Richard Branson is quoted as saying: “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.” His words emphasise the importance of treating employees well and creating a positive work environment. Doing this will lead to increased productivity, employee loyalty, and ultimately, better customer service.
This is part one of my blog mini-series on PEOPLE in an organisation, more specifically ‘‘ACTUARIAL PEOPLE’’. With a 30-year history of being an employee as well as an employer, I have gathered considerable experience over the years working with people in the corporate and non-corporate worlds, and Richard Branson’s words are especially true in the context of actuarial people. Yes, I can assure you that actuaries and actuarial students are people too. In fact, many are very interesting people. But, I digress…
Why actuaries need more than technical skills
Among many things, actuaries are highly skilled professionals who assess risk and make informed decisions to help insurance companies stay financially healthy. While they are well known for their technical expertise, they also need other skills such as communication (a key exam topic), leadership, teamwork and project management to work effectively with colleagues and stakeholders. Developing a broader range of skills beyond their technical expertise can help actuaries enhance their professional impact and add value to their organisations and help them to recognise this value. This is important because it leads to increased engagement, job satisfaction and productivity.
How you can help your actuarial people to improve
Actuarial leaders need to recognise the importance of developing a well-rounded skill set within their actuarial teams and provide opportunities for learning and development beyond the actuarial science qualification. This will not only improve individual and team performance but will also enhance the organisation’s overall success. A culture of excellence starts with strong leadership, clear communication, achievable goals and a collaborative environment that encourages continuous learning and development.
To help your actuarial people achieve excellence there needs to be a focus on several areas:
1. Communicate the organisation’s objectives clearly
Start by sharing the organisation’s objectives with your teams, and explain how their work is contributing to those objectives. Make sure they understand how their job fits into the bigger picture. Focus on the three C’s: Clarity, clarity and…clarity.
2. Provide regular feedback
Providing regular feedback to people about their performance can help them to understand how their work is contributing to the organisation’s objectives. If they are doing a good job (i.e. meeting or exceeding objectives which have been clearly stated, and aligned with the overall business objectives), tell them and explain how their work is making a difference. If there is room for improvement, provide constructive feedback that helps them to understand what can be done better.
If you expect certain behaviours, communicate them clearly. You can’t expect people to behave in a certain way out of ‘common sense’ or otherwise, without a discussion. If you, as a manager of people, feel inexperienced or lack confidence in providing constructive feedback, it is important to find ways to improve. Here are some tips:
Embrace learning opportunities: be proactive and take advantage of any training opportunities your business offers.
Practice active listening: listen carefully to what your employees are saying and be open to their perspectives. Avoid interrupting or dismissing their concerns.
Provide actionable feedback: start and end your feedback with positive comments, while still being honest and specific about what needs improvement in the middle of the discussion.
Be specific: provide specific examples of the behaviour or action that needs to be addressed, and explain how it impacts the employee’s performance or the team’s goals.
Offer actionable advice: suggest ways the employee can improve, and provide support and resources to help them do so. Make sure your feedback is actionable and helps the employee understand how to make improvements.
Follow up: check in with your employees regularly to see how they are progressing, and provide additional feedback and support as needed.
Practice, practice, practice: the more you practice giving feedback, the more comfortable and confident you will become. Make it a regular part of your communication with your employees.
Be clear: ensure your employees have clarity on all aspects including their role, their KPIs and how they can contribute to the business objectives.
Set goals
Setting goals for your employees that align with the organisation’s objectives can help them see how their work contributes to the organisation’s success. Make sure the goals are specific, measurable, achievable, relevant and time-bound (SMART) so that employees can track their progress. The SMART approach is tried and tested and works.
Recognise and reward good work
Recognise and reward employees when they do a good job. This ties in with providing regular feedback. This can be as simple as a thank you note or as elaborate as an award ceremony. Recognising good work can help your employees understand the value they add to the organisation and encourage them to continue to contribute to the organisation’s objectives.
Provide growth opportunities
Providing opportunities for your people to learn and develop, can help them understand the value they add to the organisation. When employees feel that they are growing and developing in their roles, they are more likely to feel that their work is meaningful and contributes to the organisation’s objectives.
To sum up, strategies for better performance in actuarial teams include prioritising:
- employee engagement;
- providing clear communication and goals;
- fostering a culture of continuous improvement;
- providing resources and support; and
- leading by example.
While the organisation should certainly set the tone and structure for these practices, as a leader you need to provide an environment where every member of the team has a role to play. By working together, you and the team can consistently deliver exceptional results and add significant value to the organisation’s business objectives.
The People Enabler which forms part of MBE’s Actuarial Performance Management (APM™) Framework will help you to develop, manage and leverage actuarial potential at an individual, team and organisational level. This enables you to embed a robust actuarial performance-driven culture and growth mindset.
Contact us to find out how we can help you to transform your actuarial people strategy.
