Responsible Product Delivery: Voya’s Online Calculator Helps All Americans Retire Better
Voya has helped transform the way people think about and manage their financial future by focusing on their ability to generate income in retirement. Voya’s goal is to make sure that every customer knows where they stand, what to do to improve their standing, and how to take immediate action.
The Voya myOrangeMoney® tool inspires individuals to make positive changes toward achieving a secure retirement. myOrangeMoney is a no-cost, online tool available to the general public and our customers. After answering a few questions, Voya provides concrete, useful information to empower individuals to take immediate action and make changes that will improve their retirement outlook – whether planning to retire in 5 years or 45 years.
We view this platform as a command center from which all customer transactions, such as enrollment, loans and investment changes, will happen in the future. Our vision is for customers to think about everything they do in the context of this single goal – the ability to generate income in retirement. The tool has been accessed by more than 1.5 million individuals with 35 percent taking action to better their retirement income.
Responsible Service Delivery: Continuous Improvement Transformation
To realize our vision to be America’s Retirement Company®, we believe in empowered employees who strive for improvement and always put the customer at the center of everything we do.
Continuous Improvement (CI) is the engine powering this concept and generating a transformation. It is a management system and philosophy that draws on the knowledge and experience of our front-line employees, involving everyone in maximizing quality, efficiency and problem solving to improve how we serve our customers and strengthen our relationships.
For instance, because team huddles (reviews of performance, challenges and solutions) occur every day, front-line employees are able to bring customers’ needs to the right people, right away. This empowers employees to immediately address challenges and respond to customers, significantly decreasing the need for escalation to management.
Central to CI are four loops that provide the management infrastructure and align every employee to our strategy.
Since launching in 2012, CI has empowered our people at all levels to drive improvements for our customers, and for us. It is also driving significant, sustainable improvements across many different areas as well as building the capability of our people to work and lead in a new way. By year-end 2017, everyone across Voya will have experienced the power of CI and a new, better way of working.
The (CI) management system consists of 10 tools that drive positive change. Some of the tools that are transforming the way we work include:
- Teams huddle for 15 minutes daily to review performance metrics and targets, share problems and best practices, as well as highlight customer feedback and trends.
- Root-cause problem-solving is a formal approach and structure to solving problems. Teams define a problem, identify root causes, test solutions and implement sustainable improvements.
- Teams use a skills matrix to assess each team member’s skills, identify any gaps that may exist, and establish a plan to address those. The matrix provides a valuable check point for developmental goals.
- Teams establish standard work — the norm that everyone is commonly trying to achieve — so each task is accurate, consistent and measurable for all team members.
- Coaching sessions include dedicated, regular times when managers can engage in meaningful conversations with their employees.
Our Approach to Socially Responsible and Sustainable Finance
As a company offering financial products, we have an opportunity to impact societal and environmental needs while seeking investment value. We have developed our Environment, Social and Governance (ESG) Statement, which guides the inclusion of ESG factors in our investment decisions. Our Environment and Social Risk Policy guides relations with our employees, customers, suppliers and communities.
Our clients are able to access third party offerings that include socially responsible and sustainable mutual fund investments and those with filters along ESG factors. In addition, customers are encouraged to be environmentally responsible through initiatives such as paperless delivery of statements.
This is a growing area of focus, and our offerings will evolve to meet our customers’ expanding needs.