IN 1969, Neil Armstrong and Buzz Aldrin walked on the moon, Woodstock debuted, and the internet was born. In 2019, scientists aim to send humans to Mars, Star Wars IX will be released, and one-fourth of insurance industry professionals are predicted to retire. Most industries experience evolutions, but are we prepared? Without a plan in place to blend generations within the workplace – and to do so quickly – the quality of an agency will greatly decline.
As your workforce continues to mature in the coming years, one of the most critical business moves you can make is to focus on an effective generational transition strategy. It can be difficult to create an agency culture that is both attractive to young agents and comfortable for senior staff, but that is what we all must do in order to keep our businesses thriving. We may have been able to rely on the same great producer types for the last several decades as the pillars of our business model, but what happens when these pillars no longer exist?
If the insurance industry does not modernize, become appealing to the next generation of professionals and develop a plan to make this transition go smoothly, the years of time and effort that past generations have devoted toward our industry will have been for nothing. It’s time to focus on what’s to come instead of dwelling in the past – corporately and culturally.
How can we do this? By finding what motivates each generation and leveraging it to produce greater output. While older generations are motivated by proving themselves through their duties, I have found that younger associates find purpose in knowing their company serves the community. Our agency is deeply rooted in helping the local community; we believe this contributes to our overall success. We encourage volunteering and regularly extend this option during working hours. This shouldn’t just be a company belief – to be successful, it should be a personal belief.
Antiquated tendencies skewed toward older generations will only add to the difficulties of combining generations within the agency. When an employment offer is made to a new team member, you must immediately recognize and identify the value they bring to the organization. As a management team, we look for ways to encourage and reward the unique strengths each associate brings to the table. Differences shouldn’t be thought of as hindrances, but rather as traits that provide team benefits. Instead of making associates conform, they should be encouraged to be unique. This attitude fosters a more positive work environment.
It’s equally important for managers to build relationships within an agency to leverage generational knowledge and share skill sets. Encourage mentoring – no, actually require it. By imparting knowledge from prior successes or failures, mentors can pave the way for other team members. These moments encourage continual learning and personal development for both the mentor and the mentee. The mentor/mentee relationship also breaks down judgments and barriers bred by generational differences in work style. On that note, the success or failure of an associate shouldn’t be judged by the hours they keep, but by their ability to meet or exceed core objectives. This fl exibility should carry over to management styles as well. I believe that being accommodating and fl exible helps motivate employees, increase productivity, reduce turnover and lower acquisition costs.
At the end of the day, most of us want the same thing: the flexibility to work in a fashion and style where we are most productive, and to receive praise from other associates and management for our contributions. Recognize that while we might all have different styles of working, when it comes to defining productivity or work ethic, embrace each of your employees’ journey to reaching their full potential.
The insurance industry is experiencing this generational shift in an especially significant way, so it is critically important to focus on creating purpose, celebrating differences, developing relationships and remaining flexible. Being mindful of these tactics will help blend workplace generations and ensure that the insurance industry is able to continue successfully moving forward.
Scott Rogers is president of The Glatfelter Agency, a retail division of Glatfelter Insurance Group [GIG]. An employee-owned company, GIG is among the largest program managers and insurance brokers in the US.
