It may surprise you to learn that nearly 10,000 baby boomers (born between 1946 and 1964) are retiring every day. For industries such as insurance, this means a number of jobs will suddenly become vacant, and with those vacancies come the associated challenges of attracting the coveted millennial workforce. Though targeting industry newcomers in the now-largest working generation may require meeting particular criteria to match their unique preferences, our latest survey results reveal there’s a bright light at the end of the tunnel when it comes to attracting millennials.
Our fourth annual “Millennials in Insurance” survey asked 3,500 insurance professionals, including 1,556 millennials, about their career preferences and priorities. This article explores those results and how the insurance industry can use this data to attract the next wave of professionals.
Millennials Listen to Their Friends
When it comes to recruiting millennials, the insurance industry may not face as many challenges as many may think when it comes to replacing the “Silver Tsunami” of boomers exiting the industry. Especially when 82% of millennials would recommend a career in insurance to others, and 39% of those already working in insurance were recruited by friends.
Insurance business’ biggest asset is their current millennial employees, and tapping into their networks offers valuable word-of-mouth exposure for recruiting efforts. Offering incentives to current employees is a great way to increase motivation to bring in new talent and capitalize on referrals.
They Want to Grow Within Their Company
Contrary to popular belief, millennials tend to be sticking with their roles in the insurance industry rather than jumping from job to job. In fact, 67% of millennials currently working in insurance have been in the industry for at least three years and say they have no plans to leave. So how can the industry use this information to ensure their younger employees stick around?
Offering them clear opportunities for growth is key. When asked about choosing a career, 63% of millennial respondents said they are most concerned with their ability to grow internally within their organization and “climb the ladder.” However, growth opportunities can’t come at the cost of sacrificing work-life balance, with 50% of millennials reporting they prioritize work-life balance over everything else. Offering less traditional schedules outside the typical nine to five or opportunities to work remotely or having a pet-friendly office may help attract millennials looking for perks and benefits that offset some of the costs they may incur outside of work.
Arm Them With Tech, and You’ll See Results
The insurance industry is adopting technology more aggressively to remain competitive. Over the past year, usage of social media and communications technologies has increased significantly as a strategy for improving customer service, and millennial employees agree, with 78% sharing that they’re adequately armed with the tools they need to compete and succeed. Continuing to arm employees with new and updated technology that allows work to be done more efficiently will attract and retain millennial talent that look for these kinds of resources when evaluating career opportunities.
See also: 10 Commandments for Young Professionals
While the insurance industry has made leaps and bounds toward attracting and fostering the millennial workforce, there is still work to be done to ensure the employment gap is filled. Companies that adapt to meet the priorities of the millennial generation, like offering positive work-life balance, clear career growth opportunities and a diverse suite of technology tools, will undoubtedly reap the rewards of a loyal and high-achieving workforce. By catering to these individuals, the industry will be able to capitalize on fresh talent and new perspectives to transform the future of insurance.