Work Smarter to Climb the Ladder Presented by: Jack J. Johnsey Senior Vice President IASA Chicagoland Chapter Meeting April 25, 2013
The Current Landscape
Source: U.S. Bureau of Labor Statistics 10% 12% 0% 2% 4% 6% 8% Jan-00 Unemployment Rates Jul-00 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Insurance & Related Overall Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 4.7% 7.9%
Revenue and Staffing Expectations 12-Month Staffing Plan 12-Month Revenue Plan Decrease Decrease Staff Flat Revenue 10.3% Growth 3.6% 10.1% Maintain Increase Staff Staff 33.5% 56.2% Increase Revenue 86.3% Source: The Jacobson Group and Ward Group Insurance Labor Outlook Study, January, 2013
Recruiting Difficulty Continues Actuarial On a scale of 1 – 10 (10 being most difficult), Technology companies responded that positions are still moderately Executives difficult to fill and recruiting is Product Management slightly more difficult in most disciplines than it was a year Underwriting ago. Underwriting - Reinsurance Companies Positions rated 5 or above are considered moderate or Sales/Marketing difficult to fill. Compliance Product line has a significant Claims impact on the ease of filling positions. Accounting Operations 0 2 4 6 8 10 Source: The Jacobson Group and Ward Group Insurance Labor Outlook Study, January, 2013
The Demand The Semi-Annual U.S. Insurance Labor Market Study asked insurance companies to rate each function in its likelihood of staff increases in 2013. Most Likely Least Likely Source: The Jacobson Group and Ward Group Insurance Labor Outlook Study, January, 2013
Staff Increases Reason to Increase Staff During Next 12 Months Anticipated Increase in Volume 47% Expansion 46% Currently Understaffed 32% Improve Service 28% Reorganization 17% Other 10% Correct the Manager to Staff Ratio 3% 0% 10% 20% 30% 40% 50%
Staff Decreases Reason to Decrease Staff During Next 12 Months Automation 19% Reorganization 16% Currently Overstaffed 10% Anticipated Decrease in Volume 5% Discontinued Operations 3% Other 3% Correct the Manager to Staff Ratio 2% 0% 10% 20%
Aging Workforce U.S. Workforce by Generation The insurance industry currently employs 2.2 4.7% 24.7% million workers. 38.5% The average retirement age in the U.S. is 63. Workers 45 and older account for 48 percent of the insurance industry’s workforce. Nearly half of the industry’s workforce will 32.1% be retired or on the verge Millennials of retirement within the next 15 years! Gen X Baby Boomers Traditionalists Source: BLS and AARP
Shifting Dynamics Never in the modern world have there been four generations in the workplace ; all bring vastly different beliefs, expectations and values. Never has a generation entered the workplace using such advanced technologies as those adopted by its employers. Never has technology made it so easy to connect anyone, anywhere for collaboration. Never has it been possible to acquire, use and seamlessly integrate talent from around the world .
THE DISAPPEARING CORPORATE LADDER The rise to the top looks a lot different. The top itself is different. Today’s career path is likely to be dramatically different from the career expectations someone may have had even 10 years ago. Skills shortages force companies to consider creative hiring options. Lateral moves, recruiting from outside the industry, and non- traditional backgrounds are all viable options!
Personal Branding
Branding From the digital world to the real world — personal branding principles stand firm: Do you have an elevator speech? It will come in handy on your social networking sites. Be your own publicist! Make others aware of your character, strengths and personality. Understand that networking is not about what someone can do for you; it is about what you can do for someone else. Follow up is key!
Critical Questions to Develop Your Personal Brand 1. What do you do? 2. What do you want to do? 3. What sets you apart?
Social Media Saturation • A new person joins LinkedIn every second . • Facebook has 750 million users. • Twitter receives 1.6 billion queries per day. • YouTube exceeds 2 billion views per day. Social media is an essential component of networking! 15 Sources: LinkedIn, Facebook, Twitter, YouTube, Mashable
Manage Your Digital Footprint Google yourself! Control the message that is conjured up when someone thinks of you. Increase your presence and visibility. Distinguish yourself from others. You are the CEO of YOU!
It’s About Relationships! It is not about which platform is better than the other; it is about cultivating relationships. Stick to the platforms that most effectively enable you to engage your target audience. Beware of “social fatigue!” “ New marketing is about the ” relationships, not the medium. - Ben Grossman marketing and advertising strategist
What Does it Mean to Work smarter?
Consider Your ASSETS Experience Skills Talents What you’ve done, Competencies, Natural strengths, seen and heard behaviors, learned attributes – things activity that are not learned
Now Consider How are my assets relevant TODAY? How do these skills differentiate me? What skills do I employ to solve problems and get things done?
Knowing Our Strengths Our strengths come from our talents, skills and knowledge (experiences). Knowing one’s strengths is one of the most important insights we can gain for shaping our work future. We won’t be great at anything we don’t enjoy.
Stopping Our Weaknesses Strengths 20 percent improvement on our strengths takes us from good to great! We’re likely to sustain no more than two points of improvement. 100 percent improvement on our weaknesses just Focus on moving our job toward gets us to average. our strengths and away from our weaknesses. Weaknesses
Prioritize and Delegate Identify high-impact and easily obtainable initiatives — do these first! Learn to say “No” to non - essential demands.
Prioritizing Your Initiatives 10 Very Easy Ease/speed of implementation of initiative Very Hard 1 1 Low High 10 Profit impact of initiative - 24 -
How Do We Work Smarter to Climb the Ladder? Understanding the shifting dynamics that drive today’s labor market. Think beyond traditional corporate hierarchical ascension. Develop a unique brand that differentiates. Showcase it across all mediums. Maximize our strengths; understand our weaknesses. Prioritize work to tackle high-impact, easily obtainable objectives first.
Questions? Thank You! Contact: Jack J. Johnsey Senior Vice President (312) 726-1578, ext. 438 jjohnsey@jacobsononline.com
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