The Workforce Revolution

2. © 2011 Work At Home Vintage Employees LLC The Increasing Rate of Change Agricultural Age 10,000 BC to 1700 AD Industrial Age 1700 -1970 Information Age 1970 – 2010 Virtual/Connected/Creative Age 2010 – 2020? •The value lies in the creative output, rather than purely the productive output of human labor. •The value lies in open sourcing and finding and creating relationships. This new virtual/connected/creative age will add to the challenges already being faced by insurance firms.

3. © 2011 Work At Home Vintage Employees LLC Changing Employee Dynamics  The aging of the baby boom generation along with declining fertility rates is changing America’s age structure. The number of people over age 65 will rise substantially beginning in 2011 as the oldest members of the babyboomer generation reach 651  About one in five Americans are age 55 or older and by 2030, one in five Americans will be 65 or older1  While the older population is increasing dramatically, America’s current young population has zero growth1  82% of the nation’s young population growth from 2005 to 2050 will come from new immigrants and their children1  The industry is predicting a 50% babyboomer retirement over next eight years 1 U.S. Census, Next Four Decades, May 2010

4. © 2011 Work At Home Vintage Employees LLC Challenges to Insurance Firms 36 % projected boomers population with “zero” growth in young population Generational work ethic differences among Boomers, Gen X, Gen Y, Millennial and future generations Brain-drain of experienced, educated and well-connected employees Employers competing for the same labor pool & lack of talent Thousands of back- office processes completed by highly paid staff Challenges of a multi- cultural workforce Declining margins Increasing staff costs Constant new technology challenges

5. © 2011 Work At Home Vintage Employees LLC What Has Changed? Insufficient Local human capital Diminishing client loyalty New workforce values and talent loyalty Sophisticated client service and knowledge demands Expectation of immediate responses Cost pressures of the “new normal” market Multi-cultural, multi- generational workforce Increasing challenges of global and complex risk social networks smart phones and virtual relationships

6. © 2011 Work At Home Vintage Employees LLC What does this mean for businesses? This workforce revolution is challenging our current structure: • The way we view the workforce will have to change in dynamic ways – from a closed, controlled community to an open, collaborative community and from production focused to creative focused • The step-by-step, top-down command and control management methods we use to build monolithic firms will need to be re-thought focusing on creative output and relationships • The linear fashion in which we design jobs will need to be transformed encompassing a variety of methodologies • Once we adopt new technology, we never return to old technology and the impact that makes on: – the amount and type of workforce we need – how jobs should be done – who should do the job – where the job should be done Management needs to see their world in 3D and focus on strategic workforce planning to optimize the value of their companies.

7. © 2011 Work At Home Vintage Employees LLC The Perfect Example of the Production Model Most CSRs/AMs still spend a majority of their time on back office tasks. Back Office Tasks 52% Client Phone/Email Time 24% Carrier Phone/Email Time 15% Client Face to Face Time 7% CSR Time HighReturn,HighValue LowReturn,LowValue Rough Notes, “Foundations of Customer Service,” August 2005

8. © 2011 Work At Home Vintage Employees LLC How can insurance firms flourish in this new arena? Need to re-define the work that needs to be done and the best methodology to get the work done Need to consider a world with a combination of virtual and physical employees/offices Need to identify the type of talent needed to do the work and provide the appropriate tools that will enable them Need to maximize use of technological tools Need to envision management styles, procedures and jobs that fit this new model, e.g., an open, collaborative culture Need to create a sales model that maximizes the virtual/social network world with the physical network world

9. © 2011 Work At Home Vintage Employees LLC How to Prepare • Parse out job descriptions based on high value creative, customer contact and low value production work, not the position • Re-name work positions to reflect this new approach, e.g. instead of producers use connectors, social networkers • Re-assess your staff and align them with the appropriate type and level of work • Effectively use technology, aligning it with human capital • Enhance the quality and quantity of work by being open to flexible arrangements, e.g., job-sharing, telecommuting • Consider firms that offer lower cost onshore, contract, knowledge workers and offshore process workers

10. © 2011 Work At Home Vintage Employees LLC The Right Job The Right Skills The Right Resources The Right Moment The Right Quantity The Right People The Right Price How to Plan for the Staff You Need Anywhere

11. © 2011 Work At Home Vintage Employees LLC Why is this different from what I do now? Hiringbasedonnewparadigm Hiringbasedonoldparadigm • Stagnant Job descriptions • Predominantly focused on process work • Mostly present focused, not future focused • Limited consideration for how to best utilize available talent • Limited to local talent, which has been readily available • Limited consideration for the streamlining capabilities of technology • Production focused • Dynamic, iterative job descriptions • Focused on creative/relationship development • Considers rapidly changing terminology • Considers job sharing • Considers insourcing & outsourcing • Seeks talent wherever available at the right price • Anticipates demographic changes • Core staff combined with flexible staff • Considers Generational and ethnic differences

12. © 2011 Work At Home Vintage Employees LLC What’s Available to Make This Model Work? • Cost-effective and sophisticated remote/outsourced talent domestically and globally • Productivity tracking software • Virtual training tools • Virtual meeting tools • VoIP / Internet phones • Dashboards with analytics and live chat • Exchange technology which simplifies client acquisition and retention • Social networks/avatars • Smart phones, tablets, mobile applications

13. © 2011 Work At Home Vintage Employees LLC Overcoming the Fear of Outsourcing & Remote Workers Drivers • Broader access to talent • Reduced cost • Increased flexibility • Moves account managers to front line • Shared risk • Increase resource availability • Greater efficiency/higher quality • Keeps business operating when disruptions • Maximum use of available technology Inhibitors • Security & confidential Information • Communication concerns • Fear of loss of control • Trust • Employee backlash • Loss of knowledge capital • Ability to physically supervise Adapted from Gartner, IT Director’s Community of Practice, August 14, 2007

14. © 2011 Work At Home Vintage Employees LLC To Maximize the Use of Outsourcing & Remote Workers Create a Paperless environment Employ Real time, straight- through technology. Overcome fear of not seeing and managing staff in an office Trust that if the right procedures & technology are in place, people can be managed anywhere any time

15. © 2011 Work At Home Vintage Employees LLC The value of any firm is in the Customer • Firm’s resources should be set on “core competencies” where they can provide unique value for customers • Think of what is not critical to insource & strategically outsource those activities • Consider creating jobs/titles that match the generational and ethnic differences within the firm and with the customer • Consider access to talent & consider offering talent the ability to work remotely if they need to • Look to see where you have misemployed/misdeployed talent • Use technology to deploy the strategy

17. © 2011 Work At Home Vintage Employees LLC Organizations who do not adopt a more flexible management and staffing approach supported by technology and social networks will not keep or acquire talent. The fear of change inhibits innovation. Think differently. Imagine the future!

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