“Every executive sitting at the top of an organization must come to grips with the reality that the workplace expectations are shifting. It’s more quality-of-life focused, and less bottom-line focused,” mentioned Jeff Arnold (pictured straight under), founding father of Rightsure Insurance Group. The Arizona-based unbiased insurance coverage company has been named one of many Top Insurance Employers by Insurance Business America (IBA).
“When I was growing up, if your employer asked you for 50 hours, you gave them 60 hours. That’s just how it was. But things are changing,” Arnold continued. “The number one thing leaders are going to be looking at is how does [a four-day work week] impact profitability.”
Insurance leaders have come to a crossroads with office set-ups within the wake of the COVID-19 pandemic. Many organizations are wrangling over hybrid schemes or perhaps a full return to on-site work. A condensed work week may create recent upheaval for employers. But for Arnold, the trade ought to hold an open thoughts.
“I am for anything that increases employee retention and productivity, and adds value to the organization,” he mentioned. “People and culture matter, and you want to be a good workplace culture. But at the end of the day, you need to create a profit. If at some point, a strategy only trips one of those levers, then there’s a conflict.”
For Jenny Lopez-Rogina (pictured straight under), AVP and director of operations at Specialty Comp Insurance Solutions (SCIS), the problem actually boils right down to work-life steadiness. SCIS additionally made IBA’s record of Top Insurance Employers.
“We are a service-based organization and highly customer-focused. Instead of zeroing in on the number of days in a work week, I like to examine the necessary work-life balance components that would keep employees engaged and productive while also being available to our customers,” Lopez-Rogina mentioned.
None of the businesses that participated within the four-day work week pilot, most within the UK are going again to the five-day mannequin. But the information set remains to be small, Arnold argued. “We need more studies. I don’t think we have definitive North American feedback yet,” he mentioned.
“Our industry is bound to effective dates and last-minute quote requests. The turnaround time in our business is one of the key drivers of success,” Lopez-Rogina added, saying that SCIS has embraced a five-day work week with built-in flexibility.
Hiring and retention challenges stay
The buzz across the four-day work week comes amid a international insurance coverage expertise battle. Talent recruitment and retention, already an pressing precedence for insurance coverage firms, have turn into tougher because the pandemic re-shuffled staff’ priorities and ushered a ‘Great Resignation’.
Naturally, organizations are assessing all of the instruments obtainable to entice the most effective expertise and create the office tradition that entices them to remain. One step in the direction of attaining that is collaborating with present workers.
“Ask the questions to your people. Don’t implement a top-down approach over how the workplace is going to look, but gather feedback and insight,” Arnold suggested. “You have to always be ‘re-recruiting’ your existing people because if you don’t, someone else is going to.”
Lopez-Rogina mentioned that organizations ought to encourage workers to work smarter, not tougher. “A flexible workweek that offers work-life balance is a good formula to success,” she instructed Insurance Business. “Allow employees to fit in that run or walk in the morning before plugging in or attend their kids’ play at school. A happy, less stressed employee is one that is productive, engaged, and loyal.”
Arnold burdened giving workers the 2 sorts of revenue that they should really feel safe in organizations: their monetary compensation, and what he calls “psychic income.”
“Psychic income is equally as important as money. It is letting people know they’re valued and appreciated, as well as showing them where they’re at. A great coach is great because he tells you what you don’t want to hear. We must be coaching and counselling our employees,” Arnold mentioned.
Unlike monetary compensation, psychic revenue – within the type of common suggestions, reward, and management and studying alternatives – could be extra freely given.
“As an organization, we are highly transparent and honest with our employees, and our culture is one that provides a conflict-free environment with a high level of trust,” Lopez-Rogina mentioned. “We take every opportunity to thank our team and let them know that they are appreciated.”