year in California alone, insurance companies spent $1.6 billion in goods and services from diverse suppliers, a $670 million increase since 2012. What is on your organization’s D&I agenda? Download our white paper to learn how others are effectively promoting D&I in the workplace.

Diagnosing and Treating the Care Management Talent Crisis

Healthcare professionals and their patients are retiring at an alarming rate. In fact, there will be more than one million openings for registered nurses by 2024 - twice the rate seen in previous shortages. Meanwhile, there will be a 55 percent increase in number of Americans aged 65 and older who seek additional care over the next two years. However, nursing school enrollment is not increasing fast enough to meet this projected demand and lack of nursing school faculty is preventing larger program enrollments. Heavier workloads are negatively impacting nurses’ motivation, stress levels and job satisfaction, aggravating turnover rates and deepening the talent crisis. More than a third of registered nurses often consider quitting their jobs and 35 percent of them hope to leave their jobs by next year. The care management talent crisis is imminent and demands health insurers to proactively respond with intentional recruitment and retention efforts. Jacobson explored this challenge in our recent white paper. Below are a few recommendations for treating the nursing shortage: Offer Non-Traditional Work Arrangements: Employers must work towards balancing employee preferences with business needs. By leveraging split schedules and other flexible arrangements, insurers may also open up their talent pools to individuals who can only commit to part-time positions, such as working moms or dads or those serving as caregivers to a parent or other elderly family members. Create Fluid Work Environments: Flexible work schedules and work-from-home options allow care management professionals to achieve better work-life balance. Employees will appreciate more control over their work schedules. Modernizing work arrangements and accommodating work preferences will help organizations reduce turnover rates and improve employee satisfaction. Invest in Employees: Implementing career development opportunities ensures employees that their employers are invested in their futures. Satisfied employees tend to stay with their employers, helping organizations elevate their employer brands and attract more qualified candidates. Delay Retirements: By offering incentives like decreased work hours or new leadership roles, health insurers can postpone veteran employees’ retirements. As aged professionals continue to work closely with emerging nurses, insurers can decrease organizational knowledge loss and allow themselves more time to develop comprehensive succession plans and recruitment strategies. Partner with Staffing Firms: Niche insurance staffing firms offer health insurers a unique, effective solution to the talent shortage. The right partner can leverage their extensive industry reach to provide interim nurses and medical directors who are ready to make an impact with limited training and ramp-up time. How is your organization combating the talent crisis? Download our white paper for more creative recruitment and retention ideas.

Diagnosing and Treating the Care Management Talent Crisis

As healthcare professionals and their patients are retiring, a care management talent crisis is imminent and the industry is in need of solutions.

Regulations in the Age of Cybersecurity

From Yahoo to Sony to Equifax, data breaches and cyber hacks are becoming more and more common. And they are not getting any cheaper. In fact, according to Ponemon’s Cost of Data Breach Survey, the cost of a hack is on the rise – 2017 set a record high with an average total cost of $7.35 million; and the insurance industry is not immune. In fact, more than 100 million Americans have had their information hacked in insurance sector data breaches. The expansion of cyber risks and the growth of the cybersecurity insurance market are a tremendous opportunity for the insurance sector. Meanwhile, state and government-level regulations continue to increase. What regulatory and compliance changes should insurers be aware of in 2018? Federal There has been a significant push in recent years to amend and improve the cybersecurity laws currently in place. For example, in 2015, the U.S. government passed the Cybersecurity Information Sharing Act, which encourages companies to share information on cybersecurity threats and defensive measures. Since then, numerous bills have been introduced, such as the Federal Exchange Data Breach Notification Act of 2015, which requires a health insurance exchange to notify each individual whose personal information is known to have been stolen. Many more legislative proposals can be expected as cyber hacks change and intensify. Most recently, Congress introduced the Data Security and Breach Notification Act, which would “protect consumers by requiring reasonable security policies and procedures to protect data containing personal information, and to provide for nationwide notice in the event of a breach of security.” State-Level On the state level, 2017 saw widespread action throughout the country. In fact, 42 states introduced 240 bills related to cyber threats; and as of March 2018, all 50 states have enacted legislation requiring private or government entities to notify individuals of security breaches involving personally identifiable information. Perhaps the most aggressive state regulation came from New York in 2018. They passed the first-ever cybersecurity regulation requiring business entities that operate in the financial services sector (including banks, insurance companies and other financial services institutions) and have $5M in revenue to submit proof of a cybersecurity plan of operation. According to the Department of Financial Services, “The NYDFS Cybersecurity Regulation works by imposing strict cybersecurity rules on covered organizations, including the installment of a detailed cybersecurity plan, the designation of a Chief Information Security Officer, the enactment of a comprehensive cybersecurity policy, and the initiation and maintenance of an ongoing reporting system for cybersecurity events.” Those who are not compliant can expect to pay a penalty. Globally The European Union (EU) is also getting involved in cybersecurity regulation. According to the EU, the new General Data Protection Regulation (GDPR) “was designed to harmonize data privacy laws across Europe, to protect and empower all EU citizens’ data privacy and to reshape the way organizations across the region approach data privacy.” The regulation applies to any organization that processes and holds the personal data of individuals residing in the EU, regardless of their headquarters. Companies that fail to comply can be fined up to four percent of annual global revenue or 20 million euro for breaching GDPR.  Insurance Industry Insurance regulators are raising the bar on cybersecurity too with the National Association of Insurance Commissioners (NAIC) establishing a Cyber Security Task Force. The goal of the task force is to create a comprehensive regulatory framework for cybersecurity. In October, the NAIC Insurance Data Security Model Law was approved. Based on the NYDFS, this law will establish standards and encourage requirements for data security implementation, notification and investigation at the state level, which affects the entire insurance industry. The NAIC Model Law is currently being introduced to state legislatures throughout the country; in fact, Rhode Island and South Carolina have already introduced legislation based on the NAIC Model. Cybersecurity is changing the regulatory landscape and 2018 is poised to be a pivotal year. Companies must prepare for the impending shifts and examine how their current risk and compliance processes may be updated to fit within an evolving environment.  As governments across the globe implement cybersecurity regulations, what is your organization doing to prepare?

Underwriting Automation: Why Expectations Might Not Match Reality

The underwriting automation engine has undoubtedly become a popular approach for many insurance organizations seeking to increase efficiencies and augment their workforces. While implementing this technology is likely vital to remain competitive, there is often a disconnect between the expectations and the reality of automation’s impact on underwriting operations. Automation is not a “magic bullet,” and the technology is not going to generate immediate cost savings. Most associate automation with savings by means of staff reduction. There certainly will be less need for underwriters to evaluate every single insurance application, as insurers are increasingly relying on data and software for this task. However, the impact on headcount may not be as drastic as some expect. Some companies may simply choose not to backfill positions left vacant from retirements and other attrition. Additionally, underwriters will still be needed to personally handle the most risky, complex and time-consuming cases. Any reductions that do take place may not directly translate to cost savings, contrary to popular belief. To oversee underwriting automation, insurers will require highly skilled “hybrid” underwriters to consistently update, test, validate and maintain their automation engines. Insurers will progressively look for “renaissance employees” for these roles – professionals with a solid underwriting foundation coupled with data analysis and various technology skillsets. They will need those who understand how automation works, as well as those that can offer technical underwriting expertise coupled with a business mindset. As has been observed with the hybridization of other professions, this unique skillset will likely command higher salaries. Therefore, cost savings derived from reducing headcount may be offset by salary pressures. Automation ignites the redefinition of work and this work calls for skill sets that not all underwriting team members may have. Given that everyone is learning in the moment, leaders will need to be intentional in providing opportunities for underwriters to access their consultative instincts. Assigning projects to expand their business analysis, critical thinking and even research and communication skills will help prepare them for the new work that lies ahead. It is also important to allow front-line professionals to engage with the technology and be part of the process. Retention during automation efforts can often become challenging. Don’t let employees paint their own picture of their future work reality. Leaders must be transparent, maintaining clear communication with their staffs. Semantics are important. Focus on the people and how they might be feeling. Automation is a modernization project that is going to automate routine tasks to free up valuable resources – them! During times of change, the importance of empathy cannot be overlooked. Compounding the Knowledge Gap The introduction of automation may also inadvertently contribute to the profession’s already widening knowledge gap. Continued low unemployment and a mass exodus of underwriters to retirement continue to drive the war for talent in this area. In fact, the underwriting profession is expected to see a deficit of nearly 35,000 individuals by 2020, according to Deloitte. This expansive automation trend is challenging the traditional training methods that fostered underwriters for years. New underwriters typically spend about six months to one year undergoing initial training. Those new to the profession learn by handling simple cases, which will now be mostly in the hands of the automation engines. As a result, in the new model, organizations will be challenged to provide emerging underwriters with the same training and experience as in years past; and the talent pool for senior underwriters will be at risk of depleting. Organizations can learn from the actuarial profession when it comes to professional development. Similar to the actuarial profession, there are two underwriting-specific designations: an associateship and fellowship level, awarded by the Academy of Life Underwriting (ALU). Earning these designations requires a combination of the Life Office Management Association (LOMA) coursework and passing four ALU exams. The ALU exams are only offered once per year, requiring at least a four-year commitment for the Fellow of the Academy of Life Underwriting (FALU) designation. It has become an industry best practice to provide actuaries with paid study time as they pursue their credentials and to offer financial incentives for passing exams. Given that young professionals today rate learning and development opportunities as one of their top priorities, building an underwriting trainee program inclusive of the already available industry education will not only support training, but will also assist in the recruitment and retention of new underwriters. The talent implications of automation also provide a chance for insurers to balance effectiveness with efficiency. Organizations may be able to build the most efficient process for today with automation, but they will meet challenges tomorrow if they fail to consider the long-term consequences in parallel. Insurers have the opportunity now to build training programs that will supply their senior underwriting needs for years to come. For example, organizations may consider leveraging trainees as an additional quality assurance check on the underwriting engine. By having trainees underwrite insurance applications that were already processed via automation, they will gain foundational underwriting knowledge while the organization ensures the accuracy of their underwriting engine. With this approach, insurers can tackle the widening talent gap and have a chance to turn immediate intentional inefficiency to lasting effectiveness. Insurers must pursue automation with their eyes wide open. Automation engines will be pivotal for the future success of the industry. However, as automation grows, so does its risks. Insurers need to realign their expectations and make serious informed investments into their underwriting operations – and talent – in order to succeed. How is your organization tackling the human component of automation?

8 Creative Benefits Guaranteed to Attract Young Professionals

As Baby Boomers continue their transitions into retirement and the insurance industry becomes more dependent on Millennial and Gen Z employees, organizations need to take a good hard look at their benefits packages to make sure they jibe with the next generations. By now, most insurers have transitioned to perks like casual dress with a “dress for your day” approach where jeans, or even shorts, are acceptable as long as you are not seeing customers. To appeal to more and more young professionals, organizations must think beyond the obvious perks – to more unusual and creative benefits. What benefits can help your organization stand out to potential employees? You may want to consider one of my favorites: Student Loan Aid: With college graduates often joining the workforce with more than $40,000 in student loans, this is top of mind. Though most companies offer tuition reimbursement – which could come in handy if new hires want to pursue a master’s degree – paying off their undergraduate degrees is a much more immediate concern. Only four percent of employers in the overall economy have instituted student loan repayment programs, including a handful of life insurance and property and casualty carriers. “Fur Baby” Benefits: Millennials are getting married and having kids later, so more of them consider pets important members of the family. Zynga, a video game developer, promotes Bring Your Dog to Work opportunities and pet insurance as part of their benefits package. Please correct me if I am wrong, but I am unaware of any insurance carriers offering similar benefits. This would be a great way to differentiate your company to pet-loving candidates. In-office Wellness: A fairly new carrier in Florida included a massage room when they built their gorgeous new office. They now offer Free Massage Days to their employees. Any employee can sign up for a massage courtesy of the company. What a great way to create a healthy work environment and lower employee stress levels! Companies get bonus points if they provide on-site health services like a nurse practitioner to take care of routine needs like flu shots or blood pressure readings, saving employees a trip across town for an appointment. Insurers could also build athletic facilities on-site to help employees stay in shape. If something so grand is out of scope, encourage wellness by subsidizing a gym membership. In-office yoga and healthy snacks are also huge hits with the younger crowd. Self-development: Several large carriers have their own libraries where employees can check out business books and other nonfiction to stay “in the know” about trendy industry topics. Including some “fun” reading can’t hurt either to remind employees of the importance of work-life balance. Here at Jacobson, we stock a small library in the lunchroom. We also host a monthly book club to discuss relevant books in a social setting, helping us connect with our peers and keep up with professional development. (We even include a conference line for remote staff!) Participants vote among a few choices at the start of a quarter, so everyone is invested in the chosen book. Recent book club selections are Grit: The Power of Passion and Perseverance by Angela Duckworth and Earning It: Hard-Won Lessons from Trailblazing Women at the Top of the Business World by Joann Lublin. Flexible Work: The tech industry offers some particularly interesting benefits. Netflix, for example, has no official working hours and gives their employees unlimited vacation – employees are just expected to get their work finished. Of course, remote work options have quickly gone from a benefit to a requirement for most candidates. Millennials consistently rank flexibility as one of their key employer attributes. The better the industry can get at allowing flexibility of both time and location, the easier time we’ll have retaining employees. Many carriers already allow one or two work-from-home days a week, and a couple of carriers are focusing on recruiting and managing completely remote workers. Focus on Family: Millennials often find themselves in dual-career couples, and time to bond with their kids has become even more precious than for previous generations. As a result, some companies are starting to extend their maternity leave – and paternity leave – timeframe despite it not being legally required in the United States. Additionally, one regional carrier in Iowa houses an in-office day care that is certified among the best in the state. Given the cost and difficulty of finding a good day care and the priceless ability to see your child during your lunch break, people taking advantage of this benefit are very likely to stay with the company. At least one company I know of also provides assistance to women who want to freeze their eggs so they can focus on their career right now and not lose the opportunity to have children later in life. Specialty Time Off: Some carriers pay for a certain number of volunteer hours each year, allowing employees to give their time to their favorite charity without using precious vacation days. This is right in line with Millennials’ desire to do good in the world. Other companies offer sabbatical programs where, after a few years in the job, employees earn the right to leave for a few unpaid months to pursue an opportunity that won’t fit into a week or two of vacation time. Some organizations even offer a six-month sabbatical to pursue growth opportunities for partial pay. Even if this were only available once for every five years of employment, it could be a major retention tool. Sports Passes: Larger carriers often have a corporate suite at their local sports arenas, but tickets are rarely made available beyond the highest levels of the company. A fun benefit would be to reserve a few of those seats and give them out by lottery, regardless of position. I ran into countless other benefits while researching for this post, such as smoking cessation assistance, nap rooms and even professional dress loans. However, my favorite suggestion is to transition to a buffet-style benefits program where employees allocate a certain amount of dollars to apply to their chosen benefits. In a four-generation workforce of increasing diversity, your employees are going to have a wide range of preferences; listen to what your employees really want and give them as much choice as possible.

Compass 11.2: Overcoming Today’S Candidate-Driven Market

The war for talent is here. No longer just an ominous warning for the future, the long-predicted talent crunch is hitting the insurance industry with incredible force. While the labor market's rebound from its pre-recession state and its relative stability are certainly positive for organizations' bottom lines, it has left insurers unprepared to face what is undoubtedly the most competitive recruiting environment the industry has ever faced. Jacobson shares unique insights into the rise of a candidate-driven market. This edition also includes our regular overview of the industry's current labor market and recent executive-level job changes.

Overcoming Today’s Candidate-Driven Market

No longer just an ominous warning for the future, the long-predicted war for talent is here. The insurance industry—in particular—has been hard hit by the emerging talent crunch and insurers are now faced with more openings than potential professionals. The result is a candidate’s market. With this in mind, organizations must rethink their current hiring and staffing strategies in order to adapt to a changing market. This new business reality requires innovative thinking. No longer are the old best practices effective in bringing in top professionals. In the latest edition of our Compass newsletter, Dave Coons, Senior Vice President at  The Jacobson Group, shares his insights into adjusting hiring expectations in order to find success in today’s candidate’s market. For an insider’s look at evolving staffing and hiring mindsets, along with an update on the insurance industry's talent market, download Compass.