IntroductionAnalysisRecommendationFinancialsConclusion Introduction ALPS Consulting Amy Pileggi | Lior Avital | Matthew Litwin January 9 th, 2016 IntroductionAnalysisRecommendationFinancialsConclusion Introduction Mandate Poor industry image Entry-level recruitment issues Lack of bilingual workers To offer a strategic analysis and concrete action plan for Puissance 11 to address their three main challenges Mandate Key Issues 123 IntroductionAnalysisRecommendationFinancialsConclusion Introduction Recommendation Launch a strategic initiative to make the Puissance 11 members employers of choice Creates a more appealing, developed, and dynamic workplace for the present, and is proactive in the long-term Vision 2019 Overarching Recommendation Rotational ProgramInnovation LabTraining Opportunities 132 IntroductionAnalysisRecommendationFinancialsConclusion Analysis The Puissance 11 Role Industry Wide Problems 10 Partner companies The Puissance 11 Advantage: The cooperation among competitors that other industries do not have Puissance 11 is in the unique position to drive change IntroductionAnalysisRecommendationFinancialsConclusion Analysis The Insurance Industry at a Glance Core business-model has not changed in 50 plus years 51% have low or very low interest in working in the insurance industry Recent promising trends: Big data Source:The insurance industry is stale but there is a potential exciting future IntroductionAnalysisRecommendationFinancialsConclusion Analysis The Insurance Industry is Broken Image Recruitment Bilingualism IntroductionAnalysisRecommendationFinancialsConclusion Analysis The Insurance Industry is Broken Image Recruitment Bilingualism The issues with recruitment and bilingualism in part stem from poor image IntroductionAnalysisRecommendationFinancialsConclusion Analysis Perception of the Insurance Industry Despite the truth, millennials have a poor perception of the Insurance Industry Not perceived as an exciting field Limited opportunities for career growth beyond entry-level Entirely focused on sales IntroductionAnalysisRecommendationFinancialsConclusion Analysis Why Do Culture Change Projects Fail? Little more than talking about it is actually done Change usually is jargon heavy, difficult to relate too. Heavy employee resistance to change Source: Steve Simpson, Linkedin https://www.linkedin.com/pulse/ revealed-three-reasons-why-culture-change-initiatives-fail IntroductionAnalysisRecommendationFinancialsConclusion Analysis Why Do Culture Change Projects Fail? Little more than talking about it is actually done Change usually is jargon heavy, difficult to relate too. Heavy employee resistance to change Source: Steve Simpson, Linkedin https://www.linkedin.com/pulse/ revealed-three-reasons-why-culture-change-initiatives-fail CULTURE CHANGE IS LARGER THAN A 3 YEAR PROJECT A branding campaign is not enough to change image or culture of insurance IntroductionAnalysisRecommendationFinancialsConclusion Analysis The Millennial Worker Most sought benefits are work/life balance and flex-time 52% said the growth opportunities in the business are the main attraction 34% saying that their personal drive was intimidating to other generations. Source: PwC, Millennials at Work, 2011 https://www.pwc.com/gx/en/managing-tomorrows-people/future-of-work/assets/reshaping-the-workplace.pdf 38% saying that older senior management do not relate to them While the industry does offer some programs that are enticing to millennials, there is still a large gap IntroductionAnalysisRecommendationFinancialsConclusion Analysis The Ideal Millennial Workplace Source: PwC, Millennials at Work, 2011 https://www.pwc.com/gx/en/managing-tomorrows-people/future-of-work/assets/reshaping-the-workplace.pdf Ability to lead projects of interest Training and development Open offices Flat organizational structure Flexible workplaceClear career plans IntroductionAnalysisRecommendationFinancialsConclusion Analysis Who is the ideal millennial employer? IntroductionAnalysisRecommendationFinancialsConclusion Analysis Google X IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Key Insights Current operating culture is contrary to what millennials want Culture cannot be easily changed within a business Creating large culture change is risk heavy IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Launch a strategic initiative to make the Puissance 11 members employers of choice Vision 2019 Overarching Recommendation Rotational ProgramInnovation LabTraining Opportunities 132 IntroductionAnalysisRecommendationFinancialsConclusion Recommendation What it Solves Creates a more appealing, developed, and dynamic workplace by improving image Rotational ProgramInnovation LabTraining Opportunities 132 Recruitment Image Bilingualism & other operating issues IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Who deploys this solution? PUISSANCE ONZE is to play a supporting role by developing a framework and helping members implement these recommendations. IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Presentation Roadmap Rotational Program Innovation Lab Training Programs IntroductionAnalysisRecommendationFinancialsConclusion Recommendation What is the Program? Issue Solved Recruitment 2 Year Program modeled off of Banque National, PepsiCO and P&Gs Canadian Rotation Programs Assigned Mentor Across Product Groups Geographic rotation 2 month mandatesBi-weekly meetings Monthly rotation activities Rotation Program will show new employees that insurance has more to offer than simply sales and drive employee interest and loyalty IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Recruiting to the Program On-campus recruitment Campus ambassadors To target recent university graduates and students to explore the various careers options insurance has to offer Continue Event Sponsorship Host networking cocktails at new innovation labs Recruitment Portal Goals How to Accomplish? IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Recruitment Portal powered by Puissance Onze Job postings Modeled after the success of MyPath in the United States, present a unified information hub and portal Scheduled Office Tours One-click LinkedIn Application Meet and greet with alumni in industry Goals How to Accomplish? IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Benefits of Program Benefits to EmployeeBenefits to Employer More incentive for young employees Full overview of the business Fast tracked career paths Able to attract highly motivated recent grads Students with a holistic view of the business High quality talent drives success IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Presentation Roadmap Rotational Program Innovation Lab Training Programs IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Innovation Lab Issue Solved Image A division built into current partner office that will act as the Google X for their respective companies Continued classic insurance operations, with a twist Weekly internal focus groups 70/20/10 FlexTime Cross-training Job Switching What is it? IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Innovation Lab Issue Solved Image A division built into current partner office that will act as the Google X for their respective companies Continued classic insurance operations, with a twist Weekly internal focus groups 70/20/10 FlexTime Cross-training Job Switching What is it? The goal is to create a new culture within traditional companies and build it from the grassroots IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Cross-Training & Team Building To encourage employees to see multiple sides of the business, and to be able to explore all opportunities Team bonuses instead of individual commissions Job switching upon request Better understanding of others work streams leads to better synergies How does it work IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Sample Lab Layout IntroductionAnalysisRecommendationFinancialsConclusion Recommendation 70/20/10 Flex Time 70%20%10% Core job function Self-led projects INNOVATION LAB Department-related projects (individual or group) IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Example Outputs for Millennial Customers IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Presentation Roadmap Rotational Program Innovation Lab Training Programs IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Encouraging Development Development is accounted for in performance reviews Satisfies the human need for growth and self- actualization Enhance employee commitment to stay with the company IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Training Programs Career Development Skills Development IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Career Development Defined career paths should be created for every individual in the company Clear, measurable critriea for dictating promotions and career advancement Analyst Manager Associate IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Skills Development Digital training allows employees to train in the manner most convenient to them (Mobile / Computer / Tablet) Gamification of training to add motivation to complete Allows for more developped employees to add value back into the business Example Skills Language Computer Skills Communication Sales Public Speaking Program Benefits IntroductionAnalysisRecommendationFinancialsConclusion Recommendation Bilingualism: Duolingo Partnership Proven training platform with low cost to help employees learn english Gamification built into the platform Modeled off of Duolingos program for schools Source: https://schools.duolingo.com/ IntroductionAnalysisRecommendationFinancialsConclusion Financials Presentation Roadmap Rotational Program Innovation Lab Training Programs Financials IntroductionAnalysisRecommendationFinancialsConclusion Financials Proposed Budget Total project cost is $300K Budget is within $100K annual limit InitiativeAnnual Amount Developing sample Rotation Program framework$60,000 ($20K annual) Innovation Lab Initiatives$80,000 ($26K annual) Training Program Initiatives$60,000 ($20K annual) One time Web Portal Development Costs of $100,000 IntroductionAnalysisRecommendationFinancialsConclusion Financials ROI Case Study Innovation Lab & Rotation Program can yield a substantial financial return if properly implemented Employee productivity 44% increase over a 3 year period New Product Development Increase in product mix, leading to a sales increase up to 15% Based off P&Gs and Googles program IntroductionAnalysisRecommendationFinancialsConclusion Vision 2019 Creates a more appealing, developed, and dynamic workplace by improving image Rotational ProgramInnovation LabTraining Opportunities 132 Recruitment Image Bilingualism & other operating issues IntroductionAnalysisRecommendationFinancialsConclusion The Impact Combined, the 3 initiatives help the Puissance 11 become the employer of choice for the workforce of tomorrow Rotational ProgramInnovation LabTraining Opportunities 132 Increase in applications and student interest Becoming an industry of choice for young adults Better trained and more bilingual workforce ALPS Consulting Amy Pileggi | Lior Avital | Matthew Litwin January 9 th, 2016 IntroductionAnalysisRecommendationFinancialsConclusion Mission of Vision 2019 Modernize insurance companies to improve their image, recruitment and employee engagement Separate division within Puissance 11 partners Goal Tactic Drive a change in culture with a innovation program Strategy Appendix Appendix: Cost for Company A sample Investment Plan for a partner will cost ~$2.6M and will take ~3 years to fully implement InitiativeAmount Rotation Program Initiatives$1,000,000 Innovation Lab Initiatives$1,500,000 Training Program Initiatives$100,000 Appendix Maslows Hiearchy of Needs