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Employee Retention of Mutual of Omaha

Employee Retention of Mutual of Omaha

Discuss Employee Retention of Mutual of Omaha within the Human Resources Management (H.R) forums, part of the PUBLISH / UPLOAD PROJECT OR DOWNLOAD REFERENCE PROJECT category; Mutual of Omaha is a Fortune 500 mutual insurance and financial services company based in Omaha, Nebraska. The company was ...

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Employee Retention of Mutual of Omaha
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Pratik Kukreja
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pratikkk
Student of PGDM at PATLIPUTRA MEDICAL COLLEGE
Jamshedpur, Jharkhand
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Location: Jamshedpur, Jharkhand
Employee Retention of Mutual of Omaha - April 14th, 2011

Mutual of Omaha is a Fortune 500 mutual insurance and financial services company based in Omaha, Nebraska. The company was founded in 1909 as Mutual Benefit Health and Accident Association.

Mutual of Omaha’s Diversity and Inclusion Action Group is responsible for overseeing the strategic direction of our company’s diversity programs. They provide focus and direction for diversity and inclusion initiatives and business results. They also strive to enhance the overall diversity of the work environment.
The group consists of representatives from all of Mutual of Omaha’s strategic business units and operations. These individuals are our champions for diversity and inclusion, within Mutual of Omaha, throughout the community and with business clients.
The Diversity and Inclusion Action Group's Objective's are:
To support corporate diversity initiatives and best practices
To establish areas of focus (best practices, training and education, community involvement, etc.) that will help the company achieve business results
To provide input on implementation of approved initiatives

Employee Benefits
Deferred Compensation
Owners and key employees could use this plan to reduce current income by deferring payment of some of their salary until retirement. There are multiple tax advantages to both the employer and the participant with a deferred compensation plan.
Bonus Arrangements
Establishing a distinctive compensation plan can help you recruit and retain top talent. As an advantage to the business owner, you can be selective as to whom and how much to benefit a key employee and the bonus arrangement generally requires no ongoing administration or IRS approval.
Split Dollar Arrangements
This is a plan where the business can assist a key employee, including you as the business owner, with the purchase of permanent life insurance. Split dollar is a highly flexible employee benefit which allows an employer to provide valuable life insurance protection for selected

Pros
Good work experience if you've never had an actual desk job before in your life. Plus, you will get to learn a little bit about insurance and financial products. Internship programs is unique given that interns manage interns and not upper management!
Cons
As a fact the average age of a financial advisor today is 55. In other words it's a dying industry. Secondly the average retention rate at MOO for new agents is a meager 20%.Let's just say if you like to work in a conservative work enviornment you'll feel very at home here. Unlike the computer age we live in work at mutual is still done by hand! Management promises a fantastic career with all the bells and whistles that one would expect. Don't be fooled by the salary carrot that they will dangle in front of you. Your licenses including classes and exams come out of pocket. To top it off, if you do decide to join as an agent and remember you are working for an insurance company, you will receive no benefits. Additionally all leads for agents come out of pocket, including if you want your own office!

Importantly, if you are considering to join as an intern you must be aware that what they communicate to you in the interview is not the glorious job you would expect. Instead you will be essentially cold-calling for the entirety of the program. Yes you will have classes but there is a serious lack of task diversity.

It would be nice if they followed along with other internship programs and had interns stuffing envelopes and doing all the other glorified duties normal interns are required to do. It would even, if it sounds boring, spice things up a bit! Don't be surprised either at the pressure they will place on new interns to join in as full time agents, it's a bit daunting at first but be prepared! Most importantly however, my internship ended as I entered the office as I found out they were making cuts to the program. No forwarning! To say they honor commitments and want honesty within the program seems to be the last of their worries. Not a good example to set given their belief that they have invested so much money into the program and they want it to regarded as one of the best.

OMAHA, Neb. -- Administering Family and Medical Leave Act (FMLA) related absences can be confusing and time consuming for human resource managers. They can be especially frustrating for the HR managers of small employers, who often are placed in the difficult position of ensuring their company complies with all FMLA regulations.

In response to this growing problem, Mutual of Omaha is now offering optional FMLA administration services to employers who purchase the company's short- and long-term disability plans.

For group disability customers, FMLA administration will be offered as an a la carte feature through ComPsych's FMLASource[R], an expert resource for administration and consultation on all aspects of FMLA compliance.

FMLASource will provide the following services to employers who request FMLA administration:

* Response to employee and employer requests via the Web or a dedicated toll-free number

* Explanation of the employer's FMLA policies to employees

* Determination of leave eligibility

* Approval of FMLA leaves

* Tracking of FMLA absences

* Documentation of compliance with state and federal requirements

According to Scott Ault, Mutual of Omaha's senior vice president of group insurance, this new product feature provides a safety net for employers who are dealing with more FMLA absences as well as increased liability due to the complexities of the law. "We're listening to our customers, who want FMLA administration assistance to help their HR staff manage the many rules and regulations associated with the Act," Ault said.
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