We’ve all heard about the brain drain underway in insurance and other industries as Baby Boomers retire, but we’ve spent less time focused on the opportunity before us: to recruit, train and let Millennials lead us into the future. We say opportunity, because that’s what it is.
Have you considered these facts about most Millennials?
- They are the most educated generation ever, and they began learning computer coding and other technical skills in elementary school.
- They love collaboration.
- They are motivated by more than money, which broadens your ability to attract and keep them.
- They are more diverse than earlier generations, which means they are more reflective of your market.
Millennials (those born from the early 1980s through the late 1990s) now comprise a bigger share of the labor force than any other generation. They edged out Gen Xers in 2015, according to the Pew Research Center. By 2020, they’ll be 46 percent of the workforce!
Here are some things those of us in the industry can do to attract and keep this young talent:
- Show them that insurance isn’t boring. While traditional underwriting might not be the sexiest task around, mechanized underwriting will require the latest technical skills and artificial intelligence solutions. New product development will reward out-of-the-box, entrepreneurial thinking.
- Let them have the life-work balance they demand. Millennials don’t buy into the paradigm that demands utter devotion to the job and only the job. With technology that allows remote working, consider flexible hours or office schedules.
- Mentor them. This generation craves feedback and personal connections, so why not make a mentor program part of the training and on-going development for your workforce?
- Don’t generalize! (Yes, we see the irony in a blog about the Millennial generation.) Everyone — but perhaps most of all this younger generation — wants to be treated as an individual, with skills, talents, and motivations all his or her own.