8 – Milliman U.S.A.
At Milliman USA, today's great idea can be tomorrow's new consulting practice. And the best part is that you can be a stakeholder.
"This is truly a place where there are no limits other than what you place upon yourself," says Roger Hayne, a 53-year-old principal at the firm. "Our structure and culture offer the potential for freedom — including the freedom to fail."
These are the alleged realities of Milliman's atypical consulting model, in which partner-owned consulting practices pay fees to a central organization. Some use the word "franchise" as a quick shortcut to describe the 56-year-old firm. However, unlike a franchise system, Milliman's entrepreneurial model is dependent on strong collaboration among its four partner-owned practices — life insurance, property and casualty insurance, employee benefits, and healthcare. The firm is owned and managed by 245 principals, who share in what their specific profit centers make or lose each year. The firm has 787 consultants in the U.S.
So, with the backing of the company — which is a member of Milliman Global — entrepreneurs with a vision for a practice in a new market can actually start one. Here, you are in control of your own destiny, multiple Milliman respondents told us.
"The flexibility is great," says a Milliman pension consultant, who underscored what appears to be central component of the firm's makeup: individual limits determined by the individual. "You can go as far as you want to go, but are not pressured to advance unless it is something you want."
At times, though, the firm's greatest strengths can be its greatest weaknesses. The decentralized structure and each office's high independence can sometimes make it difficult to pool resources.
Milliman consultants work reasonable hours — about 75 percent work under 55 hours a week. And because offices are responsible for certain geographic areas, travel is minimized — about 75 percent travel a day or less per week. The combination makes work/life balance a little easier to achieve here.
"I am provided an environment in which to learn and grow, while balancing my own family situation without fear of being criticized," says a consultant who is a mother of two.
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