How to Be an Effective M Manager

How to Be an Effective
Manager
Moderator:
Ashwini A. Vaidya, FSA, MAAA
Presenters:
K
Karen
JJ. D
DeToro,
T
FSA,
FSA MAAA
Stephanie M. Weist, FSA, MAAA
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gatherings and activities:
•DON’T discuss your own, your firm’s, or others’ prices or fees for service, or anything that might affect prices or
fees, such as costs, discounts, terms of sale, or profit margins.
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g counsel about any
y concerns regarding
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gp
proposed
p
statements to be made by
y the
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association on behalf of a committee or section.
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If you have specific questions, seek guidance from your own legal counsel or from the SOA’s Executive Director or
legal counsel.
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How to be an Effective Manager
Engagement and Motivation
Stephanie Weist
Weist, FSA
FSA, MAAA
3
Agenda
 Engagement
 Motivation
 Lessons Learned
 Tool Kit
4
2
Engagement
 What is engagement?
• A measure
meas re of the extent
e tent to which
hich team
members are psychologically committed
to their roles.
 Three levels of engagement
• Engaged
• Not Engaged
• Actively Disengaged
5
Why Is Engagement Important
 Disengagement
g g
affects attendance,
cooperation, willingness to learn,
profits
 Engaged teams have
• Lower turnover
• Higher productivity
• Higher profitability
6
3
How To Increase Engagement
 Everyone
y
owns their engagement
g g
 Shadow of a leader
 Culture, not flavor of the day
 One size doesn’t fit all
 FUN
7
How To Increase Engagement
 FUN
• Pot lucks
Opening day of baseball
 Luau & limbo contest

• Team lunch
• Offsites
8
4
Motivation
 Whose jjob is it?
 Find out what your team members
want from work
• Motivator checklist
• Have 1:1 meetings
9
Motivation
 Recognition
g
• Timely
• Public vs Private
• Celebrate achievements
 Set clear expectations
 Feedback
10
5
Lessons learned
 Embrace soft skills
 Learn from everyone
 Borrow ideas
 Put your oxygen mask on first
11
Tool kit


Motivator check list
Books
•
•
•
•
•
•

Websites
•
•

QBQ! The Question Behind the Question by John G. Miller
Outstanding! 47 Ways to Make Your Organization Outstanding by John G. Miller
Strength Finders 2.0 by Tom Rath
Go Put Your Strengths to Work by Marcus Buckingham
The Energy Bus: 10 rules to fuel your life, work and team with positive energy by Jon Gordon
1001 Ways to Reward Employees by Bob Nelson
QBQ.com – can subscribe for quick notes on personal accountability
www.managementhelp.org Free Management Library SM
SOA
•
•
•
•
Actuary of the Future section
Management and Personal Development section
Stepping Stone –Management and Personal Development section newsletter
Competency framework
12
6
Motivator Checklist To help you identify what motivates you, consider the following categories of typical motivators. Rank the categories, starting with 1 as the highest. You might have several categories that rank equally. Don’t worry about getting your ranking perfect. The point is to go through the process of thinking about what motivates you. Career development/success Comfort/relaxation Health/balance/energy Influence/leadership Learning/knowledge/discovery Material/possessions Recognition/praise Security/money/home Social/affiliation/popularity/acceptance Status/prestige/standout/reputation Task accomplishment/problem solving/ achievement Teaching/guiding others Others Others Are there other comments you could make that would help you (and maybe others) to more clearly understand what motivates you? If so, what are they? www.managementhelp.org Managing Employees’
Employees
Growth and
Development
Karen DeToro
DeToro, FSA
FSA, MAAA
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Managing Growth and Development
Skill Sets



Personal Management



Technical Skills
Communication Skills
Business Acumen
Managing Time
Exam Progress
Work / Life Balance
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7
Developing Technical Skills
Situation
Your company has just purchased a slick new
valuation platform. However, one of your
employees continues to perform his valuation
calculations using an old Excel spreadsheet
that he developed 10 years ago. He refuses
to migrate to the new platform. You suspect it
is due to a deficiency in his technical skills.
15
Developing Technical Skills – Required Skills

Actuarial knowledge
g specific
p
to the function or industry
y area in which the
actuary works
•
•
•
•

•
•
•
•
Life Insurance
Health Insurance
Pensions
Investments
Knowledge of key actuarial tools and software:
•
•
•
•

Valuation knowledge
Modeling capabilities
Pricing techniques
Experience study methods
Modeling platforms
Valuation platforms
Excel
Access
Other skills applicable to non-traditional roles
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8
Developing Technical Skills – Your Role
Actions
Messaging
Tools and
Resources



Identify technical skills required for the role
Determine the current skill set / level of the resource
Identify areas of strength and development needs



Phrase feedback constructively
Work with staff to identify required skills and development
plan to address gaps
Clearly state requirements to do job effectively




SOA educational programs (webinars,
(webinars classes)
Local university or online course offerings
Vendor training
On-the-job learning
17
Developing Technical Skills
Situation
Your company has just purchased a
slick new valuation platform.
However, one of your employees
continues to perform his valuation
calculations using an old Excel
spreadsheet that he developed 10
years ago. He refuses to migrate to
the new platform. You suspect it is
due to a deficiency in his technical
skills.
Response




Discuss the required skill sets for
the job
Determine whether use of the new
valuation platform is a requirement
or a choice
Work with your employee to
assess his skill set relative to the
requirements
Provide your employee with
training from an outside vendor on
the new platform
18
9
Developing Communication Skills
Situation
Your employee has been asked to
give a presentation to the CFO on
the pricing assumptions underlying
the new term life product. Since
she priced the product, she has
the best understanding of the profit
drivers. However, she doesn’t
seem to be able to explain
p
them
succinctly to a non-actuarial
audience, and the CFO is neither
patient nor technically adept.
19
Developing Communication Skills – Required
Skills

Type
yp of communication
•
•

Size of audience
•
•
•

Written
Verbal
One-on-one
Small group
Large group
Nature of content
•
•
Technical
Non-technical
20
10
Developing Communication Skills – Your Role

Assess the root cause underlying the communication
challenge
g ((e.g.,
g language
g g barrier, fear of p
public
speaking)



May be a sensitive topic
May be dismissed as unimportant for actuaries
Need to stress that the audience will only evaluate
what they “receive,” not what the speaker “sends”




Language
g g education
Public speaking / presentation training
Video camera / live practice
Manager oversight / feedback on written
communication
Actions
Messaging
Tools and
Resources
21
Developing Communication Skills
Situation
Your employee has been asked to
give a presentation to the CFO on
the pricing assumptions underlying
the new term life product. Since she
priced the product, she has the best
understanding of the profit drivers.
However, she doesn’t seem to be
able to explain them succinctly to a
non-actuarial
non
actuarial audience
audience, and the
CFO is neither patient nor
technically adept.
Response




Identify the underlying root cause
Broach topic in a sensitive way,
while stressing the need to make a
good impression
Focus on what your employee
needs to do to get the CFO to
“hear” her message
Suggest that your employee
•
•
Short-term: Practice her
presentation several times
Long-term: Enroll in a presentation
skills course to build skills for the
future
22
11
Developing Business Acumen
Situation
The CFO is considering an acquisition of
a small group health insurer. She asks
your employee to contribute materials to
a CBA to assess the deal. She is
particularly interested in the expected
IRR and would like to know how it
compares to other recent deals in
industry.
y She suggests
gg
that yyour
employee check out the WSJ to see what
intelligence is available on the company.
Your employee has no idea what
language the CFO is speaking.
23
Developing Business Acumen – Required Skills


Understanding of the current state of the national and global economy
Insurance industry knowledge
•
•
•
Methods and techniques
Profit drivers
Recent events and industry trends
 General accounting knowledge
 Company-specific knowledge
•
•
•
•
•
Corporate structure
Functions
Key personnel
Recent and upcoming events
Corporate strategy, objectives, and drivers of profitability
 Knowledge of general business methods and jargon
24
12
Developing Business Acumen – Your Role
Actions
Messaging
Tools and
Resources



Bring business topics into discussions with staff
Assist staff with prioritizing development areas
Make industry and business publications available

Help the employee understand how his or her role fits
with the rest of the company
Discuss the relationship between the economy, the
industry, and the company’s strategy




Wall Street Journal, National Underwriter, Best’s
Have employees do “lunch and learns” on industry and
business topics
Consider college courses or MBA programs
25
Developing Business Acumen
Situation
The CFO is considering
g an
acquisition of a small group health
insurer. She asks your employee to
contribute materials to a CBA to
assess the deal. She is particularly
interested in the expected IRR and
would like to know how it compares
to other recent deals in industry.
She suggests that your employee
check
h k outt the
th WSJ to
t see what
h t
intelligence is available on the
company. Your employee has no
idea what language the CFO is
speaking.
Response




Explain
p
the meaning
g of CBA,, IRR
and WSJ (and CFO, if necessary!)
Suggest additional business and
industry publications to consult, in
addition to the Wall Street Journal
(WSJ)
Discuss standard techniques for
performing a cost-benefit analysis
((CBA)) and calculating
g the internal
rate of return (IRR)
Suggest additional follow-up
development opportunities for your
employee to pursue
26
13
Managing Time
Situation
On Friday, the Chief Actuary asked your
employee to rerun the Economic Capital
model with some changes to
assumptions. You asked her to draft a
memo explaining the changes in the
reserves from last quarter to this quarter.
She also needed to help the summer
intern g
get the modeling
g software installed
on his machine. You find out on Monday
morning that she didn’t get any of the
tasks completed on Friday . . . and the
Chief Actuary is not happy.
27
Managing Time – Required Skills




Prioritization of tasks
Estimation / budgeting of hours
Tracking of hours spent
Knowing when to call it quits (a.k.a., asking for help)
28
14
Managing Time – Your Role
Actions



Messaging
Tools and
Resources


Set a good example
Actively communicate expectations for prioritization of
tasks
Work with employees to budget time for tasks

Discuss current workload and prioritization
Ask employee to track actual v. budgeted hours for
large tasks to improve estimation capabilities
Encourage employee to ask for help when needed


Time tracking tools
Time management courses / training
29
Managing Time
Situation
On Friday,
y, the Chief Actuaryy asked
your employee to rerun the
Economic Capital model with some
changes to assumptions. You
asked her to draft a memo
explaining the changes in the
reserves from last quarter to this
quarter. She also needed to help
the summer intern get the modeling
platform
l tf
installed
i t ll d on hi
his machine.
hi
You find out on Monday morning
that she didn’t get any of the tasks
completed on Friday . . . and the
Chief Actuary is not happy.
Response





Ask yyour employee
p y to think about
how she spent her time on Friday
Ask her how her actual time spent
differed from her expectations for
how long things would take
Work with her to build a time
tracking spreadsheet
Check back regularly to help her
review how she is spending her
time
Actively communicate to set
priorities and expectations for effort
30
15
Exam Progress
Situation
Your Assistant Actuary has been with the
company for 15 years. He is the “go to”
person for all questions on product
valuation. He knows the product features
inside and out – not only the ones being
offered today, but across the various
inforce product generations. He is a
huge asset to the actuarial department.
He wants to attain his FSA designation
designation,
but he seems to struggle with passing
exams, requiring 3 or 4 attempts for each
new exam.
31
Exam Progress – Required Skills




Time management
g
Initiative and self-direction
Reading comprehension
Test-taking capabilities
•
•
•
Multiple choice
Written answer
Module exercises
32
16
Exam Progress – Your Role



Provide time for studying and work with employee to
manage against a schedule
Provide support for required and supporting materials
Consider if a non-actuarial or ASA role is a better fit
Messaging



Note that passing exams is a job requirement
Avoid getting into a debate over the exam process
Listen and assess validity of excuses
Tools and
Resources



Manuals and study guides
In-person courses and study groups
Learning style assessments
Actions
33
Exam Progress
Situation
Your Assistant Actuaryy has been
with the company for 15 years. He
is the “go to” person for all questions
on product valuation. He knows the
product features inside and out – not
only the ones being offered today,
but across the various inforce
product generations. He is a huge
asset to the actuarial department.
H wants
He
t tto attain
tt i his
hi FSA
designation, but he seems to
struggle with passing exams,
requiring 3 or 4 attempts for each
new exam.
Response




Ask the employee
p y to assess what
type of exams they do well on
(multiple choice, written answer)
Ask employee to develop a study
time schedule and track actual time
against it
Suggest a learning style
assessment to find out how
employee
p y learns best
If issue is with exam content, offer
support for study manuals or inperson courses tailored to learning
style
34
17
Work / Life Balance – Situation
Situation
One of your direct reports is a tireless worker,
consistently working weekends and late
nights. She is always the first to volunteer for
new assignments, even though her plate
seems to be loaded. She recently cancelled a
long weekend to visit some friends because
she had too much work to do. You worry that
she will wind up getting burned out.
Additionally you have started hearing
Additionally,
grumblings from other staff members about
receiving e-mails from her on weekends – and
wondering if she expects them to work
evenings and weekends too.
35
Work / Life Balance – Required Skills





Time management
g
Ability to set limits and say no
Estimation of required work effort
Delegation
Ability to unplug from work concerns
36
18
Work / Life Balance – Your Role



Set a good example
Help employee learn to say no – and support her when
she says it
Set limits on evening and weekend e-mails and calls
Messaging




Assess whether employee view it as a problem
Communicate risk of burn-out
Discuss impact on other staff
Note the risks of taking on too many projects
Tools and
Resources



Time management techniques
Identify key areas of focus / development for year
Communication development
Actions
37
Work / Life Balance
Situation
Response
One of yyour direct reports
p
is a tireless
worker, consistently working weekends
and late nights. She is always the first to
volunteer for new assignments, even
though her plate seems to be loaded.
She recently cancelled a long weekend to
visit some friends because she had too
much work to do. You worry that she will
wind up getting burned out. Additionally,
you have
h
started
t t d hearing
h i grumblings
bli
ffrom
other staff members about receiving emails from her on weekends – and
wondering if she expects them to work
evenings and weekends too.




Discuss reasons for the
work/life imbalance and
employee concerns
Work with employee to
rationalize her work load
Select projects that fit with
employee role and goals, and
support her in saying no to
those that don’t fit
Instruct employee to refrain
from sending e-mails and
voice mails outside of work
hours
38
19
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g
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