BUSINESS
Is your office adapting to the flex culture? Success in a hybrid work culture requires a new structure and a new style of management. By Sharon Emek
F
irst was the rapid restructuring of business and COVID-19 spreading across the globe. Across all industries, organizations were reshaping how they conduct business. Nearly half of all American workers were working at home during the pandemic, according to a survey conducted by Northeastern University at the beginning of 2022. More than two years after the onset of the pandemic, business is restructuring once again. However, the reasons why have shifted dramatically. That’s because employees are demanding it: A Prudential Pulse of the American Worker Survey revealed that 87% of workers who have been working remotely during the pandemic want that to continue at least one day a week. A surprising 68% would opt for a hybrid workplace model. Particularly within the insurance industry, such news could become a competitive advantage when looking to fill open positions. Flexible work culture is a sought-after commodity among job seekers, and a recent McKinsey report stated that the finance and insurance sector has the highest potential for remote success since, as the report states, three-quarters of a worker’s time in that sector is spent on activities that can be done remotely without any disruption to productivity.
The successful flexible culture
With that kind of data as an incentive, agency managers and insurance organizations could well capitalize on the current shakeup brought on by the Great Resignation, which to date has resulted in 33 million people leaving their jobs. The finance and insurance industry needs to fill 313,000 openings, according to data from 44
the Bureau of Labor Statistics. Those same workers are looking for more meaningful work within a more flexible work model. Yet “flexible” is not limited to where employees work. Remote and hybrid models are indeed part of the flexible work model, but so too is management of the new hybrid workforce. A complete retooling of how a workforce is managed is essential. Success in a hybrid work culture isn’t measured within the standard 9-to-5 model. Instead, success requires a new structure and a new style of management. It could be a tough sell for many. But there is a simple solution: By measuring a worker’s performance on outcomes rather than hours worked, agency managers can ensure that benchmarks are met and that performance is not lagging. By basing productivity measures on performance, your organization can quickly identify issues that individual employees may be having and can just as quickly set up mentoring or additional training or accommodations to help those employees improve results.
The payoff
Making the effort to adopt a better work and management style is a great move for the insurance industry. Flexible work arrangements make employees happy. Owl Labs research found that employees who work remotely at least once a month are 24% more likely to be happy and productive than their in-office counterparts. Likewise, 86% of workers say that working remotely reduces their stress, says FlexJobs data. An Owl Labs survey found that 84% of remote workers say they are happier, 79% say they feel less stressed, and 79% also say they feel more trusted and that their employer cares. That has translated into higher productivity. In fact, a number of studies have shown a significant increase in productivity when workers are working remotely. Stanford University research shows that employee performance increased by 22% when employees were able to work from
InsuranceNewsNet Magazine » August 2022
home. Employees are seeing it too — 90% of them report being at the same productivity level or higher working remotely when compared to in-office work, an Owl Labs study found. If that’s not enough, here’s the real payoff: Offering flexible work attracts job seekers. A LinkedIn Global Talent Trends report found that organizations received 35% more engagement when a job posting mentioned flexibility. Companies have taken notice of what employees want, as well: Since 2019, there has been an 83% increase in job posts that mention flexibility. For the insurance industry, that kind of data could help stanch the talent bleed.
Creating a flexible workforce
That makes the job of keeping some of those employees on the job and attracting new hires critical to the agency’s success. Agency managers must shift their thinking away from traditional management styles that are best suited to in-house staff and adopt new strategies that address the unique challenges remote workers face. Employee management is no longer limited to the workplace. The successful organization attracts and retains employees by focusing on the entire work-life cycle. Issues to consider include establishing truly flexible work models and better productivity measures, as well as prioritizing employee mental well-being, stronger relationships and improved communication.
Ditch the 9-to-5
Do you really believe that requiring your employees to be at work for a set number of hours nets more productivity? When Microsoft Japan tested the idea of a fourday workweek, the company saw employee productivity boosted by 40%. The company’s sales-per-employee figures rose 39.9%. An added bonus: Utility costs and printing costs dropped 23.1% and 58.7%, respectively. Likewise, allowing your employees to work when they are most productive pays off in additional productivity. At WAHVE,
