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Countdown to ICD-10: Get your Training Program on Track

It is my pleasure to introduce a guest blogger for this latest post. Abbe Sodikoff is a senior vice president and health sales manager here at Jacobson, providing leadership to our subject matter experts health services team. Her insights into ICD-10 preparation are worth a read. Enjoy… The official compliance date for ICD-10 has been delayed another year until October 1st, 2015. Despite the extended deadline, many health plans remain concerned about their readiness. According to a study, more than half of healthcare providers and health plans have completed only 25 percent or less of the necessary implementation. The implementation of ICD-10 will affect all aspects across the health system from clinical documentation and business processes to claims and care utilization management. As such, it is critical that everyone working at these health plans, from the chief executives to the coders, is aware of, and familiar with, the new coding standards. Education and training are key aspects of any successful implementation plan. If you haven’t done so already, now is the time to review the needs of your organization and create a training strategy to ensure that everyone is on board.As you prepare your ICD-10 training program, here are some helpful tips to keep in mind. Treat ICD-10 training like you would treat any other training within your organization. Take time to develop a comprehensive project management plan and make sure to utilize the expertise of your training coordinators – or to contract one if you don’t have the necessary expertise on staff. Determine a process for providing specific and relevant information to each individual team within your organization. For example, tailor your training to discuss ICD-10 changes to billing when you are training your billing staff. Remember that everyone learns differently and at a different pace. Utilize a mix of eLearning courses and instructor-led sessions in your training.  Keep in mind that 65% of professionals are visual learners and incorporate visual clues and materials into your education materials. Here at Jacobson, we are staying abreast of all ICD-10 updates and news in order to provide effective support to our clients as needed. In addition, we are encouraging our clients to assess their strengths and limitations regarding ICD-10 compliance and education, and to start an honest internal dialogue about the potential needs they may have during this transition. What is your organization doing to prepare for ICD-10?

What does the crystal ball predict for staffing in 2015?

A number of trending talent issues are sure to impact the insurance industry in 2015. From the growing focus on building a personalized talent brand to the rise in demand for tech talent, the industry is being shaped by a number of emerging trends. Here are seven trends we expect to influence the insurance industry in 2015. Emerging Talent: As the industry faces a growing talent crisis, organizations are turning to young professionals and recent graduates to fill the gap. Talent Branding: In today’s competitive recruitment climate, building an attractive, positive brand is key to success.  Tech Talent: The demand for analytics and big data talent is causing insurers to rethink their hiring plans in order to better attract tech talent.  Increased Industry Turnover: Companies must revisit their employee engagement strategies to combat the growing number of voluntary separations.  Growth of Non-Traditional Employment: The rise in temporary employees is creating a unique solution to employers search for cost-efficient term staffing. Technology Impacting Required Job Skills: The growing focus on technology is creating a demand for a new skillset among today’s job candidates. Climate Risk: Increased demand for claims and underwriting professionals is causing insurance organizations to rethink their current disaster or natural event staffing strategies. Want to learn more about the top talent trends for 2015? Download our full guide for an inside look.

Insurance Industry Continues Positive Growth Trend

The results from our latest Semi-Annual U.S. Insurance Labor Outlook Study are now in! The survey expectations are overwhelmingly positive for staffing and revenue growth. Compared to the July 2014 survey, the rate of expected hiring jumped to 66 percent—the highest percentage since the survey began in 2009. Nearly one-third of all companies are planning to increase their staff by at least 2 percent in the coming year. Primary drivers for this growth in staffing are the anticipated increase in business volume and the expansion of business into new markets. The post-recession recovery continues to effect staffing expectations as more than 40 percent of organizations reported that they would be hiring to fill areas currently understaffed. Revenue growth expectations remain high, with 84 percent of surveyed organizations expecting an increase in revenue growth in 2015. This is the fourth highest level since the survey began, however it marks a slight decrease from the expectations reported in July 2014. An increase in market share and changes in pricing are driving the expected revenue increase within the industry. Despite this positive outlook, insurers face an increasingly challenging labor market as the demand for talent continues to far surpass the current supply. Since its low in April 2011, the industry has seen a growth of more than 60,200 new jobs. In January 2015, staffing in insurance reached 1,481,000—the highest the industry has seen since July 2004. Add in 236,000 job openings within insurance and it is clear that the labor market is in the midst of a drastic tightening. In addition, the unemployment rate remains low. According to the BLS, the January 2015 unemployment rate for the insurance industry was 2.3 percent, a much lower rate than the 5.7 percent reported for the national economy. While the insurance industry is enjoying a period of relative stability, the low unemployment rate is lending to the current talent crunch. Already companies are reporting a difficult recruiting climate. It is expected that the current labor market will become more and more challenging as the available talent pool continues to be effected by industry retirements and a lack of incumbent talent. Actuarial, technology and executive positions continue to top the list of job functions that are the most difficult to fill. This correlates to the growing focus on technology and analytics within the industry and its increased integration throughout insurance. In fact, technology has had the greatest likelihood of increasing staff in 11 of the past 12 surveys for property and casualty companies. To combat the growing talent shortage and meet the growing industry needs, insurance organizations are focused on building their talent pipelines and engaging their current employees. Many insurers are turning toward the incoming wave of Millennial professionals to provide a solution to their talent needs. With Millennials making up an estimated 25 percent of the workforce they present a unique opportunity for the industry to bring in fresh talent. Engaging and recruiting these bright, young professionals may be the key to successfully weathering the growing talent storm. While things are certainly looking up within the insurance industry, the positive outlook must not be allowed to overshadow the growing challenges in recruiting for key industry positions. Organizations must begin preparing now lest they find themselves unable to meet their growing needs. The key is to think ahead and begin building a bench of emerging insurance talent. Download the full results from the survey.

What’s in Store for the Actuarial Field in 2015?

From the emergence of data analytics to the increased need to attract young talent, the insurance industry is being impacted by a number of hot button trends. But what is in store for the actuarial space? We have identified the top five trending actuarial issues that are sure to make an impact in the coming year. One of these key trends includes significant changes to the current actuarial structure. These changes are adding to the complexity of the actuarial role and the demands on actuarial professionals. Companies are bolstering their current risk management practices—they have added additional staff and are creating risk management departments completely separate from actuarial ones. This evolution has included the addition of new roles, such as chief risk officer, as well as a sizable increase in the governance and risk management practices in place. A move toward centralized modeling departments is contributing to the corporate structure changes being made by insurers. In order to support the need for strong risk management and model governance, while preventing employee burnout, insurance organizations need to appreciate the added demands of actuaries. Ensuring that the proper structure and appropriate talent are in place is key to success in the coming year.  Want to learn more about the top trends affecting actuaries in 2015? Download our full guide for an inside look. 

Love the One You’re With: Increasing Employee Engagement

Happy, engaged employees are the key to a successful workforce. The employees who love their jobs and their companies are the most productive, effective and loyal. The positive energy these professionals bring to the workplace not only helps to create a cheerful work environment, but also directly affect your organization’s bottom line, service-quality and employee retention. What happens when the relationship between your organization and its employees fizzles? What can you do to bring back the spark? The last year has seen a decrease in the love employees are feeling for their employers. According to a recent survey by Virgin Pulse, 67 percent of employees are happy or have no strong feelings about their organization. While this outlook may sound high, it represents a drop of nearly 10 percent from last year. So what is to blame for this rocky patch in the employee-employer relationship? Poor work/life balance is the prime culprit. Nearly 40 percent of respondents reported that they wished their company cared a bit more about their work/life balance. For organizations looking to re-court their current staff, now is the time to show them just how much you care for and support them. Looking to re-win your team over? Consider focusing on these key happiness drivers:                Adjust the workday: When it comes to benefits that professionals would love to have, flexible work arrangements top the list. Is work-at-home an option for your organization? Could your telecommuting program use an update? Rethink your current policies to see if you can provide a more customizable, tailor-made work environment for your employees. Foster relationships: When it comes to creating a positive workplace, manager-employee and employee-coworker relationships are of great importance. In fact, 60 percent of employees report that their relationship with their manager is the deciding factor when it comes to work productivity and focus. Furthermore, 66 percent believe that good colleague relationships are key. With Gallup reporting that employees who have a best friend at work are seven times more likely to be engaged and thriving in their careers, encouraging water cooler conversations may be the ticket to a high-performing staff. Spice up the day-to-day: Don’t bore your employees with mundane tasks and projects. More than 50 percent of professionals believe that interesting and challenging work is the top reason to love their company. Focus on meaningful projects and long-term tasks that will not only help meet your bottom line, but will engage and excite your staff. Bring in some Zen: A fundamental part of employee happiness is their overall well-being and health. Maintaining physical, mental and social health was at the top of the list for 28 percent of survey participants with an additional 36 percent wishing their company cared more for their emotional health. Offer social activities such as book clubs and walking groups, engage in community service, or even set up a meditation room to help your team take a step back and unwind.  Build a positive mission: Your organization’s mission not only defines your business, but is a key component of your overall company culture. For 38 percent of employees, having a positive company mission is crucial to their overall engagement—and the impact of the mission on the ultimate employee-employer relationship is growing. Make sure you are connecting employee projects to department and company goals. Encourage open communication and share organizational highlights with your staff. Take an interest in your employees’ careers with professional development and continuing education opportunities. Sometimes all it takes is a little love to keep your employees engaged and happy. Win them over with some of these engagement motivators and you can be on your way to a more productive, focused and successful workplace. What is your organization doing to maintain positive employee engagement?

Social Media: The New Recruitment Frontier?

It’s no secret that social media has become an integral part of today’s connected culture. In 2014, social media was already becoming a popular forum for professional recruitment—a trend that is expected to increase in the coming year. With an estimated 74 percent of all online adult internet users active on social media, it is quickly becoming a fundamental platform for engaging young professionals and top candidates. The insurance industry is currently revamping its efforts in recruiting and engaging Millennial talent. Embracing social media is becoming a crucial factor toward success. Social media is a great way for your organization to set itself apart and stand out from the crowd—key in today’s increasingly competitive labor market. According to a study conducted by LinkedIn and the Altimeter Group, 58 percent of employees are more likely to want to work at a company that uses social media, while 20 percent of individuals are more likely to stay with a social media savvy organization. Recruiters are taking note and increasing their focus on social networks as a recruitment tool. In fact, 73 percent of recruiters have already reported a plan to increase their investment in social recruiting in 2015. However, despite the widespread acceptance and adoption of social media, many recruiters and hiring managers are still unaware of how to tap into the full potential of social media for their job recruitment and hiring needs. The key is to not only be present, but engaged. The younger generation leverages social media as a standard part of the job search. It is a major red flag to candidates if you do not have a social media presence. What can your organization do to create a compelling and engaging social media presence? Prioritize your social media networks. When it comes to professional recruitment, not all social media networks are created equal. LinkedIn remains the top choice among recruiters, with 79 percent reporting they have found a hire through the site. As such, 94 percent of recruiters are utilizing LinkedIn, followed by 66 percent on Facebook. Create a two-pronged approach. Organizations wanting to increase the effectiveness of their social media outreach might want to consider a dual-pronged approach that combines both vetting and engaging potential recruits. Focus on LinkedIn as a tool to pursue potential job candidates while utilizing Facebook and Twitter for relationship building with strong content and unique posts. Follow insurance industry leaders and news sources on Twitter, share relevant industry news on Facebook and promote your organization’s thought leadership on LinkedIn. Share your company’s story. Making your organization interesting and relevant is important when appealing to today’s job candidates. Focus on sharing company culture posts and encouraging your current employees to share their experiences on your page. Highlight recent events and volunteer activities. Has your organization recently participated in an industry conference? Share your thoughts! Employees planning a food drive to support the local community? Post pictures and stories. Shift toward more “real” posts that give candidates a better sense of what your organization is all about. As mentioned in an earlier blog post, being engaged on these sites is also a great way for insurers to position themselves as modern and forward-thinking. Social networks have proven to be a great source for finding top candidates, with both quality and quantity of candidates shown to improve when a social recruiting strategy is in place. Now is the perfect time to take a second look at your current social media strategy and consider revamping it for the coming year. How is your organization using social media to recruit and retain professionals?

Did You Know? Insuring the Super Bowl

On Sunday, February 1, twenty-two on-field players, $4 million ad spots, one chart-topping pop star and more than 100 million viewers will converge in Glendale, Arizona, for the most-watched event of the year. The countdown to Super Bowl XLIX is on. As you debate the outcome of the big game, predict the top ads and stock up on Buffalo wings and dip, it’s time to brush up on your Super Bowl insurance trivia! Those outside of the insurance industry may be surprised to learn how much insurance organizations are involved in large events such as the Super Bowl. From the flyovers that often occur to the number of special events hosted on and off the field, everything is considered from a risk management perspective. So what are the top five insured items at this year’s Super Bowl? We’ve got the inside scoop. Event Cancellation: It’s hard to imagine an event as large and as prestigious as the Super Bowl being canceled. However, the threat of cancellation or postponement due to extenuating circumstances—such as the freak snowstorm that hit Cowboys stadium in 2011—is real enough for insurance to be purchased. Media Liability: From the infamous wardrobe malfunctions and out-of-control celebrities to sound issues and blackouts, organizations and sponsors are making sure they are protected. Corporate Liability: The Super Bowl offers companies the chance to impress clients, but what about a disaster en route or a client gone wild? As sponsors and corporate executives rush to the big game, they need to make sure their general and corporate liability policy extends to special events. Prize Indemnity: Entered to win a new car or a competing for thousands of dollars in the bank? The Super Bowl precipitates a number of contests and sweepstakes with huge prizes. Organizations sponsoring these contests are sure to have coverage for these competitions lest they be left footing the bill. Advertising Liability: With commercials costing upward of $4 million, big-spending advertisers are sure to throw in a little extra to protect their investment. While the big game has yet to be played, planning is already underway for 2016. And with insurance coverage near the $100 million mark, it’s easy to see why the host committee for next year’s Super Bowl is already hard at work. Now go out and wow your friends with your insider knowledge of Super Bowl insurance!

Compass 8.1: The Art Of Interviewing: Mastering The Candidate Selection Process

Today's business interviews often prove ineffective in separating the good from the great. How can organizations ensure their interviews produce impactful hires? We share insights into successful interview strategies and best practices to ensure your organization finds the ideal employee. This edition also includes our regular overview of the industry's current labor market and recent executive-level job changes.

Generational Spotlight: Traditionalists Influence the Business Landscape of Tomorrow

This blog entry is part four 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.  More commonly known as “The Greatest Generation,” the Traditionalists are a driving force in today’s workplace with seven million individuals currently employed in the United States. While smaller than the other generations, this still represents nearly five percent of the U.S. workforce. Playing a key role in forming the business world of today, these tenured individuals are a great source of perspective, knowledge and institutional wisdom. Born before 1945, the Traditionalists grew up in the wake of the “Great Depression” and in the era of nuclear families and strict discipline. World War II was the pivotal event of their lives. War heroes were celebrated upon homecoming; and overall, the nation was marked by a strong sense of commitment to families, soldiers, country, and community. Having imparted their values and work ethic into current workplace policies and procedures, the Traditionalists are expected to influence the business world for decades. What can your organization do to capitalize on this immense source of business insights? Often conservative and “old-fashioned,” this generation follows the rules, has extreme discipline and highly respects authority figures. They are accustomed to a direct style of leadership and prefer organizations with a hierarchical structure. Workplace communication and requests should be direct, face-to-face and personalized. Traditionalists are motivated by projects and tasks that relate to the overall benefit of the organization. Managers and supervisors should identify clear goals and direction when assigning tasks and connect projects to the larger picture. Traditionalists view work as a privilege. They have reached the upper echelons of the business world and continue to work because they want to. Organizations looking to hold on to these professionals should provide ample opportunities for flexible work. Part-time schedules, contract and temporary work offer these experienced professionals the ability to choose when and what kind of work they will do. The most engaged segment of today’s workforce, Traditionalists are invaluable employees. Their experience and perspectives are a great resource for an organization. These employees should be encouraged to capitalize on their experience and participate in two-way mentoring relationships with their younger counterparts. Organizations may also want to engage these individuals through committees and advisory roles that will enable them to share their hard-earned wisdom.  Today’s Traditionalist professionals offer a wealth of knowledge and insider observations that can be very valuable to any organization. With their perspectives and practices expected to shape the business world long after they have retired, cultivating this generation is key. How is your organization reaching out and engaging its tenured, Traditionalist employees?

Generational Spotlight: Baby Boomers as the Workplace Leaders

This blog entry is part three 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 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.  Conversationally known as “Boomers,” Baby Boomers are the largest generational cohort currently employed. With 66 million professionals, the Boomers comprise 44 percent of the U.S. workforce. While these experienced individuals hold most of the power and control within the workplace, retirements are on the horizon and many early boomers are already on the cusp of exiting the business world. However, The Baby Boomers are also revolutionizing retirement, choosing to work passed the traditional retirement age or reinventing themselves with careers in other industries. They are starting new businesses, pursuing their interests, and finding satisfying “second careers” in both the private and not-for-profit sectors. In order to retain these progressive professionals, organizations must focus on creating a culture and environment that supports their desires and needs. Just who are these business leaders and what are their motivations? What can organizations do to ensure their Baby Boomer employees are happy and engaged? Growing up in the post-World War II era—between 1946 and 1964—Boomers were shaped by parents who believed that life would be better for this new, and largest ever, generation. By 1967, the Boomers, then aged 25 and under, were named Time magazine’s Man of the Year. They were the first generation to be graded on “working well with others” and were shaped by climactic events including the assassination of President Kennedy, the U.S. moon landing, and the Vietnam War. For the Baby Boomers, work is a place to prove their worth, resulting in a “whatever it takes” and “going the extra mile” mindset. They possess a strong work ethic and focus on their careers as a defining characteristic. As a result, Baby Boomers, more than any other generation, put emphasis on jobs that recognize their immense experience, offices that are respectable and have status, and organizations that provide formal recognition. Organizations looking to retain these experienced leaders should focus on acknowledging their skills and contributions by giving them leadership and supervisory roles and functions, and encouraging them to share their experiences with their younger colleagues through mentoring. Having been taught at a young age to be good members of a team, Baby Boomers place significant emphasis on making a difference and contributing to their team and organization as a whole. Companies should emphasize how important these employees are to their teams and the value that they add to the organization. They should highlight how the individual’s work is benefiting the organization and how they make a difference on a daily basis. In light of the recent focus on filling the talent pipeline, organizations may be overlooking the Baby Boomer generation and missing out on the valuable knowledge and skills they offer. Is your organization making efforts to engage and retain its Baby Boomer professionals? 

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?