Much has been written over the last several years about the talent gap the insurance industry faces, and its unpreparedness to fill this gap as more than 40% of insurance agency staff members are over 50 years old and increasingly more baby boomers are set to retire. A recent article in IBA Magazine, “Attracting the Next Generation”, looks at what it takes to capture the imagination of Millennials to enter the insurance industry. We have to do a better job of selling our industry as a worthwhile and rewarding career.
Educating Millennials on the dynamism of the insurance industry, changes taking place and how businesses will be run in the next several years is key, as underscored in the IBA article by our very own Dan Epstein. Do this by showing Gen Yers the autonomy available when working in insurance and the possibilities they have to advance the industry through technology and disruptive ideas while making a difference in people’s lives with the products and services provided. Also, share first-hand experiences from people with successful careers in the industry and what they love about it. In addition, some in our industry offer internship programs, a corporate university for management training, outreach programs to colleges and universities, and scholarship programs – all designed to attract, inform, educate and train the next generation.
Equally as important as recruiting the new generation of talent is employee retention. “All the education in the word won’t help you retain employees – young or old – if you don’t provide a work environment that makes them feel valued,” explained Dan. This involves values such as corporate sustainability, community service and encouraging employees to be the best they can be – all important to Millennials looking at career options and how they can make a difference.