In many ways, Milliman defies conventional wisdom. Milliman has been a Best Firms to Work For three years running and is the lone Human Resources firm on this year's list. The HR market has seen its share of significant developments (healthcare reform, executive compensation and pension funding relief, to name a few) and consolidation.
Milliman, the Seattle-based 65-year-old firm that could, has stayed the course and proven, once again, that slow and steady wins the race.
The HR marketplace certainly has its share of challenges and generally, consultancies that serve difficult markets suffer on the Best Firms to Work For survey. While Milliman is down two spots from last year's No. 9 ranking, it's overall scores haven't suffered at all, and it continues to be HR's gold standard in terms of how it treats its own employees.
"I don't think it is an overstatement to say that, at Milliman, morale has never been better. We feel that the recent trend toward consolidation by some of our competitors is actually a huge advantage for Milliman," says Brad Smith, chairman of Milliman.
The reason? Milliman's independence, he says. "Decisions at Milliman are 100 percent driven by what is best for our clients," he says. "Our only share owners are Milliman employees. The freedom to operate without concerns about a corporate parent, outside shareholders or Wall Street analysts is enormously liberating."
And becoming increasingly unusual among the major players in the HR space. "The world is a competitive place, rewarding those who consistently provide 'best in class' services. We are very competitive people," Smith says. "We are enormously comfortable in our ability to serve clients' needs and meet or exceed expectations."
And that has served the firm well. Consultants were overwhelmingly supportive of the firm, especially its benefits and compensation plans, which consultants ranked among the best in the industry. Survey scores for base salary satisfaction, profit sharing, performance bonuses and health benefits were all among the highest in the profession.
"Recognition by our consultants that Milliman is a Best Firm to Work For reaffirms that we are doing things right," he says. "It tells me we have created and continue to nurture an environment that allows our people to succeed. That, in turn, increases the likelihood that our clients will succeed."
Which, in turn, means Milliman will succeed. And indeed, it has. Milliman's overall financial performance has improved every year for more than twenty years, including the last few years in an incredibly challenging global economy, Smith says. "At Milliman, revenues and overall profitability have increased," he says. "In difficult times, clients have turned to Milliman consultants for the best possible advice and solutions."
And he expects more of the same with the firm "matching or exceeding" past performance. "We will also continue our expansion into new markets, especially in Europe and Asia."
Q&A with Brad Smith
On the survey, Milliman excelled in the areas of Culture and Leadership. We asked Brad Smith, Milliman's chairman, why he thought the firm scored so high in these areas.
Culture
Many people pay "lip service" to the notion of culture. At Milliman, it means something. I think our consultants quickly recognize that what we started nearly 65 years ago still thrives today.
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