Position: VP, Unit Cost Improvement Strategy & Process
Job Location: Cary, NC / USA
: This role is specifically responsible for two objectives: 1) facilitate the achievement of $1.1B of run-rate cost savings by end-of-year (EOY) 2019, and 2) establish a continuous cost improvement methodology and operating mechanism for the business. This position resides within the Unit Cost Office within the Global Technology & Operations group. Success for the incumbent in this position will be determined by the degree to which solutions for the $1.1B run-rate cost takeout have been identified, justified, approved and achieved. Additionally, success will be predicated in the development of a well-defined and cohesive go-forward cost improvement methodology (CIM) that is embraced and integrated in the day-to-day operations of the business. The role will also be leveraged for critical strategic initiatives in the greater GTO Finance department, which will utilize strong financial acumen and deep knowledge of operational performance and productivity metrics.
- Design & implement a cost improvement methodology (CIM).
- Facilitates the continuous identification of cost savings opportunities;
- Represents these opportunities and their corresponding business cases to MetLife leadership;
- Drives downstream cost takeout execution and achievement;
- Is continuously refined and improved; and
- Is integrated in the day-to-day operations of the MetLife business.
- Create a cost savings opportunity pipeline
- Engage at an executive partnership level to source and create a pipeline of run-rate cost savings opportunities across MetLife;
- Identify and close any gaps in the cost savings actions/plans respective to the current $1.1B run-rate cost takeout objective; and
- Drive further cost improvement actions that specifically address stranded overhead (OH) costs, lower business growth (or CAGR) and top-quartile market achievement.
- Oversee cost savings achievement.
- Incorporate approved cost savings plans into the Enterprise Program Management & TSA (EPM-TSA) organization for day-to-day program management;
- Collaborate with EPM-TSA in the continuous monitoring and oversight of cost savings programs and their respective performance to plan; and
- Aggregate and synthesize cost savings performance data at a business unit level and help those organizations adjust or calibrate their go-forward cost savings maneuvers/tactics (i.e., plans).
- Develop and implement a robust cost savings reporting mechanism.
- Work with Finance and other business units to define and integrate run-rate cost savings metrics into MetLife’s operational and financial KPIs;
- Design and produce an “executive-level reporting package” or dashboard that informs top-leadership of cost savings achievement respective to plans, as well as material impediments or risks associated with cost savings actions. Include corresponding ROI metrics; and
- Leverage insights garnered through performance reporting to drive improvements in the CIM process.
- Lead other strategic initiatives for UCI or GTO Finance as needed
- Design and implement technical frameworks or models that are strategically important to the overall success of UCI or other GTO Finance
- Incorporate acumen of operational and financial performance to create relevant KPIs to improve management rigor of key leadership
- Foster meaningful partnership with key stakeholders to illicit full engagement and adoption
- Proven track record driving cross-organizational and -functional strategic initiatives;
- Strong acumen in business models, processes, technology (i.e., core business applications), and finance (to a lesser extent);
- Recognized experience driving major business transformations using technology;
- Material “management consulting-like” skills, with an emphasis on executive-level communications and content packaging;
- Significant critical thinking and ideation skills central to the identification of cost savings opportunities;
- 10 to 15 years of experience, specifically in high-tech, business strategy/operations, and financial services; and
- Undergraduate degree, MBA or other advanced degree preferred.
- Drives Results - Sets aggressive goals and is accountable for continuously driving improved performance, leading change and ensuring high standards. This is central to the notion of continuous cost savings and improvement.
- Thinks Strategically - Sets direction aligned to the company’s strategy, applying external and global perspective to meet local and global needs. The strategic dimension of continuous cost improvement comes in ideating with key business units (across the MetLife organization) respective to the surfacing of cost takeout opportunities. These cost takeout opportunities may result from innovations in the application of technology, business models our core business processes. Therefore, the incumbent in this position must demonstrate critical, strategic thinking skills, business model and process acumen, as well be conversant in technology and/or application platforms. Additionally, the incumbent must have demonstrative experience in corporate-wide business transformation efforts and, specifically, the application of technology to facilitate these transformations.
- Creates Partnerships - Authentically builds trusted relationships and collaborates across global, diverse and multi-functional teams to successfully drive business objectives. Central to achieving continuous cost savings across the MetLife business is fostering a trusted, consulting-like relationship with those business units; one where the incumbent is effectively collaborating, motivating and driving the business unit to embrace cost savings recommendations.
- Seizes Opportunity - Seeks new opportunities and ways to create balanced business growth while improving operational capabilities. This is where the “rubber meets the road;” in addition to working with the business units to identify cost savings opportunities, the incumbent will need to aggressively drive the execution around the corresponding cost takeout actions. This means working with the business unit to craft a profitable business case for their savings plans and working with the PMO to ensure achievement according to plan. It also means that the incumbent will need to continuously monitor progress and help business units “course correct” or calibrate their actions on an ongoing basis.
- Reports to: Vice President, Finance Unit Cost Improvement
- Direct Reports: Possible two new resources (1 business analyst, 1 benchmark analyst), as part of shared pool of supporting resources
- Key Stakeholders: Business unit leaders with specific cost takeout objectives; Finance; GTO Program Management Office
MetLife, through our subsidiaries and affiliates, is one of the largest life insurance companies in the world. Founded in 1868, we are a global provider of life insurance, annuities, employee benefits and asset management. Our employees serve approximately 100 million customers, individuals and businesses, including over 90 of the FORTUNE 100®.
We are ranked #40 on the Fortune 500 list and #48 on the Forbes Global 500 list. We have operations in nearly 50 countries, and hold leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. We are also one of the largest institutional investors in the U.S. with an over $500 billion general account portfolio as of December 31, 2015.
In 2015, FORTUNE Magazine’s World’s Most Admired Company survey named us #1 in the Life and Health Insurance industry. In 2016, we were named to the Dow Jones Sustainability Index (DJSI) for the first time. DJSI is a global index to track the leading sustainability-driven companies.
While we have tremendous respect for the past, we are a company firmly focused on the future. To adapt to a changing world, we are undergoing one of the most dramatic transformations in our history to reinvent how we do business so we can thrive in any environment. We are moving away from a traditional product-development model to one driven by customer insights. We are challenging historical norms by humanizing our industry and designing every customer experience to reflect the modern company we’re becoming. Our goal in everything we do is to offer customers truly differentiated value propositions that allow us to establish clear competitive advantages. We pride ourselves on being a trusted partner to our customers as they navigate life’s twists and turns.
At the center of our business strategy is a commitment to One MetLife – collaborating, sharing best practices, and recruiting, developing and retaining the best talent in the industry. We live by our values: Put Customers First, Be the Best, Make Things Easier, and Succeed Together. They guide how we operate every day.
MetLife is a proud equal opportunity/affirmative action employer committed to attracting, retaining, and maximizing the performance of a diverse and inclusive workforce. It is MetLife's policy to ensure equal employment opportunity without discrimination or harassment based on race, color, religion, sex (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity or expression, age, disability, national origin, marital or domestic/civil partnership status, genetic information, citizenship status, uniformed service member or veteran status, or any other characteristic protected by law.
MetLife maintains a drug-free workplace.
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MetLife offers life insurance, disability income insurance, car insurance, employee benefits and more.