Did you know that by 2014, Forbes predicts that 36 percent of the workforce will be comprised of Millennials? And by 2020, an astounding 40 percent of the workforce will be our Millennials, born between 1976 and 2001. Is your organization ready?
Yesterday I attended a Society of Insurance Trainers & Educators gathering in Scottsdale hosted by Markel. We discussed the current generation of Millennials entering the workforce and taking their places in many of the nation’s insurance internships. Where are we going to get this talent? I think the question that is perhaps more important is this: Once we recruit them, how do we manage them for their long-term growth and their long-term retention in the organization?
Here are a few facts we know about our Millennials.
- More than high salaries, Millennials want to find careers that “make a difference.” Our industry has failed to capitalize on the fact that as an industry, we pump billions into the economy to restore people’s lives, allow businesses to grow and expand, and to promote worthwhile charities. Maybe we should strongly consider improving our image through our marketing efforts.
- Millennials are the most chauffeured, tutored, scheduled and micromanaged generation in history. They are not, by and large, risk takers. You know that hovering manager who drives the self-directed Baby Boomer employees crazy (and often out the door)? Why not place that manager in charge of your new hires and interns? Mills want and need more reinforcement as opposed to Boomers, who generally want to be shown a desk and left alone.
- As Millennials graduate from college, they are often swimming in debt. Let’s show Mills a career path with income factors they can tie to specific achievements, for example earning an Associate in Claims or the CPCU designation.
- According to Pew Research Center, our Millennials are the most college-educated generation in US history. Holding a college degree, or even an advanced degree, does not necessarily mean that all those young people possess the skills to succeed in the insurance industry. Don’t be surprised when you must invest in teaching skills you assume a Millennial would have learned in college, like critical thinking or how to use a spreadsheet.
- Millennials will be your biggest brand ambassadors. We need to encourage their responsible dialogue on social media, not discourage it or suppress it in the workplace. Almost one-quarter of Millennials factor their job choice on the hiring organization’s social media policies, according to the Forbes article.
- Millennials will assume supervisory and management positions much more quickly than did we Boomers. Therefore, it is critical that we hire for leadership attributes: integrity, communication skills, self-confidence, a sense of humor, creativity and critical-thinking skills, to list just a few.
If you are concerned about where the insurance industry will find its next generation of talent, take heart. The industry has begun to seriously address this problem. (We’re never first to the scene of a fire, are we?) Let’s keep talking, but more importantly, let’s begin to change the perceptions of our industry to attract and retain that next generation.