Employers realize their employee benefits may be the deciding factor in their ability to recruit and retain the top talent.
Adopting innovation as the foundation of a company strategy to provide employees with high quality, cost efficient benefits is a trend that is changing employer thinking. Making a transition to a strategic approach requires companies of all sizes to engage in a different way to purchase, manage and evaluate their benefit plans.
At the August CEOtoCEO Breakfast AristaPoint CEO Pat Chestnut and UHC Northwest CEO Claire Verity presented how to make the transition to Strategic Thinking and present the latest Innovations that employers are implementing to have a “Best Company” employee benefit program.
The Strategic Approach to purchase, manage and evaluate their benefit plans.
- Define Written Goals & Objectives
- Establish a Purchasing Process
- Know Your Market Segment & Rating Options
- Require Transparency of Cost
- Marketing Compensation & Services
- Evaluate Internal Administration Costs
- Benchmark Benefits
- Versus Competitors
- Establish a Healthcare Budget
- % of Compensation
- Total Expenditure
- Develop a Contribution Strategy
- Defined Contribution vs Percentage
- Data Driven Decisions
- Determine Data Points for Evaluation
- Develop a Product / Benefit Plan Strategy
- Analyze Carrier Performance
- Review Communication Tools
- Inventory Engagement Tools
Access to Care
There is a lot of talk about what Millennials want and don’t want in the workplace. While there might be a lot of aspects people don’t agree on, one that Harvard Business Review found most do agree on is the need for FEEDBACK and COACHING in the workplace.
In a recent article, “Millennials want to be Coached at Work,” Millennials shared what they appreciate and found valuable as part of the culture of the organization. They crave — and respond to — a good, positive coach, who can make all the difference in their success. They conducted a survey of 1400 Millennials and they told them they wanted more feedback…not less…from their managers. In fact, they want it 50% more of the time than other employees. However, only 46% thought they got enough feedback from their managers.
There was a great quote that summed up how most Millennials felt about feedback and coaching…
“I would like to move ahead in my career. And to do that, it’s very important to be in touch with my manager, constantly getting coaching and feedback from him so that I can be more efficient and proficient.”
There were 3 things that they told Harvard they wanted from a manager…
- Inspire me…Most Millennials like to work for causes and people rather than companies and institutions. As such, they want to have managers inspire them with their leadership and motivation. They clearly have demonstrated more of a need for praise than most other generations. In their analysis, there were four traits of inspiring leaders…
- Providing a Vision
- Enhancing Relationships
- Driving Results
- Serving as a principle role model
- Surround me with Great People…the audience of Millennials constantly told them, “Help me up my game by working with people who are talented and better than I am (now).” The job of a manager is to coach a new person while they are most fragile, rather than fostering a sink-or-swim environment. Putting them in groups and surrounding them with people that are better than themselves is a positive in their opinion. They see it as a way to grow rather than a super competitive environment.
- Be Authentic…they want to hear about both the successes and failures of their managers so they know they are real and authentic. The best coaches and managers are the ones that aren’t intimidated by their past defeats but can use them to help their team grow. Millennials love this approach and want managers who are willing to share this without intimidation or insecurity.
When managers and coaches use these techniques they find far more engagement and loyalty from their Millennial employees. Find a team of managers that can deliver these elements in their style and establish a culture of inspiration and motivation and you will win them over.
There are lots of lists and do’s and don’t’s about “Leadership” from Leadership experts…but what about from their employees? So when I saw this article by Success.com it made me think about it a bit more and some of the insights were quite thought provoking.
The article, “15 Traits of a Terrible Leader” was sharing feedback from the YEC (Young Entrepreneurs Council) from different members. I thought it was a list worth sharing and discussing with your leadership team to see how well you would grade yourself and your team in these areas. In a time where more and more companies are hiring Millenials and others, this is a perspective we could all use…
- Lack of Transparency
- Not Listening
- Dismissing Ideas other than your own
- Valuing Experience over Potential
- Working 24/7
- Lack of Empathy
- Forgetting about Leadership Development
- Being Overly Conservative
- Permitting Negative Gossip
- Poor Communication Strategy
- Assigning Blame
- Being too Slow to Adapt
You can agree or disagree with this list, but either way, I think there is value in discussing each of these to see how you, as the leader of the organization, believe you are doing in these different areas. You may choose to dismiss some based on your business but I believe this is a worthwhile group exercise to have a lively debate among your leadership team. But as I tell the CEOs/Business Owners I work with all the time, the value is in the “Process of doing” as much or more than the actual outcome. Meaning, you might not change everything, but having a healthy discussion about where you stand and “why” in each area has tremendous value.
I believe it is also valuable to “assign a score” to each item on the list. A “current score” and a “desired score.” This means you might only have a desired score of a 5 in one category and a 10 in another category (on a scale of 1 – 10) but it is how well you think you and your leadership are doing that really matters. Look at the gaps…this is a classic “gap analysis” of where you want to be and where you are. Wherever there is a big gap, schedule a time in your next management meeting to discuss “Why” and this will make for a great…and helpful…discussion.
Back in September at our CEOtoCEO breakfast we had the great privilege of having John Schneider speak to our group about the culture of the Seattle Seahawks. We all know how that story ended…with a SuperBowl victory!! But being a business leader you know there are lots of moving parts behind this to make it truly come together the way it did. A big one is CULTURE…
Last month we had the opportunity to have Steve Gandara from Excellent Cultures and Brad Root from GM Nameplate talk to us about “HOW” you can build this type of culture in your company or organization. Well, they took it a step further and married the Seahawks culture with their discussion about how to create this type of culture in a tremendous Four Part Series. We wanted to share these with you so you can get even more depth about how to create an excellent culture in your own organization.
In PART ONE of The Seahawks Superbowl Winning Culture, they talked about 4 key elements that help them differentiate themselves from their competition. Here is their list…
- The level of intensity with which they play
- The voracious competitive spirit that seems to drive them
- The youthful talent of the players
- And most of all how much fun they have playing the game
In PART TWO they talked about how confidence played such a key role in their achievement. Two key ingredients that helped make up this winning culture were…
- Confidence vs. Arrogance
These two components were far bigger drivers of their successful culture than just being a “great place to work.” There is a great deal to culture and it starts with the leadership of the organization. Pete Carroll was a master at creating this culture and allowing the players to do what they do best.
In PART THREE of the series, they focused on the internal relationships that go on between the leadership of the team and organization and the players. Yes, there is a definite relationship that has to be established and creating one that allows everyone to do what they do best is critical if you are to achieve the ultimate prize of being Superbowl champions. Two areas they discussed were…
- Positive Competition
- Superior Teams are built on high quality relationships
All of our organizations are “teams” and as such these are very applicable to everyone.
In the FOURTH (and final) PART of their series, they focused the TEAM aspects of the culture. How do they build a winning “team” that works so well together and delivers the results they wanted. One of the key aspects to accomplishing this is “Proper Goal Orientation.” They talk about this and how the Seahawks used it masterfully in their efforts to be the most successful team in the NFL this year.
So we highly recommend you read all four parts and see how you might compare to a team that was obviously successful in the most watched Superbowl in history. This was not only an exciting day for all of Seattle and the Pacific Northwest, but it is a series of events we can all learn from as we lead our companies. Special thanks to Steve Gandara and Excellent Cultures for putting these blog posts together and allowing us to share them with you. And as usual…please share your comments and thoughts below.
For those of you who were fortunate enough to attend our CEOtoCEO breakfast this past week, you heard an excellent presentation and discussion about Culture…the Art and the Science. We want to thank Steve Gandara from Excellent Cultures and Brad Root from GM Nameplate for giving us the real world look at what it’s like to build and run a company in a culture that is all on the same page and working together.
To help you get started in this process or to see how it might be helpful for you, Excellent Cultures is offering a Complimentary Assessment to CEOtoCEO members. You can get yours by clicking on this name, COMPLIMENTARY ASSESSMENT and I understand it takes less than 10 minutes. If you get a chance to do it and want to share your experience with others, please feel free to click the comment link below and let us know what you think.