When you think of the Millennial generation, those born between 1980 and 1996, what comes to mind? How about “meaning” and “early adopters”? Does “expectations” or “immediacy” seem like a good fit? Those are just a few of the characteristics that define the next generation of insurance industry employees. Here are some others that Applied Systems discovered in a survey of Millennials: focus, collaboration, positivity, multitasking and connectivity.
Now how does the number 75% strike you? That’s the segment of the workforce that Millennials will comprise by 2025. It’s time to get your sales systems and hiring practices aligned to this demographic constituency so you attract the very best of this group and keep them.
Your internal processes may have to be reshaped to include faster response, more-personalized reward systems (not just money), greater openness to multitasking and stronger commitment to work-life balance. Your technology will have to allow for interface among multiple devices at the speed of touch, and systems will have to be designed (or redesigned) for at-a-glance comprehension and user convenience. Not only will most of your employees be Millennials, most of your clients will be, too. Those who take steps today to make inroads with this demographic niche could cement a foothold.
Using Millennials’ technological literacy is a good first step at educating them in insurance and risk management so they can be successful in the industry, but it is not enough. To attract the best and brightest, you will need to demonstrate to them that your firm has what they want in terms of culture. Applied found they want room to grow and enough internal mobility to keep their interest, they want to enjoy work, they want flexible hours and remote work options, and they want to communicate.
From your phones to your web presence to your internal processing systems, HR relations, print marketing and career development programs, you need to commit to a combination of adapting your business to Millennials and showing them you have a dynamic business culture.