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Why Create a Learning Culture?

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Why Create a Learning Culture?

Peter Drucker famously said, “Culture eats strategy for breakfast.” In other words, your strategy will go nowhere if your culture doesn’t support it.

I would take this a step further and say “culture IS strategy.” Any goal that you intend to reach will fail, unless your culture is aligned to that goal.

The Insurance Industry as an Example

If you work in the insurance industry, the purpose of your work is to keep a promise. Whether you work for a carrier, agency, brokerage or service provider, you play a part in fulfilling a past promise made to a policyholder.

Because of this, everything we do has to be aligned to long-term customer service. The best way to support our customers is to stay on top of, or even predict, what they need. We must then continually learn how we can better meet those needs.

Ultimately, insurance does two things:

  1. It makes all economic investment possible, and
  2. It helps people on their worst day.

If we are to maintain our promises in the future, we need to stay out in front of what’s coming. A learning culture can help us do that.

According to the Association for Talent Development, top performing organizations are five times more likely to have learning cultures, compared to lower performing organizations. It’s not hard to imagine that these companies are high performing because of their learning cultures.

The High Cost of Low Engagement

Across all industries, Gallup (“State of the American Workplace,” 2017) estimates that 34 percent of annual salaries lost to disengagement. When employees are disengaged, they are not as productive and not innovative. If employees don’t feel safe, they can’t contribute to their fullest.

Let’s think about what this could mean for a single Fortune 500 company. Consider, for example, a company that has 30,000 employees with an average salary of $56,000. This company spends $1.7 billion in annual salary, exclusive of benefits such as health insurance and 401(k) match. This fictitious company stands to lose $570 million each year due to disengagement!

That’s the impact on just one company. Now think about how much this costs the industry as a whole. The cost goes beyond lost dollars. It also includes the loss of any innovation could have happened with one-third of our staff. Think of the products and services that aren’t being created or implemented, or the number of customers who aren’t being served.

Such a loss is a tragedy for the industry, our economy, and the clients we serve.

Learning Cultures Build Engagement

Providing ongoing learning challenges is essential to employee engagement. Younger professionals, in fact, are motivated as much by learning opportunities as by other benefits.

Based purely on engagement savings, companies can see a tremendous return on a relatively low investment. When you further contemplate the “time value of potential” for these employees, the dividends are immense.

Learning Cultures Represent a Long-term Investment in Talent

It’s no secret that industry leaders are worried about a talent crisis, or talent cliff. Roughly half of our knowledge workers are on the verge of retirement. When they go, they will take institutional knowledge with them. The insurance industry is not alone in this. Other industries face similar challenges.

Folks coming in early- or mid-career have much to learn about the industry. To make matters worse, there are fewer newcomers. It’s easy to see the knowledge gap that looms.

Furthermore, if we are to retain new employees, we need to make sure we’re actively engaging them. How better to engage than in a learning environment where professionals can build skills, knowledge, and confidence in their roles?

Improved Customer Service

Finally, customer service improves significantly in a learning organization.

Bersin & Associates reports that companies with learning cultures are 34 percent better able to respond to customer needs and 58 percent more likely to meet future demand. The combination of these, remember, is the very promise of insurance: to be there for our customers when they need us most, at some undetermined point in the future.

What’s more, Bersin tells us these companies are 46 percent more likely to be first to market and 17 percent more likely to be a market share leader.

Creating a learning culture, then is critical to the top line, the bottom line, long-term growth, and customer satisfaction and retention.

Why would we not to create a learning culture?

 

Deviled Eggs and the Recipe for Success

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My grandma’s deviled eggs were legendary. They were always the first thing to go at family gatherings.

One time I asked her what she put in them to make them so good.

She said “It’s not hard. You just put a little bit of whatever you’ve got in your fridge.”

“But, Grandma,” I said, “I don’t know what’s in your fridge!”

The Recipe for Success

As a new business owner, I look to a lot of experts for their “secret sauce” recipes for success. And it seems like it all comes down to “a little bit of every single thing you’ve got.”

In his autobiography, Born Standing Up, Steve Martin says, “You’ll use everything you’ve ever done.” I think about that a lot. Every skill we’ve learned, every bit of knowledge we’ve acquired, every hard-won lesson that came from a huge mistake. All of it shapes us into who we are and what we offer our colleagues. Our job is to keep learning, keep adding to our recipe.

The Deviled Eggs Are in the Details

One day, a couple years after my Grandma passed away, I got up the nerve to make deviled eggs for the first time. I obediently opened my refrigerator door: pickle juice, pepper juice, mustard, mayonnaise, lemon juice, some sweet relish. I put a little of everything in, just like Grandma told me to do. And, while my deviled eggs weren’t as good as Grandma’s, they weren’t half bad. Turns out, I had the right ingredients all along.

So, what’s in your fridge?

Do you sometimes feel that if you just keep adding more ingredients, you’ll come up with a successful recipe?

What’s worked? What hasn’t? Or could it be that you’re just afraid to get started?

I’d love to hear about your shining successes and spectacular flops. Oh, and if you have a good recipe for deviled eggs, send that along, too!

 

 

Networking Goals: How Much Networking Is Enough?

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After a conference or corporate training event, I try to follow up with each participant. Have they made progress toward their goals? Are they using what they learned? What questions do they have? How can I help?

This week, someone sent me the following response. Their question is one that other people may also wonder about:

After attending your Network Beyond Bias workshop, I have actually been successful at expanding my network and having conversations with people who I haven’t been around as much in the past. I guess the only question I have is: How do you balance networking with the demands of the day-to-day?  I feel like there is always more that I would like to do but struggle to find the time to do that.  I also think that sometimes I am a little too reactive and not as proactive with the networking events.  Do you have any suggestions for how to balance these things?

I think the answer is different for each person, depending on their professional goals, personal strengths, and current situation. For example, someone who is planning to look for a new job in the next 12-18 months should expand their network as much — and as soon — as possible. Someone for whom retirement is imminent should focus on finding mentors who have recently made that transition, as well as a protege network if they want to stay connected to their industry. For mid-career professionals who are not planning a job change, strive to balance both breadth and depth.

Set Networking Goals

Networking goals are important to our professional development. Below are some examples.

  • Each day: Log into LinkedIn to see what folks are up to. In real-world environments, be friendly and open, and look for opportunities to connect, especially with people who differ from you.
  • Each week: Connect with someone new on LinkedIn every week.
  • Each month: Attend one networking event per month, on average. These can be virtual or in-person, and can be new groups or familiar ones. Mix it up!
  • Each month / Each quarter: Re-connect with the people in your CHAMP Network at least once per month. If you have a robust CHAMP network, be sure you have at least a quarterly touch point (email, social media exchange, coffee, etc.) with each one.
  • NEVER get complacent! The best time to build your network is before you need it.

One of the best ways to build a networking habit is to take notes using the Network Like a CHAMP Networking Activity Journal. This is the journal I use to record all my conversations when I meet new people or re-connect with colleagues. Not only do I have a record of what we discussed, I can also assess my CHAMP Network in real time. My initial goal was to fill four journals each year (one per quarter). Now, I fill one about every two months. In 2020, I hope to go through one per month!

What do you think, Dear Readers? Do you set periodic networking goals, or do you let your network grow more organically?

I’d love to hear your thoughts!

 

 

Unemployed, Not “Unemployable”

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Have you ever received a job application from someone who isn’t currently working? Were you quick to move it to the bottom of the pile? Do you equate “unemployed” with “unemployable”? Be honest.

It’s ok to admit that we’re biased. We are biased, it’s human nature. It’s easy to continue doing the things we’re familiar with. It’s easy to stay in the comfort zone.

The best way to change our mindset, and start doing something different, is to realize that’s in our best interests to do so. For example, convincing leaders that diverse companies perform better – they do, by the way – is a very compelling argument to build a diverse company. Much more so that doing it for compliance reasons, which becomes a statistic game.

So, rather than appealing to your sense of duty, I’m going to make a case that hiring someone unemployed can be a good thing for your company. Here are five reasons you should seriously consider an application from someone who isn’t currently employed by another company.

#1 – Hunger

Not having a safety net tends to sharpen our instincts. We become more determined than ever because the alternative is bleak. Determination is a great attribute in a new team member. Give me someone hungry any day.

Think about it. Hungry people are more likely to try harder. They are more likely to make the most of each opportunity. When people try their best almost anything is possible. Harness that hunger and turn it into passion.

#2 – Reflection

When people have a break for the day-to-day grind – whether it’s a forced break or a voluntary one – they have time to reflect. This is often a good thing.

Taking a step back and reflecting on what is important to us is both healthy and productive. We come out the other side with a renewed sense of purpose. We become energized.

When people have a high degree of clarity and purpose they tend to perform. They have a personal mission and, if it aligns with your company’s mission it’s a match made in heaven.

#3 – Parents

Sometimes we take time off work to care for children. Often times it’s women, but increasingly men are acting as primary carers for their newborns.

Aside from being the right thing to do, it’s smart to hire people after they’ve been on parental leave and to be a company that accommodates parents and families.

First, becoming a parent is kind of like doing a degree and serving in the military at the same time. Trust me, I’ve done all three. Parents acquire incredible new skills, and they do it at speed and without a safety net. Parents learn how to figure things out on a dime, how to negotiate, how to make the most of time and, importantly, they develop empathy. These are extremely valuable qualities in any team member.

Second, everyone else in your team will see that you care about something bigger than short term profits. They’ll see that you prioritize what they care about. That is a powerful motivator.

#4 – Resilience

People who have been out of work or changed careers have experienced rejection. It’s not easy, but it’s a necessary part of life. As a founder or CEO, rejection is unavoidable. We hear “no” from customers, investors and the media. If you are leader, you’re used to it. It never feels good but it’s important to learn from each rejection in order to avoid the next one.

Look out for people who have learned from rejection and developed resilience. You’ll know two things about them. First, they won’t crumble at the first sign of trouble. Second, they will have a strong sense of personal awareness, which means they’ll be more likely to improve at a fast rate.

#5 – Work Is Changing

Once upon a time we each worked for one company, full time, in one physical location. It’s not like that anymore. Today we collaborate in so many different ways. We work freelance or part time. We work on projects with multiple companies at the same time. We work remotely.

Just because someone isn’t working “full time,” it doesn’t mean they’re not being hugely productive, albeit in an unconventional way. Don’t judge people by the logos behind them. Look into what they’re doing and what they care about.

The next amazing innovator is just as likely to be found outside a company than inside one. Probably more likely.

Pay It Forward by Hiring Unemployed Workers

I promised this article would focus on reasons hiring someone unemployed will be good for your company, not just your soul. But guess what, it’s both.

When you step outside your comfort zone, or when you give someone a chance, good things happen. People get inspired. You feel alive.

Do it.

Recruiting Millennials (and everyone else, too)

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Employees are your most valuable asset. If you want your business to thrive, you need to find and hire top talent. Despite the different channels that you can use to find the right people for the job, there are challenges that you’ll have to overcome during the process. Recruiting Millennials, not to mention retaining them, is key to your company’s sustainable competitive advantage.

Millennials are currently the largest generation in the labor force. It only makes sense to adjust your recruitment process to appeal to them. Here are a few strategies that you can incorporate into your current hiring process.

Create a Sense of Purpose

Although this generation has been frequently maligned, the reputation is undeserved. Making a social impact and having a sense of purpose is very important to them. That’s why they’re attracted to companies and brands which promote some kind of social awareness.

A job which puts food on the table is ok, but millennials want more than that. They would like to contribute to your company’s growth with their skills and expertise. It is therefore essential to show them how to do that.

A big, fat paycheck and cool perks won’t be the only reason why a talented and hard-working millennial would find your job offer appealing. So make sure to mention your company’s mission and values in your job description, as millennials want to find meaning in their work.

Personalize the Experience

Personalization is all the rage in every industry, and millennials, who expect their purchasing experience to be highly tailored and personalized, want the same from the recruitment process.

You can see whether they’re the right fit for your company and win them over by conducting the interview at the office where they would work. This will allow them to get a test taste of what it is like to work for you and get a glimpse of the work environment that they will potentially be a part of.

Ask them a lot of questions, and let them do the talking. Active listening is essential for learning as much about them as possible. Plus, being heard is something that they highly value. It would send a positive vibe if you give them the time of day and hear what they have to say.

Include Your Team in Recruiting Millennials

It’s a good idea to include your team in the recruitment process and have them interview your candidates. First of all, they are the ones who will be closely working with the new member of the team. Don’t forget that it’s they who’ll mentor the new hire, show them the ropes, and train them until they’ve gotten the hang of everything. It’s important that they participate in the selection process.

Besides that, this approach will show your current employees that you value their opinion. That’s something that will definitely present your leadership in a positive light.

Needless to say, your Millennial candidates will notice and appreciate the way you treat your employees. That will undoubtedly appeal to them.

Offer them an Opportunity to Build Their Personal Brand

Millennials are keen on personal growth. They want jobs that will help them develop their professional skills and expertise.

According to a Gallup report, 59% of them mention opportunities to learn and grow as extremely important factors when it comes to applying for a new job. They need to know that they won’t be stuck in a dead-end job if they decide to work for you. It’s essential that they understand that they’ll have an opportunity to learn new things and build their personal brand.

Get Creative With Benefits

Essential perks are a must. At a minimum, healthcare, dental, and retirement plans should be a regular part of your employee benefits package.

As you know, tech giants like Google and Apple have earned their reputation as the most desirable employers. They offer generous employee perks such as gyms, free snacks, and spa centers on campus.

Not many companies can afford such luxuries, but luckily, there are other ways to attract millennial employees. For example, the stat saying that 78% of millennials are more likely to spend their money on a desirable experience instead of a desirable thing speaks volumes about their mindset.

In other words, you don’t have to offer expensive material things if you want to appeal to them. Telecommuting and flexible hours, for example, could be just what will make them happy. This flexibility allows them to plan their schedule and spend more quality time with their loved ones. These benefits could mean more to them than other perks.

It’s also a win-win for both parties because studies show that working from home positively affects productivity, which means your company will benefit from this perk too.

Millennial employees might be demanding in terms of what they expect from their job. That’s actually good for your company, because they’re ready to commit to and work towards your shared goals. That’s what your recruitment process should reflect in order to attract and keep them.

It would be best to create an in-house recruitment process that works for you and invest in an in-house piece of software for that process. That way you’ll have your applicants’ resumes and other important information in one place. You can study them and effectively personalize the recruitment experience.

The Bottom Line for Recruiting Millennials

Good News: If you’re good at recruiting Millennials, you’ll be successful in attracting other qualified candidates as well!