Here are 5 things every employer needs to know about the millennials in their workforce
Source: Property Casualty 360
At the 2015 Property/Casualty Insurance Joint Industry Forum on January 15 a panel of six chief executive officers agreed that the “millennial question” is a big one for 2015 and beyond.
According to The New York Times, the total number of millennials—those born between 1981 and 1997—will reach 75.3 million this year, surpassing baby boomers (those born between 1946 and 1964) as the largest living generation in the U.S.
There are many myths and stereotypes about millennials, but here are the five factors the the panel CEOs said are the most accurate about this generation as employees.
Paula Downey, president and CEO of CSAA Insurance Group, said that millennials make up about 25% of her company’s work force. “We need a cultural change to retain them,” she added. “They’re looking for a diverse, collaborative culture."
Steven D. Linkous, president and CEO of The Harford Mutual Insurance Companies observed that millennials are attracted to the mutual insurance structure of companies like his, where they can engage the community to “make a difference.”
This generation is composed of overachievers and has a constant need for reinforcement, said Thomas A. Lawson, president and CEO of FM Global. They’ve lived with hovering “helicopter parents” who praised their every step, which makes it important to them to know when a boss approves of their work. That approval brings out their best.
“The millennial approach to work-life balance often differs from that of other generations,” noted Christopher J. Swift, chairman and CEO of The Hartford. “They’re also interested in more time off and in working in urban areas with mass transit and reasonable commutes,” he said.
This generation has been raised with a strong sense of volunteerism and “giving back” to the community, according to the panel. “Millennials are also more likely to embrace corporate efforts in social responsibility,” Swift said. That’s one reason you’ll see many groups from insurance companies helping out organizations such as Habitat for Humanity or participating in cancer walks.
The efforts to understand millennials are worthwhile, said Lawson, because properly motivated millennials can be valuable employees.
How NOT To Motivate And Reward Employees
Originally posted January 21, 2015 by Bernard Marr on LinkedIn Pulse.
When a newspaper company had to cut costs it made their entertainment writers redundant. To fill the entertainment review columns it came up with what it thought to be a novel way to both deliver reviews and motivate the remaining employees. The newspaper offered free tickets to staff for theatre, music and cultural events, but with the condition that they write reviews. The writer of the best review each month would be rewarded with a bonus of $100.
Not only did the staff immediately see that this was a way for the company to cheaply replace what it had chosen to forgo, through redundancy, by asking the remaining staff to carry out extra work essentially for free. The artists and organizers connected of the events also soon realised they were being short-changed. As the tickets are generally offered free to media outlets, on the understanding their artistic endeavors will receive professional coverage in return, they were often a little surprised to see the newspaper’s advertising sales rep, or office manager, turning up to “review” their play, concert or exhibition.
Needless to say, this “motivational measure” was widely ignored by the paper’s staff, adding to the growing sense of disconnect between staff and management during already turbulent times.
If you are thinking about how to best motivate your employees, to ensure they know their efforts are appreciated, here are a few mistakes to avoid, if you don’t want it to backfire.
Don’t just reward results
Effort is often just as important – while a select few may be responsible for a winning “result” (a big sale, or a major project for a client completed on time), don’t let those working behind the scenes feel underappreciated. Big projects may take a long time to come to fruition and it is important that you keep employees engaged and feeling appreciated for the duration.
Do not promote a “superstar” culture
Motivating and incentivizing should be carefully balanced so individual success does not appear more beneficial to the business than the work of the team as a whole. If staff feels that one “superstar” employee is constantly rewarded for the performance of the group, then motivation will suffer. Success can be recognized at individual, departmental and company-wide level – and it should always be recognized at all three.
Don’t directly and permanently link KPIs to reward
While this may be a great tactic for a one-off or short-term campaign, for example to increase sales in a certain sector which is flagging, it can lead to box-ticking behavior if implemented in a heavy-handed way, and even encourage attempts to “game the system”. KPIs should be there to check that the company is moving in the right direction, not to incentivize (or de-incentivize) staff.
Don’t delay rewards or praise
Studies show there is a direct relationship between how quickly someone is praised or rewarded for their efforts, and how appreciated they feel. It’s easy to think that you will get round to sending out congratulatory emails (or gifts) at some point in the near future, but every second you delay is another second that someone (or your whole team) may be feeling unappreciated.
Don’t become predictable
Vary the rewards and incentives you offer your staff from time to time. Familiarity breeds contempt, and once something becomes routine, it is an expectation and no longer a great pleasure. Put some time and imagination into coming up with ways to make your team feel valued.
More employers use workplace wellness programs to reward healthy behavior
Originally posted January 18, 2015 by Matt Dunning on www.businessinsurance.com.
As employers pursue effective workplace wellness programs, their embrace of results-based financial incentives and other emerging health management strategies is likely to broaden this year.
Twenty-three percent of large employers polled in a survey released in December by Mercer L.L.C. said their wellness programs include incentives tied to an employee's achieving — or at least demonstrating progress toward — a certain health status or biometric reading, up from 20% in 2013.
Similarly, a September survey by Towers Watson & Co. found that 18% of employers already use outcomes-based wellness incentives, while another 10% plan to do so this year.
Outcomes-based incentives are “where we've been heading for a while now, and I don't see that changing,” said Jill Micklow, a Chicago-based wellness consultant at Schaumburg, Illinois-based Assurance Agency Ltd. “I think you're definitely going to see more of the same this year and into next year from employers.”
Another 48% of employers plan to add a results-based incentive strategy to their wellness program by 2016 or 2017, according to Towers Watson's survey.
“The days of giving employee small tokens like gift certificates or T-shirts are long gone,” said Lisa Weston, director of wellness promotion at human resources consultant Bagnall Co. in Phoenix.
Ms. Weston said most employers migrating toward outcomes-based incentive designs thus far have been larger firms.
Another recent development experts say could gain substantial momentum this year is the burgeoning popularity of value-of-investment metrics as an alternative way to measure a wellness program's positive and/or negative effects.
“Over the last two years, we've seen this debate rise up over the ROI of wellness, and I think there is a healthy level of skepticism to apply there,” said Ron Leopold, the Atlanta-based national practice leader for health outcomes at Willis North America Inc.
Unlike the cost/benefit-oriented return-on-investment assessments many employers use to gauge their wellness programs' financial viability, experts say value-of-investment assessments examine the breadth of a wellness program's cost-effectiveness relative to an employer's other operations.
“I think there's a growing recognition among employers that wellness is a marathon, it's not a sprint, and there are far more targeted ways to put in programs in order to lower your medical costs,” Mr. Leopold said. “The lion's share of what's in a wellness program ... does pay dividends over time.”
“There's also a growing body of evidence that suggests that companies that do invest in good health and wellness programs correlate with better business returns and greater profitability when compared to peer companies that have not invested in wellness,” he said.
As much as 32% of employers polled last year by Arthur J. Gallagher & Co. indicated they already use one or more of the most common value-of-investment metrics — including employee engagement, lost work time and lost productivity — to evaluate their wellness program.
“It gets to all of what comes out of all of the resources invested in wellness programs,” said LuAnn Heinen, a Minneapolis-based vice president at the National Business Group on Health. “It gives you a look at what your business results are, beyond the medical trend.”
Bullies taking a toll on their workplace targets
Less than 10 percent of workers experience bullying on the job. But for those who do, the consequences can be severe.
Ball State University researchers reviewed 2010 data from more than 17,000 workers who were asked, among other things about bullying on the job.
The study found that 8 percent overall reported they had experienced bullying, with women being far more likely to be the targets of bullying than men.
Of those who were bullied, researchers reported, they were far more likely to report physical and psychological responses to the bullying, including stress, loss of sleep, depression and anxiety.
The report, “Workplace Harassment and Morbidity Among U.S. Adults,” says these targets tend to report higher levels of low self-esteem, concentration difficulties, anger, lower life satisfaction, reduced productivity and increased absenteeism than those who said they were not bullied.
“Harassment or bullying suffered by American employees is severe and extremely costly for employers across the country,” Jagdish Khubchandani, a community health education professor at Ball State and the study’s lead author, told Bloomberg BNA Dec. 18. “The first thing that we have to do, and employers have to do, is admit that there is a problem,” he said.
Among other findings:
- Females were 47 percent more likely to be bullied or harassed than males;
- Victims of harassment were more likely to be obese and smoke;
- Female victims reported higher rates of distress,smoking, and pain disorders like migraines and neck pain; and
- Male victims were more likely to miss more than two weeks of work and suffer from asthma, ulcers, hypertension and worsening of general health.
- Bullying was more prevalent among hourly workers, state and local government employees, multiple jobholders, night shift employees and those working irregular schedules.
Khubchandani said that employees are generally reluctant to report harassment because the result is often “just handle it.” Companies need to have anti-bullying policies with teeth in them, and they can also conduct an annual survey of employees that includes gathering information about bullying.
An awareness campaign that educates managers on the signs of bullying such as employees chronically using personal or sick leave — will help to identify those who possibly are being targeted, he said.
Saxon Financial Consulting Announces New Office Location
Saxon Financial Consulting has announced that they have moved their office to new location in the Cincinnati area.
Saxon, a leading financial consulting firm specializing in employee benefits and financial services in the Cincinnati area, has announced an office location change that occurred in mid-November. The new and larger office facility will allow Saxon to better serve the needs of their clients and employees.
“I feel that this new office location reflects Saxon’s long-term commitment to the Cincinnati area as well as company expansion in the future.” – Karie Waddell-Gallo, Associate at Saxon
The new Saxon office address is 9636 Cincinnati Columbus Road, Cincinnati, Ohio 45241. All other office numbers and contact information remain the same.
“We are so pleased about the new office and rest assured that it will provide Saxon room for growth and expansion into the future.” – Jamie Carlton, Principal at Saxon
For more information on the Saxon office location change, please contact Karie Waddell-Gallo at 513-774-5481.
