Happy Wednesday! We are quickly moving through October, and as a reminder, the IIAW is running a fundraiser throughout Breast Cancer Awareness Month in honor of Trisha Ours, our Director of Insurance Services. METAvivor is an organization dedicated to the specific fight of women and men living with stage 4 metastatic breast cancer. 100% of every donation to METAvivor goes directly toward their research grant. If you would like to donate, please head to our team page :donate.metavivor.org/team/383943. 

In this week's Big I Buzz, we are discussing what insurance agents need to know about the future of work and how retailers are responding to the supply chain crisis. 

What Insurance Agents Need to Know About the Future of Work

Liberty Mutual and Safeco Insurance has released the e-book, "The Agent's Guide to the Future of Work". This e-book offers insights on hiring talent, creating great agency cultures and building the next generation of insurance leaders. Here are some key takeaways that Property Casualty calls out from the e-book: 

1. 65% of employers are looking for a new job because of burnout, salaries/benefits, lack of growth opportunities, desire for more flexibility, feeling undervalued and a shift in priorities. 

2. Flexible work arrangements are here to stay - 83% of workers prefer hybrid working arrangements, 49% of millennials and Gen Z workers would consider quitting if their employer weren't flexible about remote work and 57% of business leaders say their investments in the digital workplace improved business agility. Additionally, 66% of business decision-makers are considering redesigning physical spaces to better accommodate hybrid work environments, 83% of employers say the shift to remote has been successful for their company and 45% of workers at least partially working from home say they're more productive. 

3. Workplaces are becoming more human - 89% of HR leaders agree managers must lead with empathy in the hybrid environment, 78% of workers strongly believe their employer is responsible for helping them become net better off, 80% of employees would consider quitting their current position for a job that focused more on employees' mental health and 39% of people say they're more likely t be their full authentic selves at work compared to one year ago. 

4. Diversity is essential - 76% of job seekers say that a diverse workplace is an important factor when evaluating job offers. 

5. Studies show that companies with more diverse workforces are better positioned to outperform less diverse companies in profitabilities, enter new markets, understand client needs and innovate. 

6 - Top things agencies can do to prepare for the future of work - get comfortable with hybrid, invest in technology, lead with empathy, invest in DE&I and create more growth opportunities. 

Panic Ordering By Retailers is Making the Supply Chain Crisis 'Even Worse'

Supply chains everywhere have been hit by massive disruptions this year from container shortages to floods and COVID-19 infections setting off port closures. Because of the supply chain shortages, retailers and manufacturers are overordering in hopes of receiving product early. Unfortunately, this overordering is making things much worse. According to CNBC, "The situation of retailers overstocking is causing a bigger crunch on capacity, and leading to what Jonathan Savoir, CEO of supply chain firm Quincus called a "bullwhip effect". That's a term describing how small changes in demand at the retail level can progressively cause larger movements in demand to impact wholesalers, distributors and manufacturers. The supplier of raw materials will feel the biggest impact. The end result of this effect could include distorted demand forecasts and unfulfilled orders." Those purchasing items for holiday shopping should get a head start as the supply chain industry has warned that there will likely be a shortage of goods, or prices will rocket due to high demand and low supply. Read more here. 

For more news, check out the Action news section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click here to add your email to our emailing list. We hope that everyone has a great rest of their week!