Transcription:
Patti Harman (00:07):
It is no secret that the workplace environment has changed considerably over the last couple of years between the rapid evolution and adoption of technology to the creation of different remote work environments. The changes have required flexibility on the part of businesses and their employees as workers balance numerous priorities and deadlines, as well as multiple stresses in the workplace. It's more important than ever for companies to be aware of how their employees are managing both physically and mentally. Joining me today to share what Travelers is doing proactively in this area is Joan Woodward, president of the Travelers Institute and Executive Vice President of Public Policy for Travelers. Joan is a longtime advocate of employees and particularly women in the workforce. Joan, your list of accomplishments is far longer than what I can include here, but our audience should know that you have been a groundbreaking leader in multiple industries over the last several decades, so thank you so much for joining us today.
Joan Woodward (01:16):
Well, Patti, thank you so much for having me.
Patti Harman (01:18):
So the Travelers Institute recently announced a new initiative called Forces at Work to help leaders and companies navigate today's workplace. Can you give our listeners an overview of this initiative and explain why it's so important to both Travelers and the insurance industry in general?
Joan Woodward (01:38):
Sure. The Travelers Institute, first of all, is the public policy and educational arm of Travelers Insurance, and we recently announced a new initiative called Forces at Work, and that initiative is really to help leaders and companies navigate today's workplace. Can you give our listeners an overview of this initiative? Yes. This initiative is so important for every single workplace. We spend so much of our lives at work versus at home and with our families. The Travelers Institute wants us to make sure that leaders within the insurance industry and beyond have the resources they need to build resiliency in the current work environment. And so today's workforce is evolving at unprecedented paces from labor market fluctuations to economic uncertainty, to shifting employee expectations, to mental wellbeing. It's really hard to keep up with it all. So Forces at Work will help us explore the challenges and opportunities brought on by these changes and the resources they need to thrive. So this year we're going to be hosting several in-person events and webinars across the country focused on these five key areas. One, the labor market, analyzing demographic shifts, hiring trends at other macro level economic changes influencing the workplace. Two, leadership and management, highlighting stories and strategies of effective leadership in times of rapid change. Three, talent development, providing strategies to attract, retain, and develop talent across all generations. And as you know, generations approach work very differently today than they did 20 years ago.
Patti Harman (03:29):
Yes.
Joan Woodward (03:29):
Number four, employee wellbeing, promoting mental health, stress management, and other aspects of holistic employee care. Five, risk management and insurance offering those risk management strategies, insights to help protect employees and businesses. An example of one of those products would be workers' compensation. So understanding all of these areas can help a company thrive. They can strengthen and drive opportunities to help managers know how to deal with every single workplace situation that could arise. So our goal is to help you succeed.
Patti Harman (04:08):
Wow. I love the fact that you're especially focused on how to help leaders lead because for some folks I think it might be innate, but there's so much that we don't know and we're not aware that we don't know. So helping them figure out ways to be really smart and effective leaders is so great. And then addressing the talent shortages in the industry is important as well. Often I think we seem to focus more on our physical health than our mental health. As more research is conducted, we're learning that there is a significant correlation between our mental health and our physical wellbeing. What does this mean for businesses and managers and their employers then in terms of ensuring that their work environments are safe places?
Joan Woodward (05:01):
Yeah, that's a great question. As part of our initiative, we released a new white paper called Investing in Mental Wellbeing, A Guide for Employers. And so this paper was written in partnership with our own chief medical director, Dr. Marcos Iglesias. He regularly talks on this topic. Mental health is no longer a topic that we can avoid at work. It is a critical factor that impacts employees, wellbeing, productivity, and really overall business success. And we're in a mental health crisis in the United States. Twenty-three percent of adults say they experience symptoms, and those symptoms would meet the criteria of a diagnosable mental disorder. And when comes to workplaces, 83% of U.S. workers report daily work-related stress, 2.7% of adults working ages 18 to 64 experienced psychological distressed in 2021 according to the National Health Interview Survey. So those statistics are so important for us, and we felt it was really important that business leaders are aware of this and are given the tools and resources they need to take care of their employees. So that's why we're doing this. We see a need for it out there, and there's some simple strategies that can be enacted right away for managers who are trained appropriately. That's really important. I want to underscore the word training managers to understand how to approach these mental wellbeing issues at work.
Patti Harman (06:33):
We've both been in the workforce for a little while, I'll say. What are some of the challenges and issues that you're seeing in today's work environments that maybe weren't there even five to 10 years ago?
Joan Woodward (06:48):
Yeah, good question. So first, technological advancements. So leaders may struggle to keep up with rapidly evolving technology. We're returning continuous learning and training to ensure they remain relevant and keep up with the demand that could be stressful. Really older folks, learning these new technologies is definitely a point of stress for a lot of older workers. And then remote work. So remote work is something that really didn't exist widespread before the pandemic. There were people working remotely for sure. But after the pandemic, employees must now effectively manage a distributed workforce across different geographies and ensure that clear communication with their staff managers who may be overseeing employees in different parts of the country rather than meeting with them in person on a regular basis. And so that brings on new challenges. It's hard to know if someone is doing well with their mental health, for example, on a Zoom call or on a Teams call, because that person may not be as forthcoming with what's going on with them personally.
(07:55):
The third area that is new and different in the last five to 10 years is cybersecurity concerns and bad actors continue to get more sophisticated. So it's crucial that businesses have the tools and resources needed to protect their employees and their data. Then work-life balance as the pandemic clearly showed us, we have changed how we work, and now most companies are back in the office full-time or hybrid employees may be grappling with that work-life balance. So increased access to technology can also make it difficult for some to maintain a healthy balance between work and home. And then lastly, and probably most importantly, burnout and mental health, increased pressure and expectations stemming from all the things I just talked about can contribute to higher rates of burnout in mental health issues. And that is really the focus of our Forces at Work initiative.
Patti Harman (08:48):
You touched on this just a little bit earlier in your answer, but do you think that technology plays a role in creating some of the stresses that we feel and see today? I know in some respects it's easier to keep in touch, but by the same token, I feel like, oh, if I'm not checking my email all the time or responding to text messages or whatever it is, it also seems to create some stress. So from your perspective or from what you've seen from your research, is technology adding to our stresses in some ways?
Joan Woodward (09:20):
Oh, for sure. Technology is always changing, as you know, and it can cause employees to feel like they always must be "on". And what does that mean? Well, I don't know how many times a day does someone check to see if my little circle is green, is Joan available or am I red, red with a line through? Am I presenting? So all these different technological tools to track me, right? And do employees like that or not? Also, am I expected to be, if I'm a remote worker, expected to be on my computer after hours, making sure that the notification that I just got from my boss may have come in. I heard a ding, even though I may be eating dinner with my family. Oh, my computer dinged, I better go see if that's my boss and I need to get back to them immediately or not. And this is how we communicate one another in the workplace technology. It's that constant stream of notifications, demand for responses, deadlines, the pressure to stay updated. It's real.
Patti Harman (10:19):
Yes, it really is. And that's why when you go on vacation, I was out of the country for a couple of weeks last year and it was like, I can really disconnect for a couple of days. I still felt like I needed to be somewhat available, but it's really important I think from a mental health perspective for us to kind of step back and say, it's okay. I don't have to be on 24/7. So it's interesting. A lot of times managers are on the front line when it comes to managing their teams, how can they foster an atmosphere of caring and support and what red flags should they be looking for in their employees?
Joan Woodward (11:02):
Yeah, employers can look for changes in behavior or performance. That's number one. If you have a high-performing person and all of a sudden they're not so high-performing, what happened? What changed in their lives to cause that decreased productivity? For example, increased absenteeism where someone who always showed up to work on time, ready to roll, all of a sudden taking days off or asking more and more and more to work from home, withdrawing from other colleagues. And so noticeable changes in mood or demeanor and difficulty concentrating or making those decisions. So if an employer or your manager notices that a colleague is not themselves, reach out to them. What's going on? Hey, you all right? Are you okay? Those three words, are you okay? Can be life and death difference between someone not being okay, just hearing the words. I want to know as your human colleague, the humanity of, are you okay?
(12:03):
So in our white paper, we provide these five steps that managers can take to support employees mental wellbeing. So the first, open communication, is number one. Foster that open communication about mental health, normalize those conversations about stress, burnout and seeking out help. Let your colleagues know that it's okay not to be okay. Okay? So shatter the stigma is what we say at Travelers internally for our employees. There should not be a stigma around mental health. Number two, active listening. Practice active listening skills to create a safe space for employees to express their concerns. Number three, recognize signs of distress. So train your managers to recognize common signs of mental health struggles such as changes in mood, productivity, or behavior. As I just said. Number four, regular check-in. Schedule that regular one-on-one meeting to discuss workload goals. And don't forget to ask in those one-on-one meetings, how are you doing?
(13:03):
How's the family, everything? Okay, and then last, lead by example. So demonstrate your healthy work habits by taking breaks, taking your vacation. As you just said, a lot of people nowadays don't take as much as vacation as they're given, and they should because you need that downtime. And people should respect when you're on vacation, you can outline your boundaries for vacation. Say, Hey, I'm going to be out of pocket the whole day, but at four o'clock I'm going to check some emails. So if there's anything that's happening that you need my attention on, I'll be online for an hour or so at the end of the day, that's okay to do. Or it's okay also to say, I'm completely out of pocket. I'm in Europe, or whatever you just said, I'm down. I'm out. I am not going to check anything. Text me, send me a text on my personal phone if something is crucial to look at.
Patti Harman (13:58):
That's so true, and I'm glad you mentioned that. That is one of the things that I've tried to model for my team, and they're like, well, I'm going to be here and you can text me and I'll look at them and I'll say, I am only going to reach out to you if there is some major issue that I don't know how to deal with while you're on vacation, and I want you to be able to have that time and just enjoy yourself. So I'm glad you're really making that a priority and helping the rest of us see how important that is. We're going to take a short break now and we'll be back in just a few minutes.
Welcome back to the DIG IN podcast. We're chatting with Joan Woodward, president of the Travelers Institute and Executive Vice President of Public Policy for Travelers about the company's New Forces at Work Initiative. So let's talk a little bit about what are the benefits to companies and their employees for focusing on mental wellbeing now?
Joan Woodward (15:00):
Yes, this is a big one. So managers want to know, why should I worry about this? Why should I care? Why should I implement some of these steps that we're talking about today? But when managers prioritize employee wellbeing, they could see improved employee morale, increased productivity, reduced absenteeism, and lower turnover rates. Why do I say that? Well, a supportive work environment can also enhance employee engagement and loyalty. You want a highly engaged workforce. That is what you're going for. Any business, any company, government entity, schools, educational systems, you want your employees to be highly engaged and loyal, and that all ultimately contributes to the overall success of an organization.
Patti Harman (15:47):
Yes, it definitely will. Good mental health is everyone's responsibility. Are there actions employees can take to better manage their stress at work? Or maybe factors they should be monitoring that might indicate that, Hey, I need a little help in this area, or something like that?
Joan Woodward (16:08):
Yes, sure. This is really important. You asked about some of the red flags earlier. While it's hard to be self-aware, sometimes I encourage folks to pay attention to how they feel at work and ask for help if needed. It's okay to ask for help, especially for a newer employee, a younger employee, you don't need to know everything on day one. And if you're noticing you are declining in productivity, skipping meetings, not engaging with colleagues at work, feeling down at work, talk to someone, talk to someone who you feel comfortable with, whether it's a colleague or a manager or someone even from HR. People want to be very supportive of their employees. And then if you're on the receiving end of that conversation, speak to your manager and so on to give that person additional support. Again, you hear this common theme about communication and communicating. How are you feeling? Why are you feeling that? How can I help? And again, I think this is new in our workplace. It certainly wasn't there 20 years ago when I was growing up in corporate America. No one asked me how I was doing. No one really cared. I don't think it was just suck it up buttercup and get your work done. And it's not about that today, thank goodness
Patti Harman (17:20):
I work remotely for my company, but I was just up at our main headquarters earlier this week, and it was really nice to have that face time with everybody. And I was doing exactly what you were saying. I was checking in just to see how people are, because you're right. It's very different when you're doing something virtually versus when you're sitting right across from them or you're talking to them while everybody's getting coffee or whatever it is. And one of the things that I love about the field of insurance is that it is so relationship focused. And so I feel like part of that kind of spills over into the job aspect too, because I'm already concerned about what's going on and how people are and understand the importance of just building and maintaining those relationships. When you look at today's workplaces compared to when you first started in the industry, what are some of the major changes that you've seen that have improved it?
Joan Woodward (18:22):
Yeah, we've come a long way, baby. That's what I have to say. I mean, honestly, the supportive network, first of all, we call 'em employee engagement groups or diversity networks, affinity groups, whatever you want to call them. Those are really important to help you navigate through differences, appreciating differences of your colleagues. And that wasn't in the workplace 20 years ago. And I'm just so pleased. I've been a part of two major Fortune 100 companies building out their employee resource groups. And those are really helpful places. Also, just again, as I said, shattering the stigma of mental health. It was taboo to talk about. It really was taboo to talk about, Patti, many years ago, not even so long ago. And so I think having people tell their personal stories, senior leaders telling stories about challenges with mental health, that's very, very empowering and impactful for younger employees to hear that.
(19:24):
And I also think the shifting demographics. So now you have baby boomers of which I am one, and we have millennials and Gen Z, and we have Gen Y, and so different generations at work. And that is really interesting because again, the dynamic of learning from our younger people, lots of different, new strategies and ways that they're coping with their stress. I'll say it, coming out of the pandemic, it's real. It is real and anxiety not knowing what's going to happen. I mean, our worlds were turned upside down overnight, and we're still working through what that means in the workplace. Again, the remote work is new. Hybrid work is new for a lot of older people in the workplace, and us navigating with the younger generations to make it successful for everyone. And I think just raising awareness that these are all issues we all deal with and grapple with, and then giving your managers tools and strategies to help their employees work through them. This is wonderful. We're in a very good state. I think in terms of the workplace.
Patti Harman (20:32):
I would totally agree with that. Our company gives us a couple of mental health days, and at first I was like, oh, but there have been times where I've told my team it's like, you know what, guys? I need to take a mental health day today, and I want to model that for them, and I want them to know that that's okay, and that that's an area that I want to make sure that they are focusing on for themselves as well. A lot has been written about the talent shortage, and it's something I've been covering for 20 years or more. Why are we having trouble attracting people to the insurance industry still?
Joan Woodward (21:10):
Yes, I was in financial services investment banking, and I came to Travelers about 17 years ago, and it's real, the lack of awareness and misconceptions about the insurance industry are out there. Many people, especially younger generations, they might not even fully understand the breadth of career opportunities available within the insurance industry. And that is kind of number one, when you're in college, not a lot of people say, I want to go work in the insurance industry and we need to change that. Educational pathways, many students are not exposed to our industry as a viable career option during their studies. We have an excellent talent acquisition team at Travelers that partners with universities across the country to help educate students on the many career paths within the insurance industry. And I think more and more companies are realizing we have to be the advocates for our own industry and talk about it in a way that's attractive to younger people.
(22:08):
And again, if you think about it, and I speak to a lot of students, I believe in going out to universities and helping recruit for the company, and it's like a light bulb goes off like, oh, I never thought of working in insurance. Oh, you can have that kind of a career. Oh, you could do what you do, Joan. Oh, this is economics, this is accounting, this is actuary, this is technology. I'm telling you, our technology abilities have greatly enhanced because bringing younger people in the industry with these skill sets that we desperately need has been a game changer. And so just raising awareness about this could be a lifelong career for you, that's on us. That's on the insurance professionals to reach out and into these schools and universities, community colleges, to really sing the praises of what a terrific career this could be.
Patti Harman (23:00):
I remember I was talking to somebody and they said, what do you do? I was like, oh, I cover the insurance industry. And then I went off and they were like, oh, you must be new to it. I was like, no, I've been doing this for 15 years. And they looked at me because I was just so passionate and excited about that. And I think that's one of the important things that we need to share with folks as we're talking to them about the industry. Are there specific things that carriers and agents and brokers and other professionals can do to maybe attract the next generation to this industry? You mentioned going into schools, but are there other things that they can do?
Joan Woodward (23:38):
Yes, for sure. When you think about career fairs and college campuses, I think our industry is lacking in being front and center. You see the accounting firms, you see the technology, the Google, the more sexy industries out there recruiting heavily. And again, it doesn't always have to be Harvard, Yale, and Columbia. There's a lot of really, really good state schools and public institutions, community colleges that, again, raising awareness of our industry in those settings is crucial. Going into an economics class, I would urge everyone listening to this call today, everyone on this call who went to college should go back to their alma mater, if it's local, and say to the accounting or the economics department, hey, I want to guest lecture. I want to talk about what I do in the insurance industry. Hey, I want to offer internships in my agency or in my office in the insurance industry.
(24:36):
I want to offer a internship, paid internship. We have to compete with the other industries out there to show a young person what it is to work in insurance. And once you're in it, you're in it to stay. I mean, once you realize anything, you can touch and feel. As you look around any city, any town is insured, anything of value is insured. So we touch every single industry. Every single part of the GDP has to be underwritten and insured. And so there's a lot of money in this industry for good reason. We need to attract that talent to propel the industry to the next century, next level for us.
Patti Harman (25:21):
So true. I remember saying to a young reporter, I said, oh, you're covering the insurance industry. I said, you're going to be bitten by it and you will never want to cover anything else. And she looked at me and five or six years later, she was at a conference and she saw someone that we both know. And she's like, tell Patti I am still working in the industry. And you're right. It's like you get into it and you realize just how complex it is and how interesting. And that leads me to my last question, which is, why do you find insurance interesting and dynamic, and what do you truly love about this industry?
Joan Woodward (25:59):
So what I really love, I worked in Capitol Hill for 12 years before I went into investment banking. And I will tell you that the companies and the industries who came up to talk to policymakers and regulators about what their industry does for society and tying it back to society and what we do to help people at their most critical time of need. And so if you think about the wildfires, you think about the hurricanes, we are there on the ground immediately helping people rebuild their lives. And what better industry to work for? I mean, it is difficult to maybe understand, and maybe everyone's not reading their policy or their coverages or their limits, but we're here to help. And in the most dire circumstances, it is our industry that steps in to help people rebuild their lives. And what is a better feeling than that?
(26:54):
And so, yeah, there's a lot of regulatory hurdles to get over and understanding what markets to be in and all sorts of other complex areas that the industry has to worry about and work through. But those are problems we can overcome to benefit society. And I just love that. I think there's no other industry that has an impact like we do at someone's most dire time of need. So that's where I'll kind of leave it. And it makes me feel good every day to work in the industry. And there's a lot of, I'll say, charitable work that's done through our industry as we see need in the communities that we serve and we work in. And I'm also very proud of that as well.
Patti Harman (27:38):
Wow. That is so true. I was talking to someone this morning and I said, the people who work in the insurance industry, it goes beyond whatever salary or whatever money they make. They're in it because they really do want to make a difference in people's lives. So thank you so much, Joan, for sharing your insights with our audience. Thank you for listening to the Dig In podcast. I produced this episode with audio production by Adnan Khan. Special thanks this week to Joan Woodward of the Travelers Institute for joining us. Please rate us, review us, and subscribe to our content at www.digin.com/subscribe From Digital Insurance, I'm Patti Harman, and thank you for listening.