Not too long ago, an associate encouraged me to take a focus/multitasking test that's on the New York Times Web page. The test inspired me to start thinking about the importance of focus this time of year.
Why is focus so important? The fourth quarter is nearly upon us. In the next few weeks the tone will be set for 2011 as a good year, a bad year, or possibly even a great year. Why is focus more important now then ever before?
Focus is the ability to see through distractions. The fourth quarter has the natural distraction of being the high season for benefit-related multitasking. We're trying to satisfy the needs of virtually all our customers at some level.
As to our customers, there are many distractions in the minds of benefit buyers as well. This year, perhaps more than any other, there are significant new distractions. Let's discuss them, and understand them, and put them away so we can focus on the task at hand: building a great 2011.
First, there is the major distraction called The Affordable Care Act. Much of the change initiated by the act has no effect for years, and health insurers have reacted to the changes required immediately. So while our clients might want to speculate about how the changes will affect them in a few years, or the actions they may want to take, let's find ways to defer those discussions to after the first of the year. Keep our minds on finding the best solutions for the January 2011 updating and renewal of their employee medical plans and other associated benefits.
The uncertain economy is another, continuing diversion. The outlook is still volatile, as evidenced by movement in financial markets over the past few weeks. There is uncertainty and concern about the depth and strength of recovery, and sluggish re-employment.
What should we do to focus our customers away from these issues? Call on information that tells us how the economy influenced benefits decision makers last year: Employers showed more interest in lower cost benefits than in previous years and placed somewhat lower value on retention of staff members (refer to MetLife's 8th Annual Employee Benefits Trends Study).
Findings in the study suggest increasing employee productivity via engagement tools, such as financial advice, [See related: Affluent employees want a better way to retire] wellness programs and work-life balance programs are seen as valuable by employers.
Finally, voluntary benefits are viewed as a cost-effective means of enhancing a benefits program. We should keep these concepts in mind as we focus on the opportunities presented by the economy (and its effects on benefits buyers).
Another distraction is our own mind-set. Both health care reform and the economy can weigh heavily on us as we plan for the future success of our own business. There is a great deal of uncertainty. We need to eliminate worrying about the long-term future.
From the title of this column, many readers might have expected a football metaphor. Football is the inspiration for one final tip on focus - it is never too early to start focusing on business opportunities. This morning, we held a meeting with a major broker, discussing a voluntary package for one of their customers. We agreed it would be best to complete the planning and kick-off the campaign before the Nebraska Cornhuskers start their football season.
Moving some of your fourth-quarter preparation earlier into the year can build your ability to focus.
Marty Traynor is vice president of voluntary benefits at Mutual of Omaha. He can be reached at
marty.traynor@mutualofomaha.com.
