Today's Workforce Challenge and Why We Need to Think Differently - for agencies

© 2015 Work At Home Vintage Employees LLC

Today’s Workforce Challenge & Why We Need to Think

Differently

Sharon Emek, Ph.D., [email protected]

Work At Home Vintage Employees LLCwww.wahve.com

646.807.4372


The Increasing Rate of Change

Agricultural Age 10,000 BC to 1700

AD

Industrial Age 1700 – 1970

Information Age 1970 – 2010

2010 – 2020Maker Age (share & create, customize & collaborate, design

thinking), Disruptive Age


The Way We Were


http://img.ibxk.com.br/2014/09/23/23120354214264.gif


The Way We Will Be


Revolutionary Changes Happening in the Workplace

• WorkFlex – greater freedom and flexibility Delta, KPMG, Unilever (80% productivity increase)

• Unlimited time off Netflix, GoHealth (increased engagement & retention by 200%, saved money by not having to manage paid time off, stopped paying for unused days and removed large amount from their balance sheet. managers can use their time more effectively meeting regularly with their employees)

• 4 months paid leave for new parentsNetflix, Microsoft, Facebook

• No structured performance reviews Frequent, informal conversations between managers and employees Texas Roadhouse, Adobe (saved 80K hours/yr. – 40 FTs )

• Mobile work stylesSome predict 89% of organizations will offer “mobile work styles”

• 4 generations in the workforcewith Gen Z will be 5


Performance Reviews Never Cut It

Corporate Executive Board survey on performance reviews findings ◊ Employees say:

66% say performance review process interferes with their productivity;

65% say it isn’t relevant to their jobs.

◊HR managers say: 90% say don’t believe their companies’

performance reviews provide accurate information;

95% aren’t satisfied with their organizations performance management process.


What Motivates Employees Is Changing

Employee career aspirations Almost 50% aspire to achieve work-

life balance 17% be the best at what I do 13% earn a lot of money 11% help other people 6 % help society

Definition of workplace success

26% happiness/enjoyment 19% salary 18% doing the best work 15% respect and recognition 10% high performance


The Production Age Ended Years Ago but How We

Manage Didn’t• 90% of workers are either not engaged or actively

disengaged with their work (Gallup Poll).• When given a chance to make work challenging,

meaningful and engaging, employees jump at it.• Longstanding evidence that routinization and an

overemphasis on pay lead to worse performance.• People need to have purpose in their work; they need

to know that their work makes other people’s lives at least a little bit better.

• People are not money-driven by nature. (They are less likely to help someone if offered money than if not. People will do a favor for another human being rather than do a commercial transaction.)


Management Mindset is Changing

Old Mindset

Be at your desk everyday

Work 9:00 to 5:00

Take scheduled breaks

Manage by sight

All work is necessary

New Mindset

Work can be done anywhere

Based on results

Productivity measured by outcomes

Activities take place beyond traditional places

and times


Technology, Millennials & Boomers Driving Where &

When◊ Flex-time

With the choice to work 8:00-4:00, the traditional 9:00-5:00, or 10:00-6:00 or 4 days from 8:00-6:15.

◊ Remote work optionsPermanently or as-needed. (Do you really care where someone is when they send an email? It’s really about getting the work done, not where it’s done.)

◊ Guilt-free personal hours. (Encourage parents to chaperone a field trip; openly recognize that sometimes all someone needs is a few extra hours simply to run errands.)

The loyalty created and productivity will far outweigh the hours not spent in the office.


The Emerging Non-Traditional Workforce

◊ 34% of the American workforce (50M) is non-traditional – solo entrepreneurs (gig workers aka freelancers) and temporary workers.

◊ Many want more control over the work they do, when they do it, how they do it and for whom.

28%Mil-

lenni-als

29%Gen-era-

tion X

14%Silent Gen-era-tion

30%Baby Boomers


Changing Life Span of the Workforce

◊ 10,000 boomers will turn 65 every day for next 18 years.1

◊ Today, 1 in 5 Americans are age 55 or older, and by 2030, 1 in 5 will be 65 or older.1

◊ America’s current young population has zero growth.1 ◊ 82% of the nation’s young population growth from 2005 to

2050 will come from new immigrants and their children.1 ◊ One third of the labor force will be 55 and older by 2016.◊ The insurance industry is predicting a 50% baby boomer

retirement over next eight years.◊ Life expectancy today: Women will live to 81, men to 76,

and children born today will live to 100. 1 U.S. Census, Next Four Decades, May 2010


So what will your agency staff look like in three years?

◊ Most likely already have a multi-generational workforce: Silent generation (born prior to 1945) Boomer generation (1946-1961) Generation X (1961-1979) Millennials (1980-2000).

◊ Gen Z’s (2001-2020) are turning 16 and will show up soon at your doorstep.


Each Generation’s Workflex Priorities

◊ Some Millennials will work part of the day in the office, rush to the gym at lunch, work from a Starbucks networking, do volunteer work before going home and work until mid-night.

◊ Some Gen Xers will work three days in the office and two from home for more family time, work at home at night and on weekends.

◊ Some Boomers will work in the office part of the year and then from their second home the rest or spend a month with kids and grandkids while continuing to work remotely, with a laptop of course.

◊ Other Boomers and Silent generationers will be wahves working exclusively from their homes or wherever they happen to be.

OMG, what will Gen Z’s priorities be?


So What’s with the Millennials?

◊ Are inexperienced and searching for the right fit;◊ Have a fear of missing out (FOMO), want to be

everywhere, which is why they are on Instagram, Twitter, etc.;

◊ Are multi-taskers, highly educated and tech-enabled;◊ Believe authority must be earned; ◊ Are civic minded, like to be involved in community and

celebrate diversity; ◊ Define themselves by their ‘tribe’ – their network of

friends;◊ They are free agents, who want the money now and don’t

see the short or long term – they see now.


Boomers Are Changing the Retirement Paradigm

◊ Life expectancy has increased.◊ People over 60 are healthier and more active than previous

generations.◊ Compared to younger workers, older people tend to be more

knowledgeable, have more experience, have greater emotional stability, and are better able “to stand back and see the big picture.”

◊ Older employees’ productivity and reliability is higher than that of their younger colleagues.

◊ Wisdom, or an ability to compromise, comes with age.◊ Having people with experience, not just technical but also

emotional and psychological, is beneficial for employers.◊ Boomers want “life-work” balance and have the institutional

knowledge and computer skills to continue to work from home after they leave the regular office environment.


Are People Ever too Old to Work?

◊ Norman Lear at 93 – new book Even This I Get to Experience

◊ Robert Redford at 79 – Walk in the Woods

◊ Clint Eastwood at 85 – American Sniper◊ Paul McCartney 73, Mick Jagger 72, Paul

Simon 74 – still doing concerts◊ Stephen Hawking 73 – still alive!◊ Hank Greenberg 90 – started Starr◊ Warren Buffett 85 – still buying

companies◊ Larry Ellison 71– Oracle Chairman & CTO


Why Will People “Pretire” and Not Retire?

◊ 2015 CareerBuilder's annual retirement survey: 54% of senior workers (age 60+) will work after retiring from

their current career; 81% most likely work part-time, 19% full-time.

◊ People leave the regular workforce for many reasons: Need to take care of aging parents, grandchildren, ailing spouse; Want to live near their children and grandchildren; Want to be in warm climate for the winter; Tired of commuting in traffic for 25 years; Tired of office stress and politics .


Changing Demographics Leading to Unprecedented Changes in the

Workforce Flex time

and flex place

Choices in managing

time

Reduced time

Time off

Flex career

Pretirement

Culture of

Flexibility

Contract/Gig staff Employees

PretireesFive generations

Purpose, collaboration, engagement


The Right Job

The Right Skills

The Right Resources

The Right Moment

The Right Quantity

The Right People

The Right Price

The Future of Work

Anywhere


The Whole Idea of How We Work and for How Long We Will Work Is Being

Reimagined


The Insurance Office of the Future

5 generation client

focused staff

Broad cultural

reach and interaction

Flexible work arrangement

s

Progressive, collaborative management

Remote “pretiree”

knowledge contract workers

Less real estate & overhead

Cloud technology and virtual

offices


WAHVE – the Ideal “Pretiree” Solution

◊ WAHVE is an innovative contract-staffing talent solution.◊ WAHVE engages “vintage” professionals who work part-

time or full-time remotely from home. ◊ WAHVE bridges the gap between an insurance firms staffing

needs and vintage insurance professionals desiring to phase into retirement.

◊ Firms can outsource some of their staffing needs cost effectively.

◊ “Pretirees” can extend their careers working from home.


WAHVE Should Be the Go-to Place When Someone Retires from Your

Company

◊ An opportunity to keep our retiring talent in the industry: help them stay productive; give them the ability to supplement their retirement

income; and Provide flexibility.

◊ An opportunity for insurance firms that can’t find local talent to contract for talent anywhere in the USA at a cost-saving.

◊ Gives anyone who wants to retire the opportunity to “pretire” if they need to continue to work but need flexibility.


Why the Insurance Industry Is the Perfect Fit

◊ Our workforce is a white collar knowledge industry. It has difficulty attracting millennials. It is losing its institutional knowledge.

◊ Most jobs in the industry can be done anywhere.◊ 2015 CareerBuilder's annual retirement survey:

54% of senior workers (age 60+) will work after retiring from their current career.

81% most likely will work part-time, 19% full-time .Customer service and consulting are the two of the

three most common jobs these workers plan to pursue.


Reinventing retirement in America by helping people stay productive longer in a more balanced and rewarding way and providing businesses continued access to their talent and experience in innovative ways. Contact: Sharon Emek at [email protected]

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Today's Workforce Challenge and Why We Need to Think Differently - for agencies