Among Milliman consultants’ many articles and studies that are available online, the fi rm’s website also hosts two series of downloadable interviews with Milliman consultants called “Spotlight on Risk” and “Healthcare Reform.” The fi rm also publishes Insight, a continuously updated online journal that focuses on risk-related business issues, including details of how Milliman’s insurance clients, using MG Hedge, were able to minimize exposure to recent market volatility.
GETTING HIRED
There’s a strong focus on academics among the criteria Milliman recruiters use to identify potential hires. “We look for people with the highest academic qualifi cations,” one consultant offers. “Your academic record and work experience are the fi rst two differentiators.” In particular, the fi rm seeks out math and business majors, especially those who have the persona (“understanding, listening, nonaggressive, sincere”) necessary for quality face time with clients.
Consensus is a big part of Milliman’s hiring strategy—potential hires typically meet at least 10 Milliman associates, all of whom must give the green light to the candidate’s success. Ultimately, the successful candidate will have navigated a series of three interviews, at least one computer aptitude examination (with a focus on Excel) and a comprehensive personality test. Once accepted, consultants should expect to be proactively welcomed to the fi rm; “they introduced me to a local realtor and helped me see the community before I moved here,” one grateful associate says.
OUR SURVEY SAYS
Corporate Atmosphere
Vault’s Verdict: Because the fi rm is owned by the consultants themselves, they take great pride in their work and expertise—a winning formula for employee satisfaction.
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Overall Satisfaction
• “I’ve never had an experience as good as Milliman. We have great colleagues and management who want each other to succeed. [There is a]
very collaborative atmosphere with a completely happy balance in life.” – Senior consultant
• “Milliman has offered me great opportunities for personal and professional growth. I very much feel a part of the process here, and my contributions are greatly valued.” – New Jersey higher-up
• “I have a great deal of personal freedom to consult with my clients, but Milliman is supportive with available tools and continuing education opportunities.” – HR consultant
• “Satisfaction is generally very high, but the fi rm doesn’t always do a good job recognizing the contributions of smaller practices that are stable and successful.” – Finance associate
Firm Culture
• “The associates are hardworking and stand behind the Milliman name. We strive for excellence and effi ciency while bringing a happy working environment.” – Minneapolis staffer
• “Milliman has a culture of collaboration. This has allowed me to learn from the best minds of the company, and it allows the fi rm to develop a tremendous amount of intellectual capital.” – Financial consultant
• “We have a rich history—each offi ce has the feel of a small company with the backing and resources of a large employer.” – New York insider
Supervisor Relationships
• “We have close and frank relationships with our peers. There are no supervisors here.” – Actuarial consultant
• “[We have] wonderful relations, timely follow through and wonderful management of expectations.” – Chicago associate
• “Managers ensure that you have the proper resources and support to complete the assignments given.” – Midlevel consultant
Interaction with Clients
• “I normally enjoy a personal relationship with my clients—it is the most rewarding part of my job.” – HR consultant
• “Our relations with our clients are excellent. We do our best to keep it that way.” – New York principal
• “The client relationship is the most important aspect of our business; you will usually interact with a client at a higher level in the organization than you would as a similar employee within the client company.” – Executive-level source
Hours & Pay
Vault’s Verdict: Milliman consultants work with an enviable degree of autonomy, so they largely control the extent to which they’re in the offi ce or replying to emails from home.
Work Hours
• “I probably work 45 to 55 hours a week, and the hours are completely fl exible, so it gives me the opportunity to balance personal and professional time.” – Senior consultant
• “While I work long hours, it is by personal choice. It stems from my desire to be the best in the industry.” – Chicago higher-up
• “The hard work defi nitely is recognized and appreciated.” – HR consultant
• “We have a room to take power naps.” – Strategy consultant
Work/Life Balance
• “When I need extra time or a schedule change to accomplish something outside of my work routine, I not only get the time, but Milliman encourages me to take it.” – Strategy executive
• “I feel we have the opportunity to use fl exible time schedules, and I really enjoy what I do and the people I work with—so sometimes work and life are one!” – Senior source
• “We balance our clients by assisting them to proactively work with us on annual service needs and timing. Therefore, their needs are met ahead of deadlines.” – Experienced fi nance consultant
• “One of the reasons I work pretty much every weekend (limited amounts of time, though) is that I make sure to not miss out on family time during the week.” – Associate
Travel Requirements
• “Most work is done on local clients, with no extensive travel. Most overnight travel is for corporate or professional meetings.” – East Coast staffer
• “Travel is not technically zero, but it’s less than one day per week, on average.” – Dallas insider Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition
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• “We very rarely work on site for prolonged periods, but there are many short trips. And since each offi ce is responsible for generating its own business, there are a lot of marketing-related trips.” – Senior consultant
• “A travel request to the offi ce in India is a bit aggressive.” – Financial consultant
Compensation
• “There’s an unmatched ability to become a true owner in an independent fi rm and reap fi nancial rewards (and risks) of ownership.” – Executive-level source
• “Compensation is fair compared to the industry standard.” – Midwest associate
• “2009 was a tough year for the fi rm, but thankfully, bonus payouts were still awarded.” – Midlevel consultant
• “Occasionally, bonus compensations are adjusted (usually downward) without proper discussion and explanations.” – Financial consultant
Professional Development
Vault’s Verdict: The fi rm’s consultants might not be overly concerned about the general lack of formal training, and feel that their informal support network is suffi cient to bring them up to speed.
Formal Training
• “We do not have a structured training program but work together to mentor each other and share information learned.” – Strategy consultant
• “Study programs for attaining credentials and technical forums are offered, and participation is encouraged.” – Dallas staffer
• “It’s mostly informal, but the fi rm sponsors two meetings with formal training each year. In addition, I am able to attend industry conferences.”
– Senior source
• “[Training is] on the job and on your own time.” – Philadelphia higher-up
Promotion Policies
• “It is not strictly up or out. I like that. Milliman makes a good effort at letting people stay at a certain level until they’re ready to take on more work and be promoted.” – Midlevel consultant
• “The company has a very fl at structure, so promotions are mostly measured by level of responsibility, less in changes in titles. With four to fi ve years of experience, most consultants are advancing to managing full projects.” – Senior source
• “Promotion does not always mean more salary. The bonus structure rewards all performers. Consultants take on client responsibilities as soon as they can.” – Consultant
• “For senior and above levels, promotions are somewhat politically driven.” – Experienced Midwesterner
Diversity
Vault’s Verdict: Respondents feel that their fi rm does a perfectly adequate job recruiting and maintaining a diverse workforce.
Diversity Issues With Respect to Women, Minorities, and GLBTs
• “Milliman is nondiscriminatory in all ways—our offi ce has a great cross-section of ethnicities and genders. The fi rm is sensitive to the needs of its employees and offers some fl exibility to the workday to meet their non-work life needs.” – HR consultant
• “We celebrate International Women’s Day with [a] lot of pride.” – Entry-level consultant
• “Throughout Milliman there are many different classifi cations of people. All are treated with the same respect and have the same expectations, as far as I can tell.” – East Coast higher-up
Overall Business Outlook
Vault’s Verdict: Diversifi cation is the name of Milliman’s recessionary redeemer, keeping the fi rm afl oat when certain practice areas offered little more than dead weight.
Overall Business Outlook
• “We’re well positioned for a good year in 2010. Employee morale is up, we are rethinking how to service clients and we have tried to restructure, rather than eliminate, jobs.” – Senior consultant
• “We have a diversifi ed business, so one area is always ‘hot’ in the market. We are experiencing growth in actuarial and administration practices.” – Associate
• “We’re a leading provider of health care consulting services, and health care reform should keep us quite busy.” – Executive-level source
• “Morale has suffered, but it does seem to be improving.” – Senior source
Confi dence in Firm Leadership
• “Because of the unique structure of Milliman offi ces, practice leaders are given a lot of room and support to be innovative and entrepreneurial.
This allows the fi rm to continuously grow and bring new ideas to the table.” – Associate
• “Our leaders are committed, open and experienced, as they come from within the fi rm.” – Financial consultant
• “Much of the effective leadership is at the local practice level.” – New York insider Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
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