Workplace Wisdom: 4 True Tales and Tips for HR and Managers
From the Society For Human Resources Management (SHRM), by Christina Folz
Like priests and therapists, employment attorneys will hear just about everything over the course of their careers. They are privy to all manner of human tragedy, triumph—and stupidity. The best of them will turn their knowledge and experience into something deeper: wisdom.
That's what attorney Jathan Janove, who has more than 25 years of experience litigating workplace issues and consulting for companies, has done in his unconventional new management book, Hard-Won Wisdom: True Stories from the Management Trenches (Amacom, 2016). The book is refreshingly free of motivational platitudes and vague advice and instead imparts practical wisdom to managers and HR professionals through unforgettable stories of living, breathing—and highly flawed—people.
True Tale #1: Phil was a well-intentioned director of finance who did everything right in communicating his expectations and feedback to his direct report, a staff accountant named Melinda, except for one thing: He didn't listen to what she had to say.
Lesson Learned: Keep track of your "period-to-question-mark" ratio when conversing with employees. If it starts to skew heavily toward statements, make a point of inserting more questions. Also follow the "EAR" method of listening by exploring issues through open-ended questions, acknowledging that you understand and responding to what you learn.
True Tale #2: And then there's the story of Texas Wes, the oil company executive who was great at sharing constructive feedback but who never wanted to document it. ("Ah hate to write," he told Janove.)
Lesson Learned: To improve in this area, Wes borrowed a tip from attorneys who regularly use "opposing counsel confirmation letters"—bulleted summaries of important discussions that can be compiled quickly and easily based on prepared templates. They typically start with "This note summarizes our conversation from this morning" and end with "Please let me know if I haven't captured the information accurately."
True Tale #3: No one will forget Shameless Sheila, the waitress who was fired after stripping down to her underwear in full view of the restaurant's customers. Her boss had confronted her about not being in uniform in time to start her shift, so she changed clothes on the spot. Yet, unbelievably, Sheila wound up getting a settlement from the company because she was able to demonstrate that the restaurant culture constituted a hostile, sexually charged environment.
Lesson Learned: Company leaders made the common mistake of thinking that no harassment complaints meant no problems. Had they paid more attention to the culture in which Sheila had been working, they might have avoided making a settlement payout for an otherwise-appropriate termination.
True Tale #4: While many of Janove's stories are funny, others are sad reminders that workplace reality rarely matches up with the ideal environments described in culture statements or employee handbooks. For example, Janet, a vice president of HR for a large corporation, was inappropriately propositioned by William, a senior operations director at her company, on a business trip. The conversation started with William asking her whether she still had sex with her husband and went downhill quickly. Yet this revelation came to light only after William had voluntarily departed the company, when Janove was counseling Janet in preparation for an anti-harassment training that he was helping her implement.
Lesson Learned: Even knowledge of HR and the law aren't always enough to overcome an employee's reluctance to act on her own behalf for fear of being ostracized or blamed. Janet's experience emphasizes the critical importance of making sure a company's approach to harassment goes beyond annual training to working daily to institute a culture in which everyone, including those in HR, feels completely safe coming forward.
See the original article Here.
Source:
Folz, C. (2016 Novemeber 14). Workplace wisdom: 4 true tales and tips for hr and managers[Web blog post]. Retrieved from address https://blog.shrm.org/blog/workplace-wisdom-4-true-tales-and-tips-for-hr-and-managers
Family caregivers pay hefty price to care for loved ones
An exciting article about family caregivers from Benefits Pro by Marlene Y. Satter
It’s not just the late hours, the extra work or the emotional strain. Family caregivers are paying a big price to take care of loved ones who can’t adequately care for themselves, and part of the cost could be their retirement.
According to a new report from AARP, 78 percent of caregivers are incurring out-of-pocket costs as a result of caregiving. The 2016 report “Family Caregivers Cost Survey: What They Spend and What They Sacrifice” estimates that on average, family caregivers are spending roughly $7,000 per year ($6,954) on out-of-pocket costs related to caregiving in 2016.
If that statistic isn’t depressing enough, the report’s financial strain measure, consisting of annual caregiver expense divided by their annual income, shows that caregivers are spending, on average, nearly 20 percent of their income on caregiving activities.
Considering that, it should come as no surprise that many family caregivers have to cut back on other spending, “which can undermine the family caregiver’s future financial security,” the study said.
Sixteen percent have reduced contributions to their retirement savings, and approximately half have cut back on leisure spending (45 percent said they’ve cut down on eating out or vacations because of caregiving expenses).
So where and how are they spending this money?
Household expenses account for the lion’s share of family caregivers’ out-of-pocket spending, eating up 41 percent of it.
This can encompass everything from rent/mortgage payments to home modifications and other household expenses.
Medical expenses make up the second largest chunk, eating up 25 percent of caregivers’ spending on such items as assisted living or skilled nursing facilities, insurance costs and other medical expenses.
And while long-distance caregivers (defined as family caregivers living more than one hour from the care recipient) paid the highest out-of-pocket costs ($11,923), it was no bargain for caregivers living with their care recipient, who also incurred high costs ($8,616).
And if the recipient is older (more than 50 years old) or has dementia, their caregiver will be paying more, too: costs of $7,064 for a recipient older than 50, compared with $5,721 for one younger than the half-century mark, and costs of $10,697 for a recipient with dementia, compared with costs of $5,758 for adults who do not have dementia.
See the original article Here.
Source:
Satter, M. (2016 November 14). Family caregivers pay hefty price to care for loved ones [Web blog post]. Retrieved from address https://www.benefitspro.com/2016/11/14/family-caregivers-pay-hefty-price-to-care-for-love?ref=hp-top-stories
Concerned About Losing Your Marketplace Plan? ACA Repeal May Take Awhile
Worried about your healthcare plan? Check out this interesting article from Kaiser Health News, by Michelle Andrews
President-elect Donald Trump has promised that he’ll ask Congress to repeal the Affordable Care Act on Day One of his administration. If you’re shopping for coverage on the health insurance marketplace, should you even bother signing up? If everything’s going to change shortly after your new coverage starts in January anyway, what’s the point?
While it’s impossible to know exactly what changes are coming to the individual market and how soon they’ll arrive, one thing is virtually certain: Nothing will happen immediately. Here are answers to questions you may have.
Q. How soon after Trump takes office could my marketplace coverage change?
It’s unlikely that much, if anything, will change in 2017.
“It’s a complex process to alter a law as complicated as the ACA,” said Sara Rosenbaum, a professor of health law and policy at George Washington University. It seems unlikely that congressional Republicans could force through a repeal of the law since Democrats have enough votes to sustain a filibuster blocking that move. So Congress might opt to use a budget procedure, called “reconciliation,” that allows revenue-related changes, such as eliminating the premium tax credits, with simple majority votes. Yet even that process could take months.
And it wouldn’t address the other parts of the health law that reformed the insurance market, such as the prohibition on denying people coverage if they’re sick. How some of those provisions of the law will be affected is still quite unclear.
“It will likely be January 2019 before any new program would be completely in place,” said Robert Laszewski, a health care industry consultant and long-time critic of the law.
The current open enrollment period runs through January 2017. Shop for a plan, use it and don’t focus on what Congress may do several months from now, Rosenbaum advised.
Q. Will my subsidy end next year if the new administration repeals or changes the health law?
Probably not. Mike Pence, the vice president-elect, said on the campaign trail that any changes will allow time for consumers receiving premium subsidies to adjust.
Timothy Jost, an emeritus professor at Washington and Lee University School of Law in Virginia who is an expert on the health law, also predicts a reasonable transition period.
Congress and the new administration are “not eager to have a bunch of angry, uninsured voters,” Jost said.
Theoretical conversations about changing the health law are one thing, but “I think that Congress may be less willing to just wipe the subsidies out if a lot of people are using them,” Rosenbaum said. More than 9 million people receive subsidies on the marketplace, according to the federal Department of Health and Human Services.
Q. Can my insurer drop out once the new administration takes over, even if the law hasn’t been repealed?
No, insurers are generally locked in contractually for 2017, according to experts. But 2018 could be a whole different story, said Laszewski.
Many insurers are already losing money on their marketplace offerings. If they know that the health insurance marketplaces are being eliminated and replaced by something else in 2019, why would they stick with a sinking ship?
“The Trump administration could be left with a situation where Obamacare is still alive, the subsidies are still alive, but not the insurers,” said Laszewski. To prevent that, the Trump administration might have to subsidize insurers’ losses during a 2018 transition year, he said.
Q. My state expanded Medicaid to adults with incomes up to 138 percent of the federal poverty level (about $16,000). Is that going to end if Obamacare is repealed?
It may. Trump has advocated giving block grants to finance the entire Medicaid program on the theory that it provides an incentive for states to make their programs more cost-effective. But that strategy could threaten the coverage of millions of Americans if the block grants don’t keep pace with costs, Jost said.
So far, 31 states and the District of Columbia have expanded Medicaid under the health law. Republican governors in these states may play a key role in arguing against taking the expansion money away, Rosenbaum said.
Q. I have a heart condition. Does this mean I’m going to have a hard time finding coverage?
It’s possible. The health law prohibits insurers from turning people away because they’re sick and may be expensive to insure.
Republicans have generally promised to maintain that guaranteed insurability, but what that would look like is unclear. Some of their plans would require people to remain continuously insured in order to maintain that guarantee, said Laszewski.
“I would advise people who are sick to get good coverage now and hang onto it,” said Jost.
Q. Since Republicans have pledged to repeal the law, can I ignore the law’s requirement that I have health insurance?
The individual mandate, as it’s called, is one of the least popular elements of Obamacare. As long as it’s the law, you should follow it, experts said.
Insurers have argued that the requirement that they take all comers who apply for health insurance only works if there’s a coverage mandate or other mechanism that strongly encourages people to have insurance. Otherwise why would they bother unless they were sick?
For the past few years, Republicans have been pushing hard to eliminate the mandate, Laszewski noted.
“One of the easy things they could do is just not enforce it,” he said.
See the original article Here.
Source:
Andrews, M. (2016 November 10). Concerned about losing your marketplace plan? ACA repeal may take awhile [Web blog post]. Retrieved from address https://khn.org/news/concerned-about-losing-your-marketplace-plan-aca-repeal-may-take-awhile/
Employer health plans could suffer in ACA repeal
From BenefitsPro by Marlene Satter
Although Congress may feel as if it has the bit in its teeth on repealing the Affordable Care Act, some experts are warning that it might not be all that easy—or even beneficial—particularly for employer-sponsored health plans.
In a Bloomberg report, Greta E. Cowart, a shareholder at Dallas-based Winstead PC, warned that an ACA repeal or major overhaul might put employers in the crosshairs; they could end up having to return money they previously received from the federal government for some initiatives, such as the early retiree reinsurance program, which provided financial assistance to employer-sponsored health plans.
In addition, Cowart said in the report that many of the mandates on what should be included in employer-sponsored health plans that were neither exempted nor grandfathered in will be hard to take out of employers’ plans, because employees would see that as a benefit reduction. And that, of course, would not make the employer look good.
In its report on the matter, HRDive.com warned employers to “keep an eye on” HHS secretary nominee Tom Price, a determined opponent of the ACA. His “empowering patients first” plan calls for complete repeal of the ACA—and that could lead to just such problems for businesses’ health plans.
Employers who have been calling for the repeal of the ACA might want to rethink their strategy, particularly since it could not only cost them money in the form of give-backs but also cost them employee loyalty if they take away health plan features once they’re no longer mandated by the ACA.
HRDive suggested that “employers should be prepared for all outcomes,” and perhaps consider offering their employees high-deductible health plans or health savings plans as cost-saving measures.
In addition, tracking prescription drug prices could help them keep an eye on costs.
See the original article Here.
Source:
Satter M. (2016 December 1). Employer health plans could suffer in ACA repeal[Web blog post]. Retrieved from address https://www.benefitspro.com/2016/12/01/employer-health-plans-could-suffer-in-aca-repeal?ref=mostpopula
The Evolving HR Leader
Article from the Society For Human Resource Management (SHRM), by Steve Watson
Leadership dynamics in Corporate America are undergoing major changes, and if todays’ leaders want to impact organizations tomorrow, they must adapt strategies, recognize and accept change, and boldly move forward with a new leadership style.
Among the forces influencing leadership changes:
Technology. We already know that technology has revolutionized work and enabled new ways of doing things. It has given rise to widespread global connectivity, provided instant access to data and information, from anywhere, anytime, and has led to the creation of collaboration tools, giving new competitors lower barriers to enter the competitive marketplace.
Organizational design. Mid-management layers have been eliminated so top management today is closer to individual contributors. Leaders must evolve with four different generations in the workforce with real diversity, multiple and different motivations, and mixed demographics. This brings challenges in attracting, developing, and retaining talent.
Further, some leadership practices have become, or on their way to becoming, obsolete, including:
- Top down management
- Doing it my way or the company way; being directive and controlling
- Rigid management/micromanaging
- Decisions made only at the top
- Defined work with individual work units
- More time in the office and in inner circles
- Expected loyalty
- Annual performance reviews and raises
A little over a decade ago, we didn’t have smartphones, Facebook, Chatter, Twitter, Snapchat, Instagram, and other social media that have significantly altered the way people connect, communicate, and build relationships.
Leadership today must change and evolve with the times, and this means being able to relate to younger generations. Millennials, with numbers at around 86 million, now represent the largest generation in the workforce. Consider the following vis-à-vis Millennials and employers:
1. They are far less loyal to an employer than generations before them have been. No psychological contract exists between them and their employer. They have a different way of viewing work, and it includes incorporate other activities into their time (travel, leisure time, and community service, for example) that might have otherwise been reserved for “usual” work hours.
2. They are team- and group-oriented. Their work style is collaborative.
3. They want to hear from senior management via feedback, open communication, and recognition.
4. They want even more flexible hours and greater work–life balance.
5. They are creative and inquisitive. Knowing “why” is important to this generation. They are unafraid to challenge ideas, methods, processes, and the status quo.
6. They want to improve and grow professionally through training and mentoring.
7. They are service-oriented, care about the environment, and rely heavily on social media.
8. They want to make a difference in the world.
At the core of all of these changes is technology. It allows people to work remotely, collect information immediately, collaborate effectively, and gain access to global markets and information. Employees also can seek out new job functions, making talent retention more challenging today than ever before. So a workforce with technology at their fingertips presents daunting challenges for today’s leaders. In this world, it’s change or die.
Successful evolved leaders constantly adapt to the changing times. They tend to:
- Be strategic thinkers
- Lead by example and build relationships
- Communicate the mission, vision, and goals clearly
- Build high-performing teams
- Serve as a coach and mentor
- Be servant leaders
- Look for ways to knock down barriers
- Set ego aside
- Be collaborative
- Listen with empathy
- Get input from diverse views, gain consensus, and get alignment
- Embrace diversity
- Be flexible and agile (and can deal with ambiguity)
- Have exceptional communication skills
- Be accepting of failure (and uses it as an opportunity to learn)
- Move the needle, drives results, and gets things done
- Exhibit resilience
Evolved leaders are front-and-center and welcome scrutiny from both employees and the public. They understand the need to leverage technological tools and harness cross-generational work styles, and they are astutely aware of the importance and influence of social networks.
See the original article Here.
Source:
Watson, S. (2016 November 14 ). The evolving hr leader [Web blog post]. Retrieved from address https://blog.shrm.org/blog/the-evolving-hr-leader
Employee Communications When Emotions Run High: Five Steps to a Successful Message
Check out this great read from The Society of Human Resources (SHRM), by SHRM Staff
Ultimately, leaders must understand their organization’s culture to determine the most appropriate employee message, or whether a message is necessary at all. In the case of the election results, however, we cannot deny that a change has occurred and for some employees that change was not what they were expecting.
As with any major change an organization and its people go through, it’s important for leadership to create an environment where open, transparent and constructive dialogue is encouraged within the workplace. Pretending like nothing has happened or that people aren’t feeling directly affected does a disservice to your people and ultimately your organization. Here are 5 ways to communicate with your employees when emotions run high.
1. Reinforce your Company Values
When crafting a message to employees, you will find the most success if you use this as an opportunity to reinforce the values of your company. One of our values at SHRM is, “Our People Matter” and so, for us, it’s important that our employees feel supported and heard. Acknowledging their feelings will go a long way in establishing trust in the organization.
2. Double Down on Benefits
Employers can also use this as an opportunity to highlight some of the company’s benefits offerings. Direct employees to their company Employee Assistance Program for resources that might be available to them. Many EAP programs offer stress management and personal wellness tools that employees can take advantage of during this time.
3. Offer Support
There are a range of activities – some of which can be tied to a wellness campaign – that an organization can do to assist employees:
- Bring in a massage therapist and offer de-stressing hand and foot massages to help employees unwind
- Bring in a yoga instructor or offer meditation resources
- Offer donuts or other snacks and create safe space zones around the workplace where employees can congregate and have discussions.
4. Open Lines of Communication
If a company does send a message to employees, it is important to reinforce the importance of person-to-person communication. At a time when tensions are high, internal social media platforms may not be the best place for employee dialogue.
5. Manage with Empathy
Most important, it is crucial that people managers recognize the signs of stress in their employees and approach them with compassion and empathy in the coming days and weeks. We do not always know what people are going through or dealing with outside of the office. Supervisors should work with their HR department to know what resources are available for employees, but they should also just be there as a supportive listener.
Finally, whether post-election communication comes from HR, executive leadership, a communications department – or if ultimately the decision is made not to send any message at all – this is a good time to take a closer look at your employee culture, reinforce your values, highlight your benefits and wellness offerings and show employees that they are supported, valued and heard. In the end, the most important lesson, and perhaps what your employees will value the most, is simply showing that you care.
See the original article Here.
Source:
SHRM Staff (2016 November 12). Employee communications when emotions run high: five steps to a successful message[Web blog post]. Retrieved from address https://blog.shrm.org/blog/employee-communications-when-emotions-run-high-five-steps-to-a-successful-m
Employers rate private exchanges positively, but use is still low
Great article from Benefits Pro by Gil Lowerre and Bonnie Brazzell
A recent Eastbridge survey of employers found that the use of private exchanges continues to be minimal among all size categories and that a positive correlation remains between use and employer size (with use increasing as employer size increases). Many times, it is the broker who influences these employers to adopt the exchange model, and to offer more options to their employees or to move to a defined contribution approach.
Since brokers are often the ones suggesting an exchange for their clients, it makes sense that most employers (74 percent) continue to use a broker for their employee benefits after implementing a private exchange. Only 19 percent of the employers no longer utilize broker services.
While use has been low, employers that have implemented an exchange believe their employees’ experience with the private exchange has been positive. Forty percent indicated the experience was not only positive, but easier than previous enrollments, and 52 percent said it was positive, but not significantly different from previous enrollment.
The survey also pointed to future interest by employers in private exchanges. Over one-quarter of the employers that are not using a private exchange today are open to using this concept in the future, and another one-quarter are still undecided.
Whether or not to offer a private exchange is a decision that should be based on many factors. Nonetheless, it is important for brokers to at least consider broaching the subject with employer clients — or risk the chance that some other broker will. The fact that most employers rate the exchange process positively should provide comfort to those considering this approach to benefits.
See the original article Here.
Source:
Lowerre, G. & Brazzell, B. (2016 November 02). Employers rate private exchanges positively, but use is still low. [Web blog post]. Retrieved from address https://www.benefitspro.com/2016/11/02/employers-rate-private-exchanges-positively-but-us
14 everyday attitudes that kill success
“Martha has so much going for her, but she could be doing so much more for herself.” How many people do you know or work with like that? What keeps us from getting to where we want to be or what we want to do? Sure, it may be a lack of the right skills, bad luck, having other goals, or just being plain lazy.
More likely, however, the answer is elsewhere and much closer to home. We can call them “every day” attitudes that are so much a part of us we don’t know the damage they’re doing. Here are some of them:
1) “For what I get paid, I do more than enough.” Surprise! You’re probably right. With so much pressure, it’s easy to feel this way today. Even so, it’s the attitude that’s the problem. Otherwise pleasant people become angry, obstinate, negative, and alienated. It’s not the way to move ahead—or even stay where you are.
2) “I’ve put in my time and paid my dues. Now, it’s my turn.” It may be a choice parking space, extra time off, a plum territory, a promotion, or bigger accounts. It doesn’t make any difference what it is; it’s easy to spot someone with a chip on their shoulder. Their attitude sends the unmistakable message that this person thinks they are special.
3) “Sorry, but I’m really busy right now. Can’t you get someone else?” When asked to step in and help solve a problem, work on a project, develop a plan, or handle a difficult situation, some people make it clear that they can’t be counted on when needed.
4) “They’ll see what happens when I leave. It’ll take three people to replace me.” Even though we know that no one is indispensable, it’s tough for some people to get past the idea that they are the one exception. If asked, they’re quick to let it be known that they carry far more than their share of the load. Those around them often see it quite differently.
5) “Whoa! There’s only so much I can do.” It’s like the parent who installs a “speed limiter” on their kid’s car — only so fast and that’s it. Others put self-imposed limits on what they can or will do. By always playing it safe, they deny themselves the opportunity to see how much they can accomplish.
6) “With so many meetings, I can’t get my work done.” You’re not alone if you feel this way. Companies are plagued with meeting mania wastes that wastes time and creates stress. Don’t complain; do something about it. Take a “how we can improve it” approach: meeting alternatives, requiring agendas that go to participants beforehand, stand up sessions, setting time limits, and three question participation evaluations.
7) “That’s not my job.” Not long ago, “silos” was at the top of the corporate jargon list — work groups, units, departments, and divisions operating totally separate from others. But countless individuals wall themselves off as if they completely isolated from the organization. They “write” their own job description and stick to it.
8) “I’m a hard worker.” Like beauty, hard work is in the eye of the beholder. Each of us has their own personal definition of what it means to them. But, frankly, it doesn’t make any difference what you and I may think it means. Pampering ourselves is out. Simply put, no one “earns points” or merits a “reward” today for hard work. What counts is measurable and it’s called results.
9) “Unless I get paid extra, I shouldn’t have to do it.” This is a tough one. An employer’ demands can go too far. And employees can be shortsighted by putting on the brakes too quickly and miss opportunities for taking on task that can showcase their capabilities and demonstrate their skills.
10) “Sorry, but I don’t know anything about that.” It’s not unusual to hear those words, particularly when contacting customer service. But that’s far from the only place. Unfortunately, they’re all too common throughout most businesses, sending the message that the person has stopped growing.
11) “My ideas aren’t important.” Not true! Whether they know it or not, most people have ideas and suggestions that can benefit a company. They are not only doing their job, but they think about what’s going on around them. It’s a mistake. If you’re one of them, take a chance because someone wants to hear from you.
12) “I meant to get it done. I’ll get right on it.” Why do some people agree to do something — and then ignore it by doing nothing, even after getting reminders? Sure, there are times when we all forget and a reminder helps. But, others can be chronic offenders and fail to respond even when offered help, being nudged, cajoled, and confronted. Everyone knows them: “If you want it done, don’t bother giving it to Brad.”
13) “I’ve been around long enough and the rules don’t apply to me.” Even though the words may never be spoken, actions make their meaning abundantly clear. Chances are, these are people who won’t be around much longer.
14) “I didn’t know you needed it so soon.” This just might be the most insidious attitude of all for one reason: It’s patently pathetic in its intent. While the words sound so innocent and disarming, it shrouds the fact that those who use this excuse portray themselves as victims. It’s not their fault the work didn’t get done; they didn’t know when it was due. Did they ask? Of course not. They blame someone else for not letting them know.
More often than not, it’s self-justifying and defensive attitudes that kill success. Rather than allowing someone to think we could have done more, perhaps much more with ourselves, how much better is it to have them say, “She’s done so much with herself. More than I ever thought she would.” We can call that success.
See the original article Here.
Source:
Graham, J. (2016 October 27). 14 everyday attitudes that kill success. [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/opinion/14-everyday-attitudes-that-kill-success
5 tips for insurers to successfully implement new technology
Great article from Benefits Pro. By Laura Drabik
Over the past 10 years, I’ve worked with insurers dedicated to transforming how they do business through the implementation of technology.
I’ve collaborated with large insurers, regional insurers and startups. Although the size of the insurer has varied, principles they have employed to ensure transformation success have not.
And these principles apply to all segments of the insurance industry, including carriers, agents, brokers and claims professionals.
Here are five key observations from the implementations that I’ve worked on and the maneuvers these insurers employed to drive success:
1. Articulate your mandate — again and again and again
I once worked with a large insurer on one of the most complex initiatives. As a former change-management consultant, I found it impressive that before the vendor-evaluation process started, the chief information officer and his team communicated their vision to all levels of the organization in one succinct statement.
As the team transitioned to implementation, this vision was a beacon reminding all project members of what they should be driving toward. Whether gathering requirements, planning releases or gathering user feedback, all activities kept the executive mandate in mind, from evaluation through implementation.
Working toward one goal ensured consistency of direction across teams, improving the probability of success in achieving the business goal they were all striving for.
Later, in a conversation with that same CIO, he revealed that the key to their success was repeating the mandate to ensure it became innate knowledge within the organization.
To keep the message top-of-mind in an organization, use company town halls, CEO updates, webcasts, annual reports and newsletters as opportunities to refresh employees and stakeholders on the executive mandate, and why the company is on this transformation journey.
2. Create one team
Early in my career, I worked as a change-management consultant across various industries.
Regardless of the industry I was working in, I found organizations tended to divide project teams into separate technical and business units. Rather than create units, successful transformation projects combine the business and technical people into one team.
Keep in mind, everyone is working toward achieving one business mandate. To reinforce the “one team” approach, successful transformation projects situate the team in one location. Technical people take the same training as the business people, they celebrate their group identity by creating a team name, and they rally around a set of core team values.
When assembling one team, successful transformation projects staff with the best and brightest their organization has to offer. Rather than have these resources flip-flop between their regular jobs and the transformation initiative, they ensure the resources are 100 percent dedicated to the most critical points of the transformation journey. They understand that the transformation initiative is their organization’s future and require the right people to focus solely on the project at the most important time.
3. Build the new factory
At a recent user conference, one CIO presented a transformation project detailing how the insurer refused to rebuild the old factory or current system and instead focused on the new system as the factory of the future.
If transformation is your goal, don’t carry over old business processes and rules that were limiting in the past.
Successful transformation projects use the new system as the new best practice for doing business in the future. When team members begin slipping back into old processes, successful transformation projects challenge these team members with questions like “Is that how you want to do business in the future?” or “How does this support our executive mandate or business vision?”
Successful transformation projects separate the business-process education from the system training, with the understanding that a new system will come with a new set of best-practice business processes that could cause confusion among hardcore users.
A regional Canadian insurer I worked with made the brilliant decision to first educate its user community on the new business process before launching training on the new system. This allowed an easier transition to the new system because the new business processes were inherently supported by the new system.
4. Stick to 'out-of-the-box'
After purchasing vendor software, you become part of the community that helped to drive the best practices of that software.
Many insurers say that the majority of industry processes are the same across the industry and across insurers. Instead of trying to reconfigure a core process that really is the same across the industry, leverage the commonality and out-of-the-box content to accelerate your transformation project and drive it into the future.
Successful transformation projects spend their project dollars and time by nuancing content that differentiates them from their community and, more importantly, their competition.
5. Generate excitement for the initiative
Change can be scary, but in today’s work environment it’s the norm.
Successful transformation projects convert fear into excitement by advertising the project. Whether through CEO updates, town halls or other events, sell the importance of the transformation project and the team supporting it.
One insurer I worked with creatively orchestrated “showcase” demonstrations of the system on a quarterly basis to employees. The brief demonstrations targeted crucial pain points and showcased the way the new software would resolve the issue. They also knew it was important to gather feedback, not just from the showcase events but also from focus groups and the field. When an organization has an influential field presence, successful transformation projects advertise the project to the field by conducting regular roadshows and ensuring that the community’s feedback is incorporated into the solution.
See the original article Here.
Source:
Drabik, L. (2016 November 14). 5 Tips for insurers to successfully implement new technology[Web blog post]. Retrieved from address https://www.benefitspro.com/2016/11/14/5-tips-for-insurers-to-successfully-implement-new?ref=hp-blogs&page_all=1
5 ways to salvage retirement
It’s a scary season, what with Halloween just around the corner, and some of the fears looming large in people’s minds focus on retirement. So it’s probably pretty appropriate that we tackle some of those fears head on, so to speak.
The Huffington Post addressed just that topic, pointing out five things people who are not yet retired can do to ward off at least some of the effects of what experts predict: that people’s standard of living will fall during retirement, thanks to low savings levels and poor planning for the last stages of life.
We scouted around the web to find some additional data on why, and how, retirement is expected to fall so short of people’s anticipation, and what they might be able to do to forestall that drop in expectations. Here’s what we found:
5. Figure out where you’ll live
A person’s home might be his castle, but whether it will be a fortress surrounded by a moat or a gracious palace can depend a lot on that old real estate saw, location, location, location.
The cost of your retirement home, how much you’ll pay in property taxes, the cost of living in the area and many other factors determine whether that retirement Shangri-La will be a cozy cottage for two in a university town, a bungalow on the beach or a penthouse apartment overlooking sparkling city lights, with museums, restaurants and theaters within an easy stroll — maybe even in another country altogether.
But there are other intangibles to consider, too — such as whether you’ll be so forlorn at leaving family behind that you’ll either be miserable in situ or spend half your retirement budget traveling back to see the grandkids. And how good the health care facilities are in your new location — that can make a big difference not just in your budget, but maybe even in how long you survive to enjoy those golden years. Not to mention the crime rate and whether you’ll have a social support system in place.
Check out any prospective homes thoroughly before you make the big move, and make sure they have what you need to help you thrive during retirement.
4. Start saving more
While economizing might not be — or feel — glamorous, watching that 401(k) or IRA balance climb can certainly make you feel like a million bucks. Keep that in mind as you’re browsing for a new set of golf clubs or that perfect dress for a special evening out — especially if you don’t plan on playing golf in retirement or dining out on the town, because spending now could cost you big-time later on.
According to AARP data, 3 out of 5 — that’s more than half, folks — of the households headed by someone 65 years old or older have zero money in retirement accounts. That’s zero, as in zip, nada, nothing. How far into retirement will that get you? Into a job, most likely, working during the time that’s supposed to be your well-earned rest after a lifetime of supporting yourself and your family — if you can get one, that is.
Look for ways to cut your spending so that you can turn that money right around and put it to work for you in retirement. Whether it’s making coffee and lunches at home to bring to work or switching nights out with friends at a restaurant to entertaining at home, find ways to sock more away for the future — your future — when you’ll be glad you did.
3. Learn to live on a budget
You may already be doing this, but if you’re not, it’s probably time to start. While you may be planning to work in retirement, the job market may have other ideas — and if you’re dependent on a combination of Social Security and 401(k) or IRA money, that will limit your options. For one thing, seniors have to deal with a job market that’s prejudiced against them — and that’s stacked against them in other ways, too.
Not only that, but depending on who wins the election, your Social Security benefit may not be as predictable as you’d counted on — and then there’s the question of cost-of-living increases. After no increase at all for 2016, seniors will see a paltry average increase of $3.92, according to CNN. That’s a skinny 0.3 percent increase — hardly enough to notice.
And considering how health care costs are rising, women in particular need to be wary of stepping outside of a budget’s constraints; a Nationwide Retirement Institute study found that women could end up spending 70 percent of their Social Security benefits just paying for health care. Considering that women not only overwhelmingly (80 percent!) claim Social Security benefits early, thus locking in a lower benefit rate for their lifetimes, they depend on it to pay for 56 percent of their expenses in retirement.
That said, get used to living on less — you’re going to be doing so for a long, long time.
2. Prepare your home for the long run
If you’re planning on staying put in the house you’re currently living in, make sure it’s prepared for potential changes in your health and/or mobility — particularly if you don’t have coverage for nursing home care. While many people believe that Medicare will pay for a nursing home, should they become disabled, that’s not the case unless their assets are pretty much exhausted. Of course, that won’t take long when paying for the cost of care at a nursing facility.
In addition to stairs, reachable cabinets and accessible bathrooms, there’s the question of how affordable your home is. Can you refinance your mortgage at a cheaper rate? Rent out a room? Pay the property taxes? Maybe you should consider downsizing to a more affordable house, perhaps in the same neighborhood, if your network of friends and family is local. That can save you not just on taxes, but on heating and cooling bills.
It may not be what you had in mind, so it's smart to start setting realistic expectations of what your future retirement might look like.
1. Lower your expectations
Do you somehow expect that when you retire you’ll be traveling the world, dining at fine restaurants and going to the theater for every new production? Unless you have Warren Buffett’s budget, get real.
Most seniors have to cut back substantially when they leave the workforce. You will likely be no different. It’s easier to deal with that reality if you prepare for it mentally in advance, and realize that you’ll have to plan your excursions carefully and budget for them in advance.
The market was brutal to retirement plans during the Great Recession, and unless you were uncommonly fortunate, the money you saved for retirement throughout your career has not regained all lost ground. That said, depending on what you plan to do during your retirement years, you may still find it’s the most rewarding time of your life — particularly if those plans don’t depend on money.
See the original article Here.
Source:
Satter, M. Y. (2016 October 24). 5 ways to salvage retirement. [Web blog post]. Retrieved from address https://www.benefitspro.com/2016/10/24/5-ways-to-salvage-retirement?kw=5+ways+to+salvage+retirement&et=editorial&bu=BenefitsPRO&cn=20161025&src=EMC-Email_editorial&pt=Daily&page_all=1