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Published by fcndcuenca_13, 2019-11-16 23:42:08

Project ACE_Cuenca_Faith

Project ACE_Cuenca_Faith

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Project ACE aims to explore innovative ways of attracting and making the graduates
of the national university, UP, say yes to a career in the insurance industry. It aims to
eventually build and solidify an efficient and effective platform to source, select, and
retain high potential candidates.

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Project ACE aims to laser-focus on bringing in University of the Philippines graduates
into the insurance industry. Who is UP? Why UP graduates?
UP is the country’s national university. This premier institution of higher learning was
established in 1908 and is now a university system. It bears the flagship statement of
shaping minds that shape the nation through living by the core values of honor and
excellence. UP is composed of eight constituent universities and one autonomous
college spread throughout 17 campuses in the archipelago.
Source: up.edu.ph

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In 2012, the Commission on Higher Education declared 24 units of the university as
centers of excellence including Communication, Information Technology,
Mathematics, Medicine, Political Science, Psychology, Statistics. While 6 units have
been identified as centers of development including Biology, Environmental Science,
Marine Science.

UP has a number of academic affiliations including:
Association of Pacific Rim Universities (APRU) – formed in 1997, a consortium of 50
leading research universities in 17 economies of the Pacific Rim.
Association of Southeast Asian Institutions of Higher Learning (ASAIHL) – non-
government organization founded in 1956 in Bangkok. It aims to assist member
institutions to strengthen themselves through mutual self-help to achieve distinction
in teaching, research, and public service, thereby, contributing to their respective
nations and beyond.
ASEAN University Network (AUN) – Asian university association. Founded in
November 1995 by ASEAM member countries including 13 universities.
ASEAN-European University Network

Source: up.edu.ph

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London-based magazine Times Higher Education (THE) has placed the University of
the Philippines in the world’s top 500 universities according to the 2020 THE World
University Rankings.
The national university is listed in the 401-500 group of 1,396 ranked research
universities.
This is UP’s fourth year in the rankings.

It was included for the first time in 2017 among the top 1,000. The succeeding
rankings showed marked improvement for UP as it climbed to the top 800 in the
2018 edition and to the top 600 for 2019.

THE assesses research-intensive universities based on 13 performance indicators in
five areas: teaching (30 percent), research (30 percent), citations (30 percent),
international outlook (7.5 percent) and industry income (2.5 percent).

Only two universities from the Philippines appeared in the latest table. UP is still the
leading university in the country.

THE publishes some of the most influential rankings used by the global academic

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community which include the Asia University Rankings, Asia-Pacific University
Rankings, Emerging Economies University Rankings, and the World University
Rankings by Subject.
Source: https://www.up.edu.ph/index.php/up-climbs-up-the-the-world-university-
rankings/

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Before we will be able to craft a strategy to effectively attract recent graduates,
particularly of UP, we have to know first what do graduates really look for in an
employer? Which industries do they consider? Let us first see things from their
perspective.

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For the purposes of Project ACE, when we talk of graduates, we focus our attention
to younger millennials (born between 1990-1995; ages 24-29; recent graduates), and
Gen Z (born 1996 to 2001; ages 18-23)
Generational Definition:
Gen Z, iGen, or Centennials: Born 1996 – TBD
Millennials or Gen Y: Born 1977 – 1995
Generation X: Born 1965 – 1976
Baby Boomers: Born 1946 – 1964
Traditionalists or Silent Generation: Born 1945 and before
Source: genhq.com (The Center of Generational Kinetics)

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More research has been done for the millennial generation, specifically about their
workplace preferences. One notable study is done by The Hartford, a leading
property and casualty insurance, group benefits and mutual funds provider in the US.
This a national omnibus survey of 785 U.S. consumers aged 18-33. In a 2015
millennial leadership survey, they found that millennials are leading today and would
want to lead tomorrow.
80% of millennials are leaders TODAY. 69% of millennials aspire to be leaders in the
NEXT FIVE YEARS. 77% of millennials who consider themselves a leader today also
aspire to be a leader TOMORROW. In terms of industries, most millennials would
want to work in the arts & entertainment, education, technology, health care. On the
other hand, industries will lower appeal include construction, retail & manufacturing
(7% of the respondents selected this), insurance (4% of the respondents selected
this), wholesaling & utilities (3% of the respondents selected this).
Source: The Hartford’s 2015 Millennial Leadership Survey, newsroom.thehartford.com

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According to the said survey, for companies to attract more millennials, it would help
if they promote that they provide a variety of career opportunities, competitive
salaries, flexible work, competitive benefits, leadership opportunities. As future
leaders, The research shows millennials are hungry for information, products, and
services that help them reach their personal and professional goals. Employers have
an incredible opportunity to help millennials become leaders and protect their
potential. This study reinforces that as millennials aspire to be future leaders, they do
value training & development, clear career path, and coaching & feedback.
Companies could focus on developing millennials in terms of their leadership skills,
technical skills, financial skills, personal development skills, career planning, and
written & oral communication. These help them maximize their potential.
Source: The Hartford’s 2015 Millennial Leadership Survey, newsroom.thehartford.com

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The generation after the millennials is called the Gen Z, iGen, or Centennials. They are
increasingly self-aware, self-reliant, innovative and goal-oriented.

There are three things that most people don’t know about this new generation:

Gen Z are highly educated. It’s likely that a larger percentage of Gen Z will attend and
graduate from college than any previous generation, including the Millennials. Gen Z
is also adept at web-based research and often self-educates with online sources such
as YouTube and Pinterest. They can learn complex things like how to upgrade your
computer’s operating system the same way they can learn how to bake a vegan apple
pie: one video at a time. They still possess general knowledge about traditional
research methods, but they have come of age placing a priority on how fast you can
find the right information rather than on whether or not you know the right
information.

Gen Z wants to make a difference in the world. What we do know is that an
overwhelming majority of Gen Z are eco-conscious and concerned about humanity’s
impact on the environment. We also know that they want to make a decent living
with a stable employer. This practical aspect of financial prudence and wanting to

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help people could lead to longer-term differentiation from millennials.
Gen Z are more diverse than millennials. This is a big deal and is often overlooked.
The tremendous diversity that Gen Z brings as employees, consumers and
entrepreneurs will have a profound impact across generations and cultures. Brands
and employers will have to learn how to see the world through the diverse eyes of
Gen Z if they want to win their loyalty.
Source: The Center of Generational Kinetics, genhq.com

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Some of findings of the 2018 study, State of Gen Z™, conducted by The Center for
Generational Kinetics include:
Over 50% of Gen Z reads at least three ratings or reviews before making a first time
purchase. Their reliance on strangers to influence their purchasing pathway not only
shows the importance of outside influencers on their consumer journey, but it also
provides a sneak peek into what brand leaders must know to drive engagement.
Over 30% of Gen Z feels uncomfortable if they are away from their smartphone for as
little as 30 minutes. This anxiety and discomfort provides insight into the dependence
the generation has on their smartphone.
Over 65% of Gen Z needs frequent feedback from their supervisor to stay at their job.
This is higher than the millennials.
Over 45% of Gen Z follows more than 10 influencers on social media and 10% of Gen
Z follows 50 or more influencers.
Source: The Center of Generational Kinetics, genhq.com

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Old models of kids climbing the corporate ladder from the very bottom no longer
seem to apply or are at least no longer popular. Some graduates are fired up with
enthusiasm, ready to score that first job. Others decide to pursue higher and
continuing education. For those who can afford it, a gap year between graduation and
the real life out there is a much-needed breather. Others, still, dive into
entrepreneurship.

Filipino graduates of today explore more diverse opportunities than before.

They climb the first rung of the corporate ladder.
Times have changed and so has our academic system. The enhanced Basic Education
Act has been signed in 2013, thereby strengthening the Philippines academic
curriculum by adding a few more years to basic education through the K to 12 Basic
Education Curriculum. Last year welcomed the pioneer graduates slit to be job-ready,
a program designed for immediate employment both domestic and international.
Last December, the Philippine Statistics Authority (PSA) released its annual report on
the status of labor and employment in the country. The rate of employment
increased by .4 percent, from 94.3 percent (2017) to 94.7 percent (2018), according
to the report, while unemployment decreased, also at .4 percent, from 5.7 percent to

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5.3 percent.

They go for more learning.
Though a few years of experience in the field makes a graduate program more
meaningful or effective, some graduates take advantage of their fresh learning and
aim for post-graduate courses before or while diving into their chosen industry. To
accommodate the new professionals, universities and other educational institutions
are offering a distant learning program, where discussions and assignments are done
online. Some programs require at least two class sessions per month.

They go on a break.
Having a gap year relieves the mind from stress and allows you to breathe, properly
assess things, and formulate a good game plan.
“If the new grad took a year off for a developmental assignment or humanitarian
cause that created skills, knowledge, or abilities that would be transferable to the
workplace, there may be tangible benefits,” advised Susan Hosage, senior consultant
and executive coach at OneSource HR, in an article in the Chicago Tribune. According
to the Harvard Business Review, for many graduates, burned out from four (or more)
years of intense study, taking a year to do something with less pressure can be a
hugely positive experience with great pay-off.

They become the boss.
In PSA research, graduates who immediately become bosses or entrepreneurs usually
come from families engaged in long running businesses.
This new generation, however, is more entrepreneurial and has many self-starters. A
report by the United States Agency for International (USAID) says that young Filipinos
may be enthused to give entrepreneurship a try. CHED released a report listing the in-
demand courses in the country. On the list are courses related to agriculture, math
and sciences, information technology, and business administration. The courses
mentioned provides essential knowledge, training, and a good foundation in building
an enterprise.

Source: Manila Bulletin Website, news.mb.com.ph/2019/03/31/where-do-our-
graduates-go/

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According to a Jobstreet Survey in 2017, Filipino jobseekers’ major considerations for
a great employer include job security, career development, perks and benefits,
training opportunities. This finding is aligned with the Hartford study stated in page 8.
The said survey also includes a glance at the top 10 industries most fresh graduates
go to given the average to high salary grade.
Source: ABS-CBN Website, https://news.abs-cbn.com/business/08/30/17/what-do-
filipinos-look-for-in-a-great-employer

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Given the top four considerations, the top 10 companies to work for in the
Philippines have been identified in the said survey.
Many the respondents stated they utilized the Internet, primarily social media, online
articles, and job company websites to research the corporations. Word of mouth was
the second most popular way respondents learned about the characteristics and
values of the companies they aspire to work for. Recent college graduates and junior
executives claimed to use online channels as their primary resource for information
about their dream corporations, while supervisors and managers claimed to use
testimonials from family and friends who work at the corporation.
Source: iMoney Website, https://www.imoney.ph/articles/top-10-companies-in-
philippines/

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With all these insights, let’s go back to the why of Project ACE:
Project ACE aims to explore innovative ways of attracting and making the graduates
of the national university, UP, say yes to a career in the insurance industry. It aims to
eventually build and solidify an efficient and effective platform to source, select, and
retain high potential candidates.
What are we going to do and how are we going to do it?

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We know that the insurance industry is not the top-of-mind of newly graduates,
including U.P. graduates, looking for employment. How then do we turn this around?
Through this project, we aim to make U.P. graduates more aware about the industry.
We will steer their curiosity and make them realize why they should join the
company.

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We’ll do this through ACE. Project ACE aims to laser-focus on bringing in University of
the Philippines graduates into the insurance industry.

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Insight: Strategy:
• Over 45% of current generation Leverage on ambassadors to create
awareness about the industry and
follows more than 10 influencers on why a career in it is worth pursuing.

social media and 10% of them

follows 50 or more influencers.
• Testimonials from family and friends

who work at the corporation help

jobseekers create an impression

about the company.

Action Step: Action Step: Action Step:
• Collect success • Produce • Kick-off a

stories of the promotional campaign for
employees on
management materials about recruitment
(mechanics and
team. the stories of the candidate profile
• Gather notable to be defined).
ambassadors.
experiences of • Explore 18

employees and partnering with

financial advisors influencers and

(may or may not be UP personalities.
alumni).

Coming from the stated insights, the A of Project ACE is about AMBASSADORS. This
includes the management team, employees, financial advisors, and influencers.
Strategy is to leverage on ambassadors to create awareness about the industry and
why a career in it is worth pursuing. Action Steps include:
- Gathering of personal stories of the management team, employees and financial

advisors. Sharing from UP alumni in the company can be highlighted.
- Coming up with promotional materials about the stories of the ambassadors.
- Exploring the possibility of partnering with influencers (i.e. famous UP graduates

who might have an insurance in/business with the company).
- Launching a campaign for employees on recruitment (mechanics and candidate

profile to be defined - can be a UP graduate or high potential candidate from other
universities).

The ambassadors can create awareness and make the industry (and the company)
more familiar with the target audience.

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Insight: Strategy:
• Recent college graduates use online Strengthen the presence of the
company across various channels.
channels to research on their

dream corporations.
• The next generation is a dept at

web-based research.
• They often self-educate with online

sources such as YouTube.
• Read at least three ratings or

reviews before making a first time

purchase.

Action Step: Action Step: Action Step:
• Be more present • Schedule • Partner with

in social media triggered university
platforms – communications organizations to
LinkedIn, on recruitment. showcase the
YouTube, • Participate in company in their
Facebook, U.P.’s UJF events
Twitter. (conferences,
(University Job Fair) seminars, concerts,
UAAP-related 19
and CAP (Career activities).
Assistance Program).

Coming from the stated insights, the C of Project ACE is about CHANNELS. Strategy is
to strengthen the presence of the company across various channels to make it top-of-
mind. Action steps include:
- Being more present in social media platforms – LinkedIn, YouTube, Facebook,

Twitter. The usual platforms that the new generation engage in.
- Scheduling triggered communications on recruitment through the identified

platforms.
- Participating in U.P.’s University Job Fair and Career Assistance Program. This can

help the company source candidates from different disciplines in the institution.
- Partnering with university organizations to showcase the company in their events.

This can include doing financial planning talks during conferences and seminars.
Sponsorships during U.P. Fair (concert), University Athletic Association of the
Philippines (UAAP) events can also provide visibility to the company.

The channels can help the company become more present and well-known by the
target audience.

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Insight: Strategy:
• The next generation want to make a Create opportunities for insight
building and realistic job
difference in the world. experience.
• They value training & development,

clear career path, coaching &

mentoring.
• Filipino graduates climb the first rung

of the corporate ladder.
• They go for more learning.
• They are a generation of leaders: they

are leading today and would want to

lead tomorrow.

Action Step: Action Step: Action Step:
• Use recruitment • Organize an • Design a career

and assessment open-house roadmap and
tools to let activity for structured
candidates learn candidates to program using
more about the witness a day in 70-20-10
industry and the the life of the approach.
career (ex. employees and
LIMRA the financial 20
Recruit2Go™). advisors.

Coming from the stated insights, the E of Project ACE is about EXPERIENCE. Strategy
is to create opportunities for insight building and realistic job experience. This can
help them better understand the industry, and the career opportunities within it.
Action steps include:
- Using recruitment and assessment tools to let the candidates learn more about

the industry. One sample tool is LIMRA Recruit2Go™. This an online and mobile-
friendly tool designed to help candidates learn about insurance selling
opportunities and help recruiters connect with candidates. Candidates receive
immediate feedback, highlighting how the career aligns to their motivators based
on the latest LIMRA research. Recruit2Go serves a dual-purpose by capturing a
candidate’s interest, and helping recruiters focus on messages that will resonate. A
tool like this can be effective in providing insights both for the candidate and the
company.
- Organizing an open-house activity for candidates to witness a day in the life the
employees and the financial advisors. This can give them realistic job previews and
learn from the practitioners in the industry.
- Designing a career roadmap and structured program using 70-20-10 approach.
Presenting this to potential candidates can make them see that the company
values continuous growth and development for their employees. One

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consideration can be a management trainee program, which can provide
opportunities for the candidates to be developed and become future leaders of
the company.
The experience that the company let their candidates engage in can distinguish it
from any other company in the industry.

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+

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urveyed over 16,000 households in 12 markets to investigate the causes and
implications of financial stress arising from out-of-pocket healthcare expenditure in
Asia. Health protection gap I the amount of financial stress households in Asia are
facing because of direct, out-of-pocket and unaffordable medical expenses.

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• ••



❑ •



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work together with government, healthcare providers, academia and
communities to provide consumers with innovative financial protection solutions so
they can afford the healthcare they need.

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We are FWD and we are the game changer in the life insurance industry. Join us and
be part of the innovation!

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As we attract and bring in the target audience (recent graduates, particularly of U.P.),
the company can leverage on developing them as insurance professionals of the
future. Most insurers are decomposing jobs to analyze how work is currently
performed, determine which capabilities can and should be automated, and establish
what new skill sets may be required to maximize the value employees can bring in the
wake of automation. The time and attention of actuaries, underwriters, claims
adjusters, and other key players will likely be freed up for higher-level tasks and more
strategic responsibilities. Employees should ultimately be spending more time on
ideation and decision making—and far less on computation and distillation. This can
be the focus of the development roadmap for the new talents that we will be
bringing in.

Source: Deloitte Website, https://www2.deloitte.com/us/en/pages/financial-
services/articles/insurance-industry-outlook.html

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The target audience, recent graduates, particularly of U.P. can benefit with the
structure of project ACE by:
- Having the opportunity to make a difference through career in the insurance

industry (whether as an insurance professional or as a financial advisor).
- Mapping out career development
- Experiencing the perks and benefits of the company
- Valuing training opportunities through a structured training and development

roadmap

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The value of Project ACE:
Ambassadors to become Familiar.
Channels to be Well-known.
Experience to be Distinguished.

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