An industry insider discusses winning strategies for bringing new blood to the industry.
Whether you’re an insurance carrier with a retiring workforce or a broker thinking about succession planning, the fact is that new talent needs to come into the industry.
We’ve all seen the statistics that say “the number of employees older than age 55 in P&C insurance is 30% higher than any other industry” and “the industry needs to fill nearly 400,000 positions by 2020.”
Here are five ways to bring top young talent into commercial insurance--and keep them.
1. Provide Strong Mentorship
One driving force for today’s young talent is an open relationship with their parents, which informs their expectations around mentoring relationships in the workplace. Younger generations tend to talk about everything under the sun and no topic is off limits. Because of this, they expect a transparent and candid workplace environment. They’re also looking for guidance, feedback, and growth opportunities. Show them how they can perform better and give them someone to aspire to be. The old adage is true, “people don’t leave bad companies -- they leave bad managers.” Give them your strongest leaders to develop their skills and they’ll give you their best.
2. Point to a Greater Purpose
Younger generations believe that it’s up to them change the world for themselves and future generations. They’ve grown up experiencing recessions, environmental disasters, and terrorist attacks. They are aware of and care about social issues in the world and want their work to address them in some way. As commercial insurance professionals, we naturally stand for a positive mission -- protecting the companies of the world so that they can stay in business, providing jobs and economic security for their communities. Lean on the strong values of your company’s culture and embrace the bigger picture. Charity work also goes a long way with showing that your organization cares about the community.
3. Embrace the Latest Technologies
This may be the first time in history that people go to work and use technology that is less powerful and efficient than what they have at home. Data security is supremely important in the industry, so IT departments must undertake long processes to verify the security of any new software or program, putting the industry behind our peers in terms of big data and cloud platform options. To attract young talent, it’s important to recognize these pain points and provide other options. Encourage young professionals to explore new ideas and opportunities to improve their workflow.
4. Create Work-life Balance
Younger generations want more flexibility. They recognize that things need to get done, but they don’t want to be micro-managed. They want to find the best ways to accomplish their goals, especially when modern communication tools allow many tasks to be completed remotely. For them, it’s not about separating work from their personal lives. It’s about blending them together into something that’s meaningful and reasonable. Extra perks like working from home, summer hours, and team outings are a great way to keep them engaged and enthusiastic.
5. Design a Collaborative Environment
One can’t get through school nowadays without being thrown into dozens of team projects. Young professionals grow up expecting that everyone in the business world is working towards the same goal. Therefore, it comes as a surprise when teams are disjointed, goals are separate, and organizations are siloed. It’s up to you to design a collaborative environment to address these issues. Build a culture that values communication and teamwork. Make company goals clear and supported by the leadership. Recognition goes a long way for young professionals, so be sure to publicly recognize them for a job well done. Even a pat on the back from a supervisor provides a sense of accomplishment and being a valued part of a team.
Although they are young, millennials seek characteristics in a work environment that tend to be to the benefit of everyone. By implementing these five recommendations, commercial insurance companies can attract young talent while simultaneously improving their own culture.
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This article was submitted by EvoSure, the simple tool that matches underwriter appetites with broker opportunities. More business, better relationships.
