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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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Generational Spotlight: Generation X Poised to Take the Lead

This blog entry is part two in Jacobson’s Generational Spotlight Series, which provides a general overview of the generations active in the workforce. While we understand that these overviews may include broad stereotypes that do not apply to all members of that particular generational breakdown, we believe there is value in looking at today’s professionals from a generational perspective in order to gain a better understanding of their viewpoints.  Generation X—also known as the Baby Busters, Post-Boomers and the Thirteenth Generation—currently accounts for 33% of the U.S. labor force, with 50 million employees. With the insurance industry expecting to see a dramatic loss of executive and management level talent due to an impending wave of retirements, these professionals are preparing to step up into industry leadership roles. But what does this generation of professionals look like? How can organizations prepare themselves for Generation X’s shift into a leadership position? Born between 1965 and 1980, Generation X grew up hearing adults worry about recession, inflation and stagflation. They saw world leaders, including President Nixon, fall from grace. They were shaped by historic events such as Chernobyl, the fall of the Berlin Wall and the Tiananmen Square uprisings.  Generation X is pragmatic, resourceful and innovative. They thrive on challenges and enjoy tasks and assignments that allow them to demonstrate their personal skills. They value global thought, technology and independence. In the workplace, Gen X professionals enjoy achieving measurable goals and streamlining systems and processes for success. They look for organizations that offer flexible schedules and will adapt to their preferences. For Gen Xers, autonomy is key. They are self-reliant in their professional careers and desire the freedom to manage themselves. Organizations should provide them with control over their work, learning and schedule. Tap into their adaptability for challenging and important tasks. Consider setting aside time for Gen X employees to work on personal projects or allow them to choose their own assignments. In addition to autonomy, Gen Xers place great emphasis on results and believe they should be rewarded for their achievements. Make sure your organization is aligning visibility, promotions and rewards on results rather than tenure lest you disengage your Gen X employees. Provide frequent, accurate, specific and timely feedback on professional performance and room for improvement. Gen Xers want to build their skills and improve their resumes, so this targeted advice is important to them.  Professional growth is key to Gen X engagement. This generation is focused on the ability to grow and develop their skills. In fact, Gen X employees identify professional development as their most-desired job perk. Focus on ramping up your career development and training programs in order to provide these employees with the ability to grow and develop their skills. Present opportunities for Gen Xers to take on additional responsibilities, stretch assignments and supervisory duties. Encourage them to join professional groups or associations or institute a companywide mentoring program. Offer financial support for continuing education programs and professional training. Not only will this go a long way in supporting employee engagement, but a professional development program will also help position Gen X for a role at the top of the company ladder. Generation X is poised to take the helm of the insurance industry. What is your organization doing to support them?

Generational Spotlight: Millennials Shaping the Future Workplace

This blog entry is part one in Jacobson’s Generational Spotlight Series, which provides a general overview of the generations active in the workforce. While we understand that these overviews may include broad stereotypes that do not apply to all members of that particular generational breakdown, we believe there is value in looking at today’s professionals from a generational perspective in order to gain a better understanding of their viewpoints.  The Millennial generation—currently 77 million strong—is entering the workforce in vast numbers. Currently, Millennials account for 25% of the U.S. workforce and are expected to form 50% of the global workforce by 2020. They are the fastest-growing generational cohort and are expected to shape the world of work for years to come. In order to recruit and retain this fast-growing generation, organizations must understand and appeal to their perspectives and desires. But just who are these Millennial professionals and what can organizations do to prepare for their foray into the world of business? Born between 1980 and 2000, Millennials grew up in the era of “soccer moms” and multiculturalism. They were shaped by the end of apartheid, the fall of the Soviet Union, the World Trade Center attacks and subsequent wars in the Middle East. They grew up in a world that is global, connected and 24/7. In the workplace, Millennials are looking for organizations that provide flexible hours, access to technology, room for professional development and a company culture that fosters work/life balance. They are likely to arrive on the job with high expectations and want to jump right into the day-to-day office workings. While they believe in the importance of a well-paying job, work is not seen as the sole priority in life. Rather, many Millennials desire to live meaningful, well-balanced lives and would readily sacrifice money to live the life they want. Research shows that members of the Millennial generation tend to exhibit high levels of social concern and responsibility, wanting to make a difference and turn the world into a better place. They are drawn to organizations that have a socially minded culture and are supportive of their community. In fact, as mentioned in an earlier post, 61% of Millennials factor a company’s commitment to the community when making a job decision with 70% saying that they strongly favor companies with a reputation of community involvement. Highlighting corporate citizenship and the meaningful volunteer efforts your organization participates in is an important part of attracting this socially-conscious generation. Millennials also possess a keen desire to learn from their leaders and colleagues. Organizations should consider pairing them up with mentors to guide them through their career journey. Managers and supervisors should be aware of their Millennial employees’ personal goals and spend time coaching and supporting them as they work toward them. Millennials also boast some of the highest levels of education seen to-date and are eager for continuing education opportunities. They are hungry to expand their knowledge and experience and are likely to seek alternate job opportunities if they feel as if they are unchallenged in their current roles. Companies should look into offering lunch and learn programs, providing access to external, professional training and giving stretch assignments to challenge and engage these young professionals. Millennials have already begun to make significant waves in the workforce with their unique perspectives and insights. According to PricewaterhouseCoopers, “Their career aspirations, attitudes about work, and knowledge of new technologies will define the culture of the 21st century workplace.” What is your organization doing to prepare?

Corporate Citizenship: An Overlooked Talent Solution?

Ten volunteers, a few glue sticks, construction paper and a surprise visit from the one-and-only Cookie Monster are all it took to foster employee engagement and help promote the unique company culture at The Jacobson Group. On October 16th, a group of Jacobson employees visited Chicago’s Harold Washington Library as part of the Insurance Industry Charitable Foundation’s (IICF) Week of Giving event. Participating in the newly launched Every Day is a Reading and Writing Day initiative, our volunteers joined together with local children and families to participate in interactive Sesame Street games, videos and activities designed to encourage children and the adults in their lives to read and write together.  But how exactly does this relate to promoting a company culture and building employee engagement? Today’s professionals are looking for an organization where they can find meaning in their work. They want to feel like they are contributing to the greater good and providing a benefit to their community. They look for organizations where they can be socially relevant and impactful. In fact, a Deloitte survey found that 61% of Millennials factor a company’s commitment to the community when making a job decision with 70% saying that they strongly favor companies with a reputation of community involvement. With the insurance industry facing an increasingly competitive labor market, building awareness of the industry as a profession that “does good” is becoming more and more important.  Insurance is a noble profession with a history of making a difference in the lives of individuals and communities. However, this story is not well-known among the general public. By promoting involvement in volunteer and community service opportunities, like the recent IICF initiative, insurance organizations are building a positive corporate image and publicizing a company culture that is highly attractive to today’s professionals. But building a positive company image is just one piece of the corporate citizenship puzzle. Organizing and encouraging volunteerism is also a great way for companies to promote employee engagement. According to a study conducted by Dale Carnegie and MSW Research, 54% of employees who are proud of their organizations’ community service contributions are more likely to be engaged. With Gallup reporting that just over 1 out of 10 workers in the U.S. actually enjoys their job, increasing engagement in the workplace is key to business success. In fact, organizations with engaged staff outperform those with disengaged employees by up to 202%.   Embracing charity projects and volunteerism allows companies to lend a purpose to their employees and provides a chance for staff to step away from their daily tasks and avoid potential burnout. It gives them a new outlook and renewed appreciation for the work that both they and their company are doing. With the competition for top talent heating up, a corporate citizenship program provides organizations with a solution that positively impacts both their talent retention and recruitment. What is your organization doing to provide charity and volunteer opportunities to your employees?

Generation X: Growing Tomorrow’s Insurance Leaders

The leadership landscape of the insurance industry is poised to undergo monumental changes during the next 10 years. Currently, the fraction of professionals aged 55 and older within the insurance industry is nearly 30 percent higher than that same fraction measured within the economy as a whole. In addition, almost 25 percent of the current workforce is predicted to be on the verge of retirement by 2018. At this rate, experts estimate the industry will need to fill 400,000 positions by 2020 in order to remain fully staffed. Seeing this massive leadership exodus approaching, insurance organizations are seeking strategies and solutions to prepare for the impending departures and to minimize the loss of valuable knowledge and skills. Fortunately, Generation X is in position to step up to the plate. This dynamic group of professionals (aged 33-53) is entrepreneurial, open-minded, honest, tech-savvy and creative—all valuable leadership characteristics. The problem arises when one considers that Gen X has often become the forgotten generation in the industry’s impending war for talent.  In preparing for the oncoming talent storm, insurance organizations have focused on attracting and engaging Millennials. Currently, Millennials account for 25 percent of the U.S. workforce and are expected to form 50 percent of the global workforce by 2020. This talented and innovative generation certainly offers a viable solution to the extensive talent influx needed industrywide. Yet, these young professionals may not have the experience nor the professional maturity to step into the key leadership and C-suite roles left vacant by retiring Baby Boomers. Gen Xers, on the other hand, do have the hands-on knowledge and background needed to fill this void.  However, many of these individuals may be frustrated with their current roles, feeling overlooked by their employers. During the past few years, Gen X employees have found themselves without an upward career path as Baby Boomers delayed their retirement amid the economic downturn and training budgets suffered cutbacks. Feeling stuck in a “flat” organization, these professionals have been tempted by opportunities outside the industry or within other organizations in order to climb the ladder.  The time is now to re-engage mid-level employees and potential future leaders. Gen Xers value independence, global thought and technology. In addition to flexible schedules, they look for professional opportunities that offer autonomy, open feedback, and the ability to grow their skills. In fact, Gen Xers identify professional development as their most-desired job perk. Considering the increasingly competitive talent market, engaging these employees through education and advancement opportunities will be vital in building a robust talent bench. Now that the economy has recovered and the insurance industry finds itself experiencing a return to its pre-recession state, insurers should take a second look at their discontinued or trimmed professional development and education programs and determine the best way to begin rebuilding them. A professional development program can be as simple as encouraging employees to join professional groups or associations or establishing a company-wide mentorship program. Consider offering financial support for external continuing education programs and professional training. Provide stretch assignments, additional responsibilities and supervisory functions. Not only do these opportunities help to build employee engagement and increase retention, but they provide organizations with the chance to groom their next generation of leadership.  Fortunately, some insurance organizations have already recognized this emerging need and have begun instituting programs specifically targeting Gen Xers. Only by shifting the focus to cultivating and engaging today’s mid-level, Gen X employees can insurance organizations transition their current staff into the leaders of tomorrow. What is your organization doing to transition Generation X into tomorrow’s leaders?

Personal Cheerleaders: Should Management Double as Employee Coaches?

The most important part of any organization is its employees. The effective engagement of employees can be the difference between business success and failure. However, as mentioned in a previous blog post, Gallup reports that 63% of U.S. employees are unhappy with their jobs, while 24% actively hate their position. Together, these number reflect a bleak reality where just over 1 in 10 U.S. employees actually enjoy their work.  Many organizations facing a disengaged workforce may be overlooking the key role that management plays in creating a happy, engaged company culture.  Employees want to feel like a valued part of a team rather than just a cog in the corporate machine. By taking a personal interest in their employees, managers are engendering a spirt of comradery and reinforcing the idea that the employee is respected as an individual, not just as another member of the organization. The new managerial mindset needs to shift from “How can I get the best performance from my team?” to “How can I help my team develop?”  By focusing on employees’ development, managers no longer have to ask the question of how to get top performance. Only by supporting and facilitating the personal and professional development of employees, can managers truly attain top-performing staff. Armed with this understanding, what can managers do to fully embrace this role? Here are three tips to help you transition into a “cheerleader” management mindset: Schedule regular conversations and one-on-ones. Don’t just rely on the standard annual discussion to talk to your employees about their personal and professional goals. Try and connect with your staff on a more frequent basis to learn more about how they are progressing towards their professional goals and to support them in their development efforts. These short conversations will allow you to spot potential learning opportunities and refine their goals as needed. Encourage employees to take on new roles. When starting work on a project or assigning tasks, ask your employees for their input on how they feel they can best contribute. Allow them the opportunity to take on a new task or expand their responsibilities. This allows organizations to provide on-the-job learning and to avoid only assigning employees with tasks they are already proficient at. Make sure your staff is aware of the organization’s goals. Employees want to feel like they are contributing to the overall success of their organization. Be transparent about the state of the company and any upcoming changes or projects. Not only will this improve employee morale, but it encourages employees to consider how their projects fit within the scope of the entire organization.  In order to foster a positive, engaging work environment, today’s managers must embrace their roles as coaches and cheerleaders. Helping employees develop and pursue meaningful development milestones not only strengthens employee commitment and happiness, but goes a long way in increasing retention and improving performance.

Insurance 2.0: Finding Tech Talent for the Insurance Industry

The crunch is on! As analytics and big data shape the future of the insurance industry and the demand for high-quality talent continues to grow, insurance organizations are faced with the difficult task of finding experienced data and analytics professionals amid a challenging recruiting climate. Already, the U.S. is expected to see a shortfall of more than 260,000 analytics professionals as early as next year. Fortunately, the hunting ground for qualified, experienced professionals does not have to remain confined to the insurance industry. In fact, analytics presents insurance organizations with a natural opportunity to broaden their search for talent to other industries. Insurers should look beyond insurance-specific talent and consider employees from financial services, health care, Internet-based technology, retail and other consumer-driven fields. These industries all provide access to cutting-edge, forward-thinking, skilled individuals who are capable of fulfilling the industry’s growing analytics needs. In addition, broadening the search outside of the industry allows insurance organizations to enrich the current talent pool and increases the chances of finding the right candidate. Companies should look for candidates with a well-developed combination of skills including problem-solving, information technology, quantitative analysis, technical architecture and hands-on experience working in areas such as data mining, data modeling and data gathering. Don’t overlook “soft skills” that are key to success, including presentation and communication capabilities. Analytics professionals are often required to interact across job functions, so being able to speak the language of business and “translate” tech speak is an important quality for a standout candidate. Interviewers should provide ample opportunities for potential candidates to showcase their analytical skills. Ask candidates about past projects, including those that may not have gone well. Focus on questions that will uncover their communication and problem-solving abilities. Allowing candidates to discuss obstacles and roadblocks can provide insight into their ability to overcome challenges and move initiatives forward. Prompt the candidates to describe their communication strategies or how they have assisted in solving a business problem in one of their past roles. These are great leading questions to assist you in determining if a candidate is able to influence decision makers and communicate clearly and effectively. The demand for analytics talent is growing. This is the perfect opportunity for insurers to reach individuals who may have previously overlooked the industry as a career option and to bring in fresh talent to fill the ranks. Where is your organization turning to fill its current analytics talent needs?

Preparing for the Future Amid the Insurance Talent Storm

The results are in! The results from our third quarter iteration of the U.S. Insurance Labor Outlook Study are now available. Compared to the January 2014 survey, the rate of expected hiring experienced a slight decrease, down to 58%; however, this remains the second highest reading since we started the semi-annual survey back in 2009. In addition, unemployment continues to be low, with the BLS reporting the August 2014 rate for insurance at 2.4%. The industry is clearly enjoying an extended period of relative stability. However, the optimism surrounding the low unemployment and continued focus on hiring is clouded by a diminishing talent pool and increased recruiting difficulty. The industry has seen growth of more than 51,000 new positions since its low in April 2011, reaching 1,471,600 total employees in July 2014—the highest the industry has seen since 2008. Already companies are reporting difficulty in recruiting, and that is only expected to increase as the available talent pool continues to shrink. Industry wide, technology, claims, underwriting and analytics positions continue to be the most in demand. This matches the growing focus on big data and technology within the industry. Due in part to their high demand, technology, actuarial, analytics and claims positions were reported to be more difficult to fill than in past years. It is expected that this demand will continue to grow as technology permeates throughout the insurance industry. Consider also the 211,000 currently open jobs across the industry, and it is easy to predict that recruitment for most insurance roles will become more and more challenging. This renewed hiring push coupled with already low industry unemployment and an aging workforce presents a demand for talent that is far surpassing the current supply. Currently, 20% of the industry workforce is nearing retirement—a number that is expected to grow to 25% by 2018. The tightening labor market is making it very difficult for organizations to combat the talent shortage brought on by the growing number of retirements.  In order to meet the growing industry need, organizations must look toward building their current talent pipelines. Fortunately, the influx of Millennials into the workforce provides a solution. Already, Millennials make up 25% of the workforce. That number is expected to double by 2020. These young professionals are tech savvy, innovative and seek a job that allows them to make a difference—all ambitions supported by a career in insurance. The focus now must shift to engaging and recruiting this talented generation. Focus on promoting the benefits of working within the industry and touting the unique opportunities offered, including the nobility of the profession, competitive compensation and historically low unemployment compared to the national average. The industry cannot be lulled into a fall sense of security by the current market stabilization. We must look to the future as the talent storm continues to strengthen. Only by preparing today, keeping one step ahead and building a bench of talented professionals, can insurance successfully weather the storm. Is your organization prepared for the growing talent shortage?

Insurance 2.0: Attracting Tech Talent to the Insurance Industry

As more and more insurers find the value in leveraging data analytics throughout their organizations, the demand for high-quality, experienced data and analytics professionals is on the rise. Alas, the insurance industry is not the only one looking to expand its analytics presence. With a shallow pool of qualified analytics talent, insurance organizations are facing an increasingly challenging recruiting climate as they attempt to address their analytics and big data needs. As mentioned in our recent analytics blog post, the demand for actuarial talent in 2014 was surpassed by analytics for the first time in the history of The Jacobson Group and Ward Group’s Semi-Annual U.S. Insurance Labor Outlook Study. In addition, analytics ranks in the top five most in-demand job functions, as well as in the top five areas where companies are planning to increase staff throughout the year. Globally, insurers are expected to add nearly 24,000 new analytics jobs by 2015, with more than 15,000 of these jobs located within the United States. As companies add analytics positions at a rate more than five times faster than the overall national employment growth rate, the talent supply is struggling to keep pace. Across all industries, as early as next year the U.S. could see a shortfall of more than 260,000 analytics professionals. The talent crunch is on. What can insurance do to compete?  Create a compelling story. Highlight what the industry has already done using analytics, what is currently underway and what the future has in store for insurance analytics. Showcase how analytics is creating exciting changes within insurance. Promote the role of data and analytics in achieving success. Showcase the innovative role analytics is playing within the industry. Insurance organizations are embracing the potential that analytics provides, leading the industry to streamline or rethink many of its current processes. Focus on analytics and big data as the drivers behind these exciting and forward-thinking changes. Spotlight your company culture. Today’s analytics professionals are looking for a company culture that supports technology, utilizes data in decision-making and has analysis embedded throughout its functions. Insurance offers that. The industry must highlight this leading-edge culture when reaching out to potential analytics candidates. Promote the dynamic opportunity insurance analytics offers. Analytics is permeating throughout all areas of the insurance industry, from claims and risk management to marketing. Focus on the opportunities the industry offers for professionals to utilize their highly specialized skills to the fullest extent across multiple job functions. Highlight the support of industry leaders. Due to the relative novelty of analytics as a career opportunity, job security plays a large role in attracting candidates. Leaders in the insurance C-suite should consider providing executive sponsorship to highlight the industry’s commitment to its analytics initiatives. In order to keep pace with the competition and ultimately get a leg up, insurers must focus on attracting and securing analytics professionals. With these talented individuals on the team, the insurance industry is sure to thrive in today’s dynamic, global marketplace.  What is your organization doing to attract and engage analytics talent?

Insurance 2.0: Pioneering Analytics in the Industry

From analytics to big data, red-hot technology buzzwords are sweeping across the insurance industry and companies are beginning to realize the significant value of these trends. Progressive insurance organizations are embracing these groundbreaking applications of technology and changing the way the industry does business. For many insurance organizations, the use of analytics has become a tool allowing them to differentiate themselves, stay ahead of the curve, build their brands, enhance profitability and gain a leg-up in today’s competitive market. According to IBM’s latest study on big data and analytics, nearly three-quarters of insurance organizations reported that the use of analytics is providing them with a competitive edge. Furthermore, a survey of the Chartered Institute of Loss Adjusters showed that 82 percent of industry professionals believe that organizations that do not take advantage of big data trends will become uncompetitive. The impact of analytics and big data on the insurance industry is sweeping. Already a vital part of the P/C industry, analytics is now permeating into the Life and Disability and Healthcare industries, and the impact is being felt across job functions including actuarial, claims, underwriting, product development, information technology, marketing and even human resources. Analytics is impacting every aspect of insurance organizations. As insurers look to harness the competitive advantages and powerful insights that analytics and big data can contribute, the race to find high-quality talent is on. According to The Jacobson Group and Ward Group’s 2014 Semi-Annual U.S. Insurance Labor Outlook Study, for the first time ever, the demand for actuarial talent was surpassed by analytics. Currently, analytics ranks in the top five most in demand job functions, as well as in the top five areas where companies are looking to increase staff throughout the year. We at Jacobson have seen firsthand the increased demand for analytics talent—across all levels and functional areas—and we don’t expect it to subside anytime soon. Year after year, the U.S. Insurance Labor Outlook Study has seen a 10 percent increase in the number of companies planning to increase their technology related staff across the board. Current forecasts predict that by 2015, 4.4 million IT jobs will be created globally to support big data, with 1.9 million of those jobs occurring within the United States. In addition, worldwide big data spending is expected to more than double from $27 billion to $55 billion in 2016. Clearly analytics and big data are heavy hitting trends that are here to stay. Forward-thinking insurers stand at the start of the industry’s analytics story and are finding themselves in the exciting position of being pioneers in incorporating this ever-growing field into the day-to-day operations of the insurance field. This is the industry’s chance to embrace the cutting-edge and run with it.

PPACA Open Enrollment: Is Your Organization Prepared?

It’s almost that time again. Open healthcare enrollment for 2015 is quickly approaching. With the recently announced postponement, open enrollment is now slated to run from November 15, 2014, through January 15, 2015. Despite the one-month delay, most insurers already fear that the 2015 enrollment period will prove to be rockier than the inaugural Patient Protection and Affordable Care Act (PPACA) enrollment period. Is your organization prepared? The 2014 roll-out saw more than 8 million people sign up for insurance coverage through the various state and federal exchanges; however, many of these individuals were previously insured via individual plans. It is therefore not very surprising that there are still an estimated 25 million or more uninsured individuals — a number equal to nearly the entire population of Texas. We are now one year further into the PPACA implementation and the deadlines have become more straightforward and the fees for remaining uninsured are increasing. A number of the still uninsured individuals are planning to jump on the healthcare bandwagon. In addition, those who participated in the healthcare exchanges now have a better understanding of the process and are planning to take advantage of this knowledge and shop around during the upcoming enrollment period. As a result, many healthcare insurers are spending time re-pricing and renewing their products in order to stay competitive. In 2014, insurers were overwhelmed by the volume of applicants despite months of preparation. Even outsourcing venues were tapped out as a potential resource. Organizations need to plan now in order to avoid a shortage of staff to handle the expected enrollment crunch. Don’t let your organization head into this enrollment period unprepared! Today’s “run lean” business environment has made healthcare organizations healthy and competitive, but this is one situation where it is better to be over-prepared than understaffed. Business functions such as customer service, member advocacy, marketing and enrollment are expected to be areas of immense need during the 2015 enrollment period. Organizations looking to keep ahead of the avalanche should work now to line up partnerships and bring on additional staff. A contingency plan needs to be put into place to ensure that there is sufficient staff to meet the demand. Look towards local and contract talent, healthcare staffing resources, and overseas outsourcing venues to provide the necessary personnel. At Jacobson, we are already filling in our pipeline with qualified candidates to help insurers meet their impending needs. In order to ensure that your organization successfully weathers the upcoming healthcare enrollment period, the key is to be prepared. By utilizing available resources and bringing on additional staff, insurers will have a readily accessible buffer for the anticipated flood gates of enrollment. What is your organization doing to prepare for the upcoming enrollment period?

Hiring for a Changing Market: Interview for Innovation

It is my pleasure to introduce a guest blogger for this latest post. Dave Coons is a senior vice president here at Jacobson, providing leadership to our professional recruiting, emerging talent, RPO and temporary and temp-to-hire staffing practices. His insights into interview strategies are worth a read. Enjoy… In today’s fast-paced, ever-changing business world, innovation and flexibility are key to success. Most business professionals have heard the mantra “innovate or die,” yet are unsure how to turn this idea into a reality within their own organizations. For the insurance industry, this continued quest for innovation is especially important given constantly evolving marketplace conditions, climate concerns, rapidly changing technology risks, an ever-shifting web of compliance demands, and continued globalization. At the risk of stating the obvious, the first, and arguably most important, step in creating a culture that fosters creative thought and adapts to change is to hire individuals who are innovative and adaptable. Yet, hiring for innovation can be challenging. Because innovation and flexibility often require out-of-the-box thinking and creativity, vetting these characteristics during the interview process is different than interviewing for traditional business skillsets. In fact, when searching for an innovative candidate, experience and skills are often not as important as that individual’s personality and creative thought process. While hiring managers may look for a specific number of years of relevant job experience when filling a traditional position, managers looking for creative individuals might instead focus on candidates who ask a lot of questions and seem able to make intuitive leaps during the interview process. What does Innovation Mean to You? Before you begin your search, make sure you understand what innovation means to your culture and organization. What does being innovative mean to the role in question? How does flexibility apply to the position? It is important that you have an understanding of what you want these traits to translate into within the job function and within the company as a whole. Are you looking for an individual who generates ideas and is a constant thought leader or are you looking for an employee that can take a creative idea from the drawing board through implementation? Depending on your response to these questions, you may want to rethink the skills and experience you are looking for in a candidate. How do I Find Innovative Talent? While you obviously want to make sure that a candidate’s skills are compatible with the job opening and that their values are a good fit with those of the organization, these are only a piece of the total picture. The search for innovative talent requires a focus on personal characteristics and reactions. In order to ascertain a candidate’s propensity for innovation, focus on asking open-ended questions that go beyond the standard interview stock. Ask the individual to share an experience or past event when they have had to adapt to a situation or when they have shown their creativity in dealing with a particular incident. Introduce behavioral interview guides to gauge their response. For example, provide them with specific scenarios and ask them to describe how they would react. Is their selected method of response in line with what you are looking to happen in that situation? Use follow-up questions to really understand a candidate’s personality and to get the information you are seeking. Simply asking individuals to “tell me more” can be a great way to get them to share how they may handle various aspects of the job. Make sure you don’t lead them to the answer; let them be open and honest with you when they respond. Have your candidate interview with multiple individuals from your team in order to get a variety of perspectives and impressions. Perhaps someone from your team sees something in the individual that everyone else overlooked. A team member who is currently working in a position similar to the one you are filling is more likely to recognize a key skill or trait than a manager who may not be as involved in the day-to-day aspects of that particular role. Managers may also want to utilize case study or writing exercises to ascertain a candidate’s innovative tendencies. Ask the individual to submit a brief write-up on something particularly innovative that they have completed while on the job or in their personal lives. Give them an organizational case study and have them put together an innovative solution. These exercises are particularly helpful when interviewing individuals who may not have an extensive work background or applicable job experience, but do have all the skills and competencies you are looking for. If your company is ready to embrace innovative thinking and new ideas, now is the time to add talented, creative individuals to your team. No matter what tactics you use in your quest for innovative talent, finding quality employees who are inventive and flexible is key to staying competitive in today’s market. What is your company currently doing to ensure you hire individuals who thrive on innovation?

Rebranding Insurance: Changing the Outdated View of the Industry

The insurance industry is way behind the times. There are no opportunities for me to advance my career. It’s a stale industry that fails to embrace change. We’ve heard it all before. The talent market image of the insurance industry is not a very positive one. Many individuals view insurance as an out-of-date, antiquated labor market that offers little room for growth. As such, recruiting talent, at all levels, is extremely challenging. As the industry continues to see low unemployment rates, a greying workforce and an increasing demand for talent, recruitment is only going to get more and more difficult. The key to combating this worsening skills gap is to find new talent to fill the industry’s in-demand positions. But finding interested talent for what is deemed a “less desirable” industry is not easy, and we, as a whole, are not doing enough to change the public’s perception of our field. But just how can we combat these inaccurate stereotypes? What can we do to make insurance more attractive? The key is rebranding. But individual insurance organizations cannot take on the project of disproving the current industry stereotypes by themselves. The sector as a whole needs to join together and collaboratively work toward promoting the many positive aspects of a career in insurance. We must focus on highlighting the attractive benefits that we, as an industry, offer to professionals. It may be surprising to learn that many of the key perks sought after by today’s talent, are cross-generational. From Millennials to Baby Boomers, employees are looking for workplace flexibility, respect, guidance and a work/life balance—all things offered with a career in insurance. In order to attract these professionals, we must start showcasing how our organizational cultures foster collaboration, promote and support mentoring, nurture innovation and demonstrate corporate responsibility. The industry also needs to position itself as tech-savvy and cutting-edge. Insurance organizations should promote any involvement with hot button trends such as analytics and big data. Organizations should stay on top of the latest tech trends and advances to ensure our employees have the technology needed to function at the highest level. We must embrace social media and all of its potential by being not only present, but engaged, on popular social media sites including LinkedIn, Twitter and Facebook. Members of the younger generation, as well as many of today’s more established professionals, utilize social networks for their career research and networking. It is only by updating and rebranding our image that the insurance industry can successfully combat the impending talent shortage. We must follow the lead taken by so many other business sectors, including logistics and healthcare, to position insurance as “modern,” “cool,” and a “great place to work.” The stakes are high lest we continue to lose ground to more proactive industries that have already dedicated themselves to rebuilding their image.