WorkCompRecap Week of 2.12.2018
Margaret Spence. Twitter @margaretspence Where Are the Pathways to Growth for Women? One of the key issues discussed at the Alliance of Women in Workers Compensation pre-conference session last December was the glaring lack of women in key leadership roles within the insurance industry. Most women languish in middle-management roles, so busy being excellent tacticians and not seeking advanced roles. So how do we engage women, so they lift their head up from the day to day desk duties, and envision themselves beyond the manager’s role? What are the necessary steps to move women beyond management into the C-Suite?
Fundamental fact, the workers compensation industry is built to keep women in strategic roles as worker beavers because it suits the messaging. Women are often told you are so good at this role; we don’t know what we would do if you moved on. So instead of moving up the ladder, most women move from company to company in lateral positions. This will never change until we provide women with a guide path to leadership. When women arrive in the workforce, they should be told how they can advance, what are the critical roles that lead to the executive suite. They must be encouraged to take on more challenging roles and strategically move the needle by being deliberate in how they advance their careers.
In a recent Korn Ferry study of women who currently or recently occupied the executive or CEO role, they found that only 12% of the women interviewed wanted to be a CEO. More than half gave no thought to executive leadership until someone told them they had not only the experience but the ability to lead. The average age of women with the same quailification as men before they enter the executive suite – 50.6; the average age for a man – 46.8. The head start to the leadership suite is not only shocking, it hard to understand.What’s the solution? Mentorship, coaching, empowerment, and sponsorship. Bottom line women cannot lead until men are willing to see them as leaders and deliberately advance women, not only because it’s the right thing to do, but also because fostering inclusive opportunities makes good business sense. Click here to learn more about the disparity in women at the top.
Brian Allen. Texas Drug Formulary Rule. Just finished up the Texas Division of Workers Compensation hearing on changes to the drug formulary rule. The proposed rule would redefine compounded medications so that all would be subject to a prior authorization process. The rule change follows several years of research, outreach and stakeholder meetings by the DWC and a legislative study. A very thorough and thoughtful process. Thanks to Commissioner Brannan and his team for their efforts. Comments will be accepted until February 22nd and then we expect a final rule with full implementation later this year. More details here.
Bill Zachry. Twitter @wzachry Forensic Anthropology in Workers Compensation. As a risk manager I started attending California Applicants Attorney Association (CAAA) conferences in the 1990s. The content in the presentations is good and I wanted to see where the focus of the attorneys would be for the year. I always liked the case law presentation. I would attend the sessions, annotate the handouts from the sessions and send the information to my claims operations. I also collected all the handouts from the vendor booths. That information told me where I might have leakages. The insurance companies, TPAs and self insured employers who have the lowest claims costs all attend these meetings. I recently attended and had an opportunity to review all of the hand outs given out by vendors at the most recent CAAA conference. The doctors who had booths there were handing out lists of the Employer/Insurance companies and the medical provider networks to which they belong. Interestingly, the insurance company in California running about 40% below the State average claims costs was conspicuously absent from the lists handed out by the doctors. Is this a coincidence? Anyone can perform this type of analysis by attending any industry conference. Follow the money and you will be surprised at what you find.
Yvonne Guibert. Twitter @buzzystreet The Value of Understanding a P&L Statement with Katie Pemble, Founder and President of Baldwin Pemble Advisors. Happy to announce the next local Alliance of Women in Workers Compensation event in Tampa Bay Area. Wednesday, April 4 at 6pm at the historic Columbia Restaurant in Ybor City. Space is limited, so register ASAP! Message me for co-sponsor opportunities. Check out the upcoming list of events to find an event near you! Membership is free, sign up at allianceofwomen.org.
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