Insights and ideas to help your business grow


Issue No. 26, December 2015       
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Foundation Insurance Group
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Hiring Millennials? Here's What They Want
 
I've been reading a lot lately about the debate over what millennials-the generation born between 1982 and 2004-want. What do they look for in a job? Do they prefer great service over convenience? What makes them loyal to your brand? Are any millennial women really attracted to millennial men who sport Samurai-wannabe man-buns?

As far as I can tell, the answers are: flexibility; yes; engagement and transparency; way more than you'd think (less than 2/3 of the women surveyed were staunchly anti-topknot). I'm not really qualified to give advice on hairstyles, so let's talk about what benefit flexibility means to the millennial worker. At 75 million strong, they now comprise the largest generation alive, and already make up over 1/3 of the American workforce. And it behooves us all to figure out how to keep them happy.

Health plan choices

If your benefits package was a restaurant, your millennial employees would order the small plates, not the four-course prix fixe. They're a diverse group, and want benefit offerings to reflect that. Those who aren't interested in starting a family yet may have no interest in life insurance. Or they may want a smaller array of health plan benefits in exchange for other coverages such as dental or vision. Including supplementary and voluntary products with your employer-paid benefits is also a good idea.

Uncategorized or unlimited time off

One way to offer your younger workers a more adaptable workplace is by rolling all of their paid time off (PTO)-sick days, personal days, vacation days-into one lump sum of off days. Having more control over their PTO can be very appealing.

Another option is offering unlimited time off. While that may sound, from an employer's perspective, like a free pass to go on holiday, those companies now offering unlimited PTO are finding that, if anything, it has the opposite effect. According to the Society for Human Resource Management, workers who are given unlimited PTO take no more vacation days than those with a limit, and often they take less. Millennial employees don't want to be seen as slackers, and they want their work to get done.

Only about 1% of companies are offering unlimited PTO right now. But those that do, like Netflix, think it's a great system. "[P]eople appreciate the flexibility and do a good job of balancing their vacation time with those of others and the work we all aim to get done," says Netflix spokesman Jonathan Friedland. Those 1% know something else about why it's a good idea-employees who use the least paid time off are the most stressed. The World Health Organization estimates that employers lose about $300 billion annually to employee stress.

Need another reason? That unlimited PTO doesn't accumulate, like limited vacation days. So if an employee leaves, you don't need to pay them for unused time off. Score.

The more Baby Boomers retire, and the more millennials graduate high school and college and enter the workforce, the younger your pool of potential employees gets. And according to a study by PR and marketing firm Capstrat, good benefits are a major motivator for 81% of job-hunting millennials. (By comparison, only 57% say that salary is the most important aspect of a job.) So if it's feasible for your organization, and you're in the market for some 18- to 35-year-olds, think about restructuring your benefits package to give them what they want the most.
5 Ways to Help Someone in Need (Even When You Have No Time, Money, or Resources)

These kinds of thing happen all the time. But when it happens to someone you know well, you pay more attention. 
 
A producer friend, Ruth, was getting ready to renew the business insurance for Don, a loyal and long-standing client of hers.
 
This isn't one of those horror stories about losing an important account or the hardball tactics competitors might try to win business.
 
It's about how you can help someone in serious emotional pain even when you haven't a clue what to do.
 
Ruth was on the phone with Don's assistant setting up the renewal meeting. Towards the end of the call, Don's assistant lowered her voice, and let Ruth know that her boss was having a tough time emotionally.

After 32 years of marriage, he was going through a divorce, which was taking its toll on his whole family, his business, and his health.
 
For months Don had been undergoing tests for a still-unidentified illness impacting both his speech and mobility. His whole world seemed to be crumbling, and it was clear, his assistant said, that he was struggling profoundly.
 
Thinking about the upcoming meeting with Don, Ruth's stomach was churning. She felt genuinely bad for Don and his family, and wanted to be supportive, but she had no idea what she could say or do to help.

She was worried that she'd only end up making things worse.
 
But that was before she spoke with a friend who volunteered at a local hospice. He knew a lot about helping people deal with emotional pain, and gave her five ways she could be of service to Don (or anyone else who was down and distraught).
 
***
 
Sooner or later, we're with people who are suffering and we don't know what we can do to be of help.
 
Your story may be quite different from Ruth's. Maybe it's your teenage daughter, college roommate, or best buddy who unexpectedly faces some extreme challenges that you can't fix with money or material resources.
 
In times of real hardship, people's needs can be very simple. And expressing our fundamental human connection with others is often all that's required.
 
Here are Ruth's friend's five ways to help:
 
Reflect back their basic fulfilled self - not their wants and needs

Emotional suffering can make people feel defeated and worthless. But no matter what they're currently facing, everyone has an intrinsic sense of worthiness.
 
The problem is that when someone's suffering emotionally, they tend to identify with what's wrong instead of with their underlying healthy self.
 
Your non-judgmental, confident presence sends a valuable message of acceptance that helps shift their focus from self-hating to appreciation of their basic goodness and worth.
 
Just listen

Wanting someone else to understand and acknowledge our feelings, thoughts, and moods is an innate human need. It's an expression of our interconnectedness.
 
When you spend time with someone as an unbiased listener, taking in their fears, sadness, and heartbreak, you show them they're not alone.
 
And when you're able to share someone's suffering without being overwhelmed by it, it gives them the confidence they too can take their pain in stride.
 
Let them know the story they might be telling themselves is not the only way to experience things

I don't mean to imply for a second there isn't real suffering going on. When things fall apart, we can feel desperate and alone. But we can also make things worse for ourselves by ruminating, dwelling obsessively on the bad stuff and the imagined causes. These thoughts fuel more negative feelings, and that can lead to serious depression and further consequences.
 
I saw a girl speeding downhill on her bike fall and slide along the rough pavement. She burst out crying, but she wasn't so much hurt physically as she was anxious that she might have been. Simply saying, "You're OK. You just skinned your elbows and knees" did a lot to help her relax. 
 
Don't try to fix everything

Everyone wants to avoid pain, whether it's our own or someone else's.
Our urgent desire to fix things - "I've got a great doctor, a great lawyer, have you tried this remedy?" - is frequently about wanting to get rid of our own uneasiness.
 
The simple power of empathy comes from being present with someone, feeling what they are feeling and showing them that you understand. By accepting what the other person is experiencing, instead of immediately trying to fix it, we help them relax.
 
Name it to tame it 

The problems people face aren't always life or death upheavals, but to the person suffering, they can feel that way.
 
Suppose your teenage daughter Sarah is freaked. She tells you a long story about the social conflicts at school and how lonesome she is.
 
Neuroscientist and New York Times bestselling author Dan Siegel offers this insightful approach:
 
When we can put a name on what's bothering us, we engage higher cognition brain functions that shift attention from the emotional brain's worry and anxiety.
 
"What is it you're feeling about this?" you can ask, and let her name it. She might tell you, "I'm afraid no one will sit with me in the cafeteria tomorrow."
 
Amazingly, as a result of simply defining the emotional experience - "I'm feeling afraid" - the brain's language center in the left frontal cortex sends soothing neurotransmitters to the limbic system that calm the agitation, so that Sarah relaxes and feels less anxious.
Insuring the Internet of Things (the What?)

A bra that detects warning signs of breast cancer, bridges that keep track of wear and send alerts when repairs are needed, buildings that automatically control task lighting as needed while constantly maximizing energy conservation. Is this the future promised on the Jetsons?
 
In fact it's all part of the Internet of Things (IoT), the rapidly unfolding future of Internet connectivity and sensors embedded into every aspect of work and life.
 
And the insurance industry will play a major role.
 
Historically, insurance revolves around understanding risk, pricing that risk, and paying claims. Today's connected world gives players on both sides of the risk equation - insurers and those insured - new tools for measuring and controlling those risks.
 
The Internet of Things (IoT) describes the beating heart of our constantly connected world, made up of devices and sensors, the data collected from those sensors, and the processes used to make sense and actionable use of that data.
 
A recent report by Strategy Meets Action (SMA), an insurance company advisory firm, says that the IoT is moving ahead so rapidly that 74% of insurance company executives say it will be a major disruptive force within five years, and 54% believe it will be an issue even sooner.
 
Actually, the IoT has been playing a role in the world of insurance for sometime now. Insurers can use telematics (driving patterns revealed by sensors in the car) to identify which drivers are more or less likely to have accidents. From that analysis, Pay-How-You-Drive plans are being offered to safer drivers.
 
This kind of Usage-Based Insurance (UBI) allows insurers more control and pricing accuracy. It also lowers premium costs for less risk-prone customers.
 
IoT sensors and apps track events or behavior patterns (of people or things like bridges, walls, equipment, etc.), triggering alerts when dangers or negative conditions are recognized, and essentially lowering the risk of accidents and insurance claims.

Challenges
 
Of course, along with our growing ability to track, measure, and use all this data, comes increased concerns about data security, unauthorized data usage, and the accuracy of all the data being collected.
 
On the plus side, as insurers gain ability to more accurately predict losses and claims, they will also be able to offer lower pricing to safer operations.
 
Along with that, greater understanding of the correlation of particular usage patterns and claims will allow insurers to offer more and better risk control advice.
 
It's also expected that IoT fraud-detecting apps will improve the claims management process and further help to lower premiums.
 
With the increased ability to collect, store, and analyze the plethora of information from everyday activities and conditions, the burgeoning of the Internet of Things promises both opportunities and challenges.
 
For businesses, there will be greater ability to detect patterns of risk and more ways to control that risk to keep insurance costs low. But like every other blossoming technology, new areas of risk and uncertainty come along in the process.




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All content © 2015 Professional Marketing Associates, Inc. This newsletter is not intended to provide specific legal or insurance advice. Please consult your individual agent for further information on the topics covered.