Other parts of this series:
- Women Bankers Make Strides in Brazil, Social Media Hacks for HR – Talent & Organization Weekly News Update
- HR Model of the Future, How to Develop Agile Leaders – Talent & Organization Weekly News Update
- Best Companies for Multicultural Women, Building a Data-driven Employer Brand – Talent & Organization Weekly News Update
- Hiring More Women Grows the Economy & How to Find More Millennial Customers – Talent & Organization Weekly News Update
- The Hidden Value of the Employee Experience in Insurance & How Startups are Reinventing Hiring – Talent & Organization Weekly News Update
Here are the top news stories in talent & organization from this week.
The value of improving the employee experience for insurers
In a commentary for the Insurance Innovative Reporter, Alex Glanz advocates for the importance of improving the employee experience, not only to increase customer satisfaction, but also employee engagement and retention. “The customer relationship is central to any organization, and the most adept companies understand that the well-being of the employees who manage these customer relationships is a mission-critical ingredient for success. Nowhere is this connection more crucial than in the insurance industry, where the employee/customer relationship is often especially close,” he writes. Glanz recommends insurers listen to employees more to understand customers. “Customers are good at telling insurance companies about what went wrong, but they have a harder time identifying the underlying root cause or management processes that led to that breakdown in the experience,” he writes. “That’s where an employee’s perspective, along with all their knowledge of internal workflows and policies, becomes invaluable.” He believes insurance companies can unlock tremendous value by activating the power of customer and employee insights. “More engaged employees have higher productivity and turn over less, which means they can deliver better experiences for customers. In turn, more satisfied customers typically stay with their insurer longer, are more likely to buy multiple policies, refer more business, and cost less to serve than their less satisfied counterparts,” Glanz notes.
Startups reinvent hiring in India
“As the war for talent continues, startups are going all out to reinvent their recruitment strategies in order to pick the very best candidates, and experts say that in the past six months or so, many new-age companies have been doing so by taking a differentiated approach to hiring,” The Economic Times reports this week. According to the article, the financial startup BankBazaar is removing the human element by completely automating the hiring process with tests and simulations. BeatO has done away with resumes and focuses more on interviews. BigBasket is using artificial intelligence to rank and score resumes. Swiggy has changed its interviews to include more behavioral questions. “Interviews allow for more nuanced interactions with candidates without a piece of paper describing what they’ve done in the past. Doing away with resumes has not only cut down the time taken to hire, but also reduced the churn of candidates,” Gautam Chopra, co-founder of BeatO, told The Times.
How to engage and retain millennials
In this guest blog for Oracle, Shelby Aprile, a self-described “millennial in tech,” gives a first-person account of what keeps her a happy, engaged and loyal employee. She highlights five elements that shaped her experience. 1. Training and development (learning opportunities prove a company’s investment in the professional and personal development of millennials). 2. Empowerment (feeling important and valued matters). 3. Flexibility (ability to transition and support different roles and projects within the company). 4. Brand pride (engaging and collaborating with customers and employees on a shared vision). 5. Supportive management and leadership (inspiring leaders that coach and mentor younger employees). “They invest in me, my growth, and my development, and so many of them continue to be valuable coaches and mentors. I’ve been given opportunities to get exposure to multiple domains and applications, and across multiple activities in our organization,” Aprile writes.
Four perks that are better than ping-pong tables
While ping-pong tables, free snacks and open floor plans are fun benefits, Heather Huhman argues that employees need more meaningful perks that have a real impact on their lives. In a guest column for Entrepreneur, she cites a 2017 Society for Human Resource Management survey, which found that 32 percent of HR professionals are increasing the benefits they offer. She suggests four health and financial benefits: 1. Consider supplementing employees’ health insurance with health concierge services – platforms that connect employees with healthcare resources. 2. Issue company credit cards and allow employees to redeem the points accumulated from business purchases. 3. Create exchange programs to study abroad or even in different national locations. 4. Offer sleep assistance through a sleep aid app or nap rooms in the office. “There are countless new employee benefits available. Thanks to the HR tech boom in recent years, employers can support nearly every important aspect of employees’ lives,” Huhman writes.
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