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Posted on December 20, 2007July 10, 2018

A Little Homework May Get Extreme Commuters Off the Road

Companies hire extreme commuters because they often are the best and the brightest at what they do, workforce experts note.


    Unfortunately, retaining these employees can be somewhat of a challenge because besides struggling with the familiar causes of turnover—stress, dissatisfaction, lack of mobility—they also must contend with the mental and physical strain inherent in extreme commuting.


    Faced with the possibility that road fatigue could push valuable talent back out the door, some companies may try to convert extreme commuters into local employees—a task easier said than done, according to John Touey, principal at Salveson Stetson Group, an executive search firm in suburban Philadelphia.


    “Convincing employees to relocate is becoming increasingly difficult,” he says. “But it is well worth the uphill battle if it means holding on to strong performers.”


    To maximize the chance of success, companies need to have a clear understanding of the needs and personal circumstances of the specific extreme commuter, such as knowing if the employee has a spouse or children.


    With such insight, employers can offer options to make relocation less intimidating for the worker and family. If there is a working spouse in the picture, companies could offer relocation packages that extend career counseling and job placement services.


    It’s one way to diminish concerns of a working spouse, who may persuade an executive not to relocate for fear their own career will suffer with the move, Touey explains.
“The decision to relocate is often not solely up to the worker,” Touey notes. “There are other important forces at work that employers need to take into consideration.”


    Companies should not assume that just because an extreme commuter is acquainted with an area, that person also knows the benefits the new community has to offer. Employers should arm themselves with relevant information that could be used to entice extreme commuters into relocating.


    Touey suggests companies turn to the local chamber of commerce to gather valuable marketing data.


    “The primary purpose of these organizations is to boast about the place they represent,” Touey explains. Employers can find information about quality of life, schools, culture and health care to pass on to the long-distance commuter.


    Companies also should be realistic and realize that they will often be unable to sway an extreme commuter to relocate, Touey explains. If an employee has a child who is in high school, it’s unlikely the family would be uprooted before the academic year is over.


    In these instances, employers may want to weigh expanding the existing flextime benefits for extreme commuters and hope burnout doesn’t result in turnover.

Posted on December 20, 2007June 29, 2023

Forecasting Talent Challenges

The Conference Board recently named Gail Fosler its 12th president. Fosler has been with the Conference Board for 18 years and is noted for being one of the nation’s most accurate economic forecasters through her development of the Conference Board’s leading economic indicators. Fosler, who will report to CEO Jonathan Spector, this year helped found the Conference Board’s research center in Beijing. Fosler spoke with Workforce Management staff writer Jeremy Smerd.


Workforce Management: How do you see the role of the Conference Board in American business?


Gail Fosler: The perspective we have is like standing on the doorstep of your neighbor across the street and looking back at your house. You always walk out of your own house. Sometimes you look back at it, but you never step out of the circle and look at it in an objective way.


WM: It’s an interesting metaphor. Can you give an example of what you mean?


Fosler: Take the “workforce for the future” issue. We’ve done quite a bit of work in this area. [Employers have] been accustomed to the U.S. labor force as being a very rich pool. They can dip their ladle in as they wish and out come exactly the sets of people they want and need. This seems like a no-brainer, but people have [simply been] filling positions rather than charting over a five-year or longer period what people they are going to need, where are they going to need them and what kinds of skills they are going need.


WM: And what kinds of skills are employers going to need?


Fosler: The skills are not so defined in traditional terms like a Ph.D. or a master’s in journalism. They are defined increasingly in terms of your communications and leadership ability, ability to work in teams and sometimes in terms of geographic specialty. They have to think of this in the same sense they think about whether their energy supplies are going to be secure.


WM: A lot of your work has been in economic forecasting. What workforce management issues do you see taking center stage in the next year?


Fosler: As I look forward I see the overall unemployment rate remaining at 4.5 percent; that’s basically full employment. As we go forward this is going to be almost a permanent feature of the workplace. Companies are going to be struggling to get top talent and they are going to be confronted with a lot of training and education issues that will arise from the nature of the skills and experience of the people who come into the workplace.


WM: Who are these workers that need training?


Fosler: I’m really thinking of three categories: the kids coming out of the top schools and those at the top of organizations; then you have reallocation issues-people moving out of manufacturing into health care and other services. Then you have the final issue of people coming into the workplace. There are two issues here. Folks coming into the workplace with a college education don’t have the necessary skills. A lot of the college kids are not prepared for either the technical jobs that are required or the higher-end communication jobs that are required. In addition, you have in some populations, like the Hispanic population-you’ve got very low college participation and very high high-school.

Posted on December 20, 2007July 10, 2018

The Balance Workers Want

Abbott Laboratories has long prided itself for being innovative with work/life programs for its 33,000-plus U.S. employees—from its $10 million state-of-the-art child care center at its headquarters outside of Chicago to its extensive flextime initiative. And the medical technology giant is constantly looking for new ways to attract and retain talent, says Lesli Marasco, director of work/life solutions. Marasco recently spoke to Workforce Management New York bureau chief Jessica Marquez about Abbott’s plans.

Workforce Management: What are some of the newer programs that Abbott has introduced to its employees?

Lesli Marasco: The programs we provide span all generations. We try to think about what employees need and what is distracting them from their work. So it’s not just about offering day care. For example, we offer a program for “tween” kids—between sixth and ninth grade—who are too old for camp but too young for work, where they can do community service like visiting animal shelters and nursing homes.
We also offer coaching support to baby boomers who are taking their kids on college visits and going through that whole process. Many of these workers are also dealing with elder care issues, so we provide free access to experts to help them find care and deal with the stress and guilt that come with supporting older parents. Over the past year we have seen an 85 percent increase in employees accessing elder care services.

WM: How do you come up with the ideas for new programs?

Marasco: We survey employees. A few years ago, we did a survey on child care and found that employees were having a hard time finding quality child care. That led to the building of our child care center as well as providing training to outside day care providers.
We also do a lot of targeted surveys. For example, we did one recently at our Worcester, Massachusetts, office and found that they were also having trouble finding care for parents and kids. So we developed a backup care program by which employees can get $50 a day up to six days if their home care falls through.

WM: How does Abbott measure how these programs affect its bottom line?

Marasco: Our CEO, Miles White, always is saying that it’s employees leaving that costs money, not offering work/life programs. We get returns every day in terms of employee loyalty and productivity. Our turnover is 7 percent, which is almost unheard of.

WM: But is there accountability around the costs of these programs?

Marasco: The reality is that there isn’t too much cost associated with a lot of these programs. Flexibility is probably something that any company can do that has the most impact and gains.

WM: How do you get manager buy-in?


Marasco: It comes from the top, but we also have a lot of resources and tools for both employees and managers to help them understand how these programs are effective. For example, we have a part-time network of employees and we encourage employees and managers to have conversations about how the programs are going and to check in with each other at certain intervals—like three months, six months and a year. That has helped build a lot of success.


Workforce Management, October 22, 2007, p. 8 — Subscribe Now!

Posted on December 19, 2007July 10, 2018

New Workers Sorely Lacking Reading, Writing Skills, Report Finds

There is a glaring deficiency in reading and writing among new entrants in the American workforce, and that is troubling employers who are being forced to invest in additional training—or simply look for skilled workers offshore—for one of the most fundamental job skills in the 21st century economy.


The latest report to sound this alarm was published last month by the National Endowment for the Arts, which concluded that employers ranked reading and writing as the top deficiency in new hires. The study, “To Read or Not to Read,” was based on a variety of data sources including a 2006 report by the Conference Board titled “Are They Really Ready to Work?” which concluded that today’s American workforce is “woefully ill-prepared” for the demands of the workplace.



However disparate the sources of the data, the picture presented is one that NEA Chairman Dana Gioia described in the report’s preface as “simple, consistent and alarming.” The decline in Americans’ reading and writing skills has “demonstrable social, economic, cultural, and civic implications.” Workers who cannot read and write well earn less and have higher unemployment rates. Employers, meanwhile, must spend more time and money on what is considered a basic skill.


Linda Barrington, research director for the Conference Board and an author of its report, says that even among recent graduates of four-year colleges, new hires were unable to write effective business communication, read analytically or solve problems.


“It’s nice that they are reading e-mail and reading comics,” Barrington says, “but if they can’t turn it into a communication tool, that is where the breakdown happens on the employer side.”


The Conference Board study was prompted by a closed-door meeting two years ago with Fortune 100 CEOs who worried that the skills gap would only quicken the offshoring of American jobs.


Literacy levels today are similar to those in 1970, according to the Nation’s Report Card, the federal government’s annual assessment of literacy levels. But the economy has changed drastically since then. Workers today need to be able to read and analyze complex, often very technical material, like manuals for car mechanics, to succeed in most jobs.


“Jobs that don’t have much in the way of skills have moved out of the United States or are not living-wage jobs,” says Timothy Shanahan, past president of the International Reading Association and a professor of urban education and reading at the University of Illinois at Chicago. That means even jobs that are considered low skill require workers to read at an eighth-grade level, he says.


“Schools are not demanding students to read what the workforce is demanding them to read,” Shanahan says.


Bill Kozell, who runs Dr. Goodwrite, a Wayne, Pennsylvania-based company that helps workers improve their writing, says the problems come down to basic errors in grammar, spelling and tone that can nonetheless be disastrous for a company and its image.


“If you can’t make sure an e-mail is grammatically correct, what else are you cutting corners on?” says Kozell of the message a poorly written e-mail can send to a client. “Companies invest millions of dollars in their image and it can be undone in a matter of minutes by one sloppy e-mail.”


Financial services company Capital One, Kozell says, is one employer that offers remedial English courses to employees.


But the skills gap has become a national issue that has prompted federal legislation—the Striving Readers Act of 2007—calling for greater investment in basic reading and writing skills training for high school students.


Barrington says employers should develop a more unified approach toward improving the skills of American students rather than funding a hodgepodge of programs meant to address the problem. Just what that approach should be, however, has not yet been determined by researchers.


“It’s where we are looking next,” Barrington says.


—Jeremy Smerd

Posted on December 18, 2007July 10, 2018

Private Firms Recognize Value of Cash Bonuses

Cash bonuses are still king for high-performing employees, and many privately held companies are responding accordingly, a recent study says.


Nearly 80 percent of the 300 respondents to a WorldatWork and Vivient Consulting study say they have at least one short-term incentive plan; nine out of 10 companies with such plans say high-performing employees get bonuses for their hard work.


Using short-term incentives or variable pay programs is a great tool many private and public companies use to focus employees on critical goals, says Leonard Sanicola, compensation practice leader for Scottsdale, Arizona-based WorldatWork.


“This is the way to reward people and increase productivity,” Sanicola says.


Privately held companies with varying revenue sizes stay within 2 percent to 12 percent of operating income to fund their short-term incentive program, the study showed. Overall, participating companies’ revenues ranged from $100 million to more than $5 billion.


Critical to the success of any incentive program is communication and setting appropriate measures, Sanicola says. Incentive programs turn into entitlement plans when employees don’t understand company goals and the role they play in achieving them.


Employees “wouldn’t be as upset about not receiving a bonus if they understood how profit for a company is made and how their contribution influences that,” Sanicola says.


For Milwaukee-based Roundy’s Supermarkets Inc., managers and other high-level employees eligible for the bonus program are updated through e-mail, management meetings and other forms of communication.


“At the retail level, monthly scorecards provide opportunities for feedback in key performance areas,” says Vivian King, a company spokeswoman. Roundy’s, with $4 billion in annual revenue and 22,000 employees, measures performance through its sales and earnings before interest, taxes, depreciation and amortization.


WorldatWork’s study showed 49 percent of companies with short-term incentives used sales and specific individual goals to measure performance.


King said Roundy’s management teams’ rewards are based on the performance of their individual stores as well as the performance of the whole company.


“We believe the bonus program rounds out our compensation and benefits package,” King says. “[Short-term incentives] are common in our industry, but they do help attract and retain employees.”


Meanwhile, many private companies falter when it comes to offering more complex incentives. Only 35 percent of the study’s respondents say they have long-term incentive plans; only one in five would add or modify an existing plan.


For the respondents with long-term incentive plans, 34 percent use stock options, 33 percent use long-term cash plans, 19 percent had stock-appreciation rights, and 14 percent use restricted stock, the study showed.


Offering a long-term plan is simply more complicated, Sanicola says. While tax, accounting and legal issues are black-and-white obstacles, some owners have a hard time awarding even the most productive employees with a piece of the company. And while a cash payout may seem easier, liquidity issues often hamstring private companies, he says.


Roundy’s doesn’t have a long-term incentive plan.


“We try to put programs in place that make sense for our customers, employees and our business,” King says. “Until we find a program that truly fits our business, we shy away from implementing it.”


—Patty Kujawa

Posted on December 18, 2007July 10, 2018

Rhode Island Blues Plan Settles Corruption Charges

Blue Cross Blue Shield of Rhode Island will pay $20 million to resolve federal public corruption charges over payments that its lobbyists made to state officials, the U.S. Justice Department announced December 13.


As part of the agreement, federal officials agreed not to press criminal charges against the health insurer as long as it continues to cooperate with federal and state investigations.


The Providence, Rhode Island-based insurer also agreed to implement ethical reforms on how it will interact with state officials and not to impose rate increases to recoup the $20 million fine.


Under the agreement, BCBSRI accepted responsibility for former executives whom the insurer admitted acted within their authority as lobbyists when they made illegal payments to elected officials. For example, the insurer paid $400,000 in insurance brokerage commissions to an unidentified former state Senate president while the insurer’s executives were lobbying him, the Justice Department said.


A Justice Department spokeswoman says she could not elaborate on the circumstances under which the official was paid the commissions. The insurer paid $74,000 to a communications company to produce a cable access program that former state Sen. John Celona hosted. Celona was paid more than $13,500 as the host.


In addition, the insurer paid about $175,500 to a business that former House Majority Leader Gerard Martineau ran.


Celona and Martineau have pleaded guilty to public corruption charges as part of the investigation, the Justice Department noted.


The money from the fine will be deposited into a fund to support projects designed to provide affordable health care services in Rhode Island, according to the Justice Department.


Filed by Dave Lenckus of Business Insurance, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

Posted on December 18, 2007July 10, 2018

Extreme Commuting an Extremely Popular Option for Execs

John Maynard’s commute isn’t much different from those of most executives, in that he shuttles from one town to another to get from home to work.


    Except Maynard, CEO of the Employee Assistance Program Association, has spent the past four years shuttling the roughly 1,700 miles between his hometown of Boulder, Colorado, and the 5,000-member association’s headquarters in Arlington, Virginia.


    Maynard is among a new breed of executives who refuse to relocate for their job and instead opt for an alternate arrangement known as extreme commuting, which involves either making a weekly trek by plane or traveling daily by car for more than 90 minutes each way to and from work.


    “When they offered me the job, I said I was interested but that I would not want to relocate,” Maynard recalls. He didn’t want to leave Colorado primarily because of friends and family, but he also likes the lifestyle the Rocky Mountain state has to offer.


    “Many job candidates view relocation as a deal-breaker,” says Jeff Hocking, managing director of Korn/Ferry International’s San Francisco office. Fifty-five percent of the 198 international consultants who participated in the 12th edition of Korn/Ferry’s Executive Recruiter Index say it is more difficult today than it was in the past to persuade candidates to relocate for new job opportunities. Released November 12, the quarterly survey was administered to recruiters within the Americas, the Asia Pacific region, Europe, the Middle East and Africa.


    Hocking says the reluctance among candidates to relocate poses a competitive drawback for employers, many of whom are coming up empty searching for qualified talent.


    “There are many hurdles that employers must contend with to get good people in their doors,” he notes. “Unwillingness to relocate makes recruiting trickier.”


    High-profile companies including Hewlett-Packard and Sun Microsystems are adopting measures to facilitate extreme commuting, which often entails four-day workweeks, telecommuting and flexible hours.


    Almost 85 percent of the Korn/Ferry survey respondents say companies are at least somewhat open to having executives engaged in frequent traveling instead of relocating—a trend that is strongest among technology companies.


Extreme commuting not for everyone
   
The hourlong Monday morning flights from San Diego to the Bay Area are filled with extreme commuters who don’t want to leave their little corner of paradise but still want to work for a prestigious Silicon Valley employer. Many commuters are high-powered sales executives, Hocking notes.


    This does not come as a surprise, as certain positions lend themselves to extreme commuting more than others—a factor companies should consider when recruiting and hiring, Hocking adds.


    “Employees who already do extensive traveling, such as sales executives, don’t need to be anchored in a particular city. For them, the face time that counts is the kind that’s spent in front of clients,” he explains.


    Other positions require deeper interaction with colleagues, which could mean the flexibilities that are often intertwined with extreme commuting—such as working from home or condensing the workweek—could hamper their activities.


    Whether an employer allows extreme commuting could depend on the type of corporate culture a company wants to foster, says Mark Stiffler, CEO of Chester, Pennsylvania-based Synygy, which specializes in compensation-related performance management.


    Synygy recently ended a company policy that facilitated extreme commuting. Some 25 of its 450 employees had been allowed to work from home up to two days per week, depending on the length of their commute.


    “It became evident that the initiative was not in sync with our core value of harnessing a strong team dynamic,” Stiffler says. “It’s disruptive to have people out of the office.”


    Stiffler, however, isn’t writing off extreme commuting altogether.


    “There are some instances that don’t require a daily presence,” he says.


    Regardless of whether extreme commuters are working from the office or utilizing a flexible schedule, Stiffler says ground rules need to be established.


    For one, there should always be transparency about where the extreme commuter will be on a given day.


    “This way, even when they’re not in the office, everyone knows how to get in touch with them,” Stiffler explains. In addition, he says it is important for employees who are often on the road to be consistent about their phone manner. “They should always answer the phone with a professional greeting and be ready to reply swiftly to clients.”


Keeping track of extreme commuters
   Since extreme commuters are often out of the direct eye of supervisors, it behooves employers to develop guidelines that ensure they are complying with their jobs properly, experts say.


    One good habit—useful not just for extreme commuters but for managing talent across the board—is for employers to determine how a specific position contributes to the overall success of a company.


    “Everyone plays a part in helping companies reach their objectives, from the receptionist to the CEO,” Stiffler says.


    It’s important for companies to have a clear picture of what an individual’s direct contribution will be, because only then will they be able to accurately assess how an employee is performing.


    In some cases this undertaking is fairly straightforward. The performance of a sales executive is closely tied to the dollar amount brought in during a given period of time, Stiffler explains. Other situations, however, are trickier because they may not be aligned with an identifiable metric.


    Regardless of how an employer chooses to evaluate performance, it needs to be conveyed clearly, Hocking says.


    “Extreme commuters are like every other employee,” he says. “They should be measured on their individual contributions to the company.”


The burnout factor
   “Extreme commuting is not for the faint of heart,” Hocking says. Yet, some 70 percent of participants in the Korn/Ferry survey say executives are increasingly open to extreme commuting.


    They choose a transient lifestyle for particular reasons. Family ties were cited as the primary factor, according to the study. Hocking says this is not surprising, considering that many executives happen to be at an age range—40 to 55—where they are married and have children.


    “It is a function of the demographic that’s in question.” he notes. “Rather than to uproot a working spouse from professional commitments or to go through the tricky process of transferring a child from school, extreme commuting is winning out.”


    Other factors besides family come into play. Lifestyle and housing market costs also influence extreme commuting, the Korn/Ferry report indicates.


    Whatever the reason for choosing extreme commuting instead of relocation, being on the road often takes a toll on workers, ultimately threatening productivity and adversely affecting retention.


    Jen Cassidy, a sales analyst for Universal Music, spent almost a year commuting 50 miles from Costa Mesa to Burbank, California. The trek took anywhere from 90 minutes to 2½ hours each way. She logged some 28,000 miles in her Honda Civic and spent about $4,200 on gas during that time.


    “You get to a point where you wonder; is this job even worth all the hassle?” Cassidy says.


    Despite rising by 5:45 every morning, she was almost always late because of traffic.


    “I would show up to morning meetings all flustered,” she says. “It was so frustrating because I had done the responsible thing by waking up early, but the road was always a nightmare.”


    The commute drained her energy and affected her attitude.


    But that changed November 1, when she relocated three miles away from work and reduced her commute time to nine minutes. Cassidy says her productivity has surged and that she is more engaged in her work.


    “I come in on time every morning,” she notes. “I’m much more willing to stay overtime if I need to.”


    Not all tales of extreme commuting conclude like Cassidy’s. The burnout sometimes leads directly to turnover, says Maynard, who makes at least one trip a month to the Employee Assistance Program Association’s Arlington headquarters and spends about 10 days at the office. The rest of the time he is either on business trips or working from home in Colorado.


    In the instances where an extreme commuter remains with a company, the physical fatigue often affects productivity. Consequently it behooves companies to make special considerations for extreme commuters, Maynard explains.


    He suggests that employers adopt an aggressive flextime policy. Depending on the position, an employee doesn’t have to work during the traditional 9-to-5 schedule. Allowing extreme commuters to come as early as 6 a.m. or as late as 10 a.m. significantly helps cut the amount of time they spend in rush hour traffic.


    Maynard urges employers to be creative and open-minded when it comes to extreme commuters.


    “You’ll be surprised at what you can achieve,” he says.

Posted on December 17, 2007July 10, 2018

Jeff Seely Takes Over as Jobster Boss

Jobster Inc. CEO Jason Goldberg is stepping down and handing the company to Jeff Seely, who for the past nine years served as CEO of ShareBuilder Corp., an online investment firm acquired by ING Direct in November.


Seely is taking his new post at the online job board in January, 12 months after a restructuring plan at Jobster resulted in the termination of 40 percent of its 148 employees.


Despite the layoffs, Jobster made some important gains this year.


The company recently joined forces with more than 230 employers to enhance its career networking platform on social networking site Facebook. It includes such big-name companies as Verizon and Boeing.


Goldberg, who founded Jobster in 2004 and raised $48 million in capital, will be actively involved in the company as vice chairman of the board.


“Ultimately, I want Jobster to succeed,” Goldberg said. “I don’t care if it is me or a purple frog—whatever it takes to get this thing successful.”


—Gina Ruiz


Posted on December 17, 2007July 10, 2018

EEOC Hires Temporary Workers to Staff Phones During Transition

A stopgap measure will help the Equal Employment Opportunity Commission keep its phones staffed until March after it closes its call center on Wednesday, December 19.


The four-member commission board voted unanimously on December 12 to hire 38 temporary employees and extend the contract on its interactive voice-recognition answering system for three months. The cost will be about $250,000.


But the complex transition to an in-house capability has divided the board and raised concerns about quality at a time when the EEOC is already under fire in a Supreme Court case.


The temporary employees will help the EEOC’s field offices handle a volume of calls that totals about 65,000 each month. The 24-hour answering system can resolve about 35 percent of the queries.


By late March, the EEOC hopes to have hired 61 federal workers permanently. The agency voted in August to close the outsourced facility, the National Contact Center, and establish an internal function. The move was necessary because Congress eliminated funding for the center.


Even though the EEOC is responding to a Capitol Hill action, the process of closing the call center has sparked two recent contentious meetings.


EEOC Chair Naomi Earp and Vice Chair Leslie Silverman supported extending the center’s contract during the transition. Commissioners Stuart Ishimaru and Christine Griffin voted for the December closure.


At the board’s most recent meeting, Ishimaru expressed frustration with the slow pace of the agency’s effort to put an alternative customer service system in place.


“Here we are a week before the phones are turned off and we have a proposal for what to do next,” he said. “We established an atmosphere that this is not urgent.”


Silverman took exception to Ishimaru’s characterization of the board’s attitude. “What we’re trying to do here is provide the best customer service we can under the circumstances,” she said.


Nicholas Inzeo, director of EEOC field programs, said that temporary workers will be trained on customer service “soft skills” and on EEOC procedures. But, he added, “We’re not going to be able to do as much as we could with the contact center.”


If claims are fumbled during the transition, it could amplify questions surrounding the EEOC’s administrative ability.


In a November oral argument involving the definition of an EEOC charge, or the action that the agency takes against an organization for alleged discriminatory conduct, several Supreme Court justices expressed frustration with the agency’s intake practices. A government lawyer at the hearing said the EEOC had improved its process for bringing charges since the case was filed.


Whether the EEOC loses public confidence during the upcoming transition will hinge initially on the performance of the temporary employees.


“It’s going to depend on who ends up answering the phones and their level of experience,” Griffin said after the meeting. “It’s better than not doing anything.”


Ultimately, an internal customer service system will work better than the call center, Ishimaru said in an interview.


“It was another layer that was added that did not add value to our process,” he said. “We should have EEOC employees answer the phones.”


Ishimaru’s term on the commission ends in January. It’s not clear whether his reappointment will be confirmed by the Senate.


—Mark Schoeff Jr.


Posted on December 17, 2007July 10, 2018

Senate Panel Backs Millard to Lead PBGC

The Senate Finance Committee has unanimously approved President Bush’s nomination of Charles E.F. Millard to be the next director of the Pension Benefit Guaranty Corp.


Millard, who has been serving as interim PBGC director, most recently was a managing director at Broadway Partners, a New York real estate investment and management firm.


Previously, Millard was managing director and head of wealth management services at Lehman Bros. and was a senior Cabinet official during the administration of former New York Mayor Rudolph Giuliani. He also was twice elected to the New York City Council.


The PBGC’s director post has been vacant since last year, when Bradley Belt resigned to take a position in the private sector.


Following the December 14 committee vote, confirmation by the full Senate is expected soon.


Filed by Jerry Geisel of Business Insurance, a sister publication of Workforce Management. To comment, e-mail editors@workforce.com.

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