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  #41  
Old 02-10-2019, 09:13 PM
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Originally Posted by actuarialgenes View Post
I think this is a good point. I think the strategy here is to grow, and have the growth extend downwards, so the existing employees essentially get “promoted” just by staying where they are as new employees are brought aboard below them. As the company grows, so too will the responsibilities of the more tenured employees, even though their distance to the C-suite is unchanged.
you really think theres that much growth in insurance? the rate at which they're hiring (~30 analysts per year), it's hard to see each one of them becoming managers just by staying where they are....
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Old 02-10-2019, 09:31 PM
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you really think theres that much growth in insurance? the rate at which they're hiring (~30 analysts per year), it's hard to see each one of them becoming managers just by staying where they are....
Once you have too many, you get rid of the bottom x%. A lot of companies operate this way and are transparent about it, e.g., GE, Netflix, etc.
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  #43  
Old 02-11-2019, 08:58 AM
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you really think theres that much growth in insurance? the rate at which they're hiring (~30 analysts per year), it's hard to see each one of them becoming managers just by staying where they are....
No. I don’t think there’s this much growth. But I also don’t think that the proposed idea of a company made up of only top performers is exists. If it did, who’s to say that that firm wouldn’t grow quickly?
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Old 02-11-2019, 09:39 AM
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In a way, you have to wonder if this is the best business strategy. If you only have people who are way above average, won't some of them get bored if they all have leadership ambitions and can't all be leaders?

You should hire above average talent but is there enough above average talent that will be happy without climbing the ranks?

I have no solution to this btw and am not advocating hiring substandard talent.
It worked well enough for them and for their experienced actuaries in the past. The growth was more than enough to provide fantastic opportunities and diverse experiences for its analysts, associates, and senior actuaries.
Recently, the company shifted focus from actuaries to data scientists, i.e. hiring fewer actuaries and more data scientists across all levels. It might be a few years before they reach a new equilibrium, and until then there will be more actuarial talent than opportunities.
This will be impactful at all levels. Fewer internship and new college openings at a company that had been one of the largest employers. Fewer good high-profile leadership opportunities for the experienced actuaries, as senior management now wants to spotlight the data scientists. And in the middle, too many analysts and associates on staff for future needs, which allows the company to tighten its standards even more to encourage or force departures.
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