Back to Blog

Millennials in the Insurance Industry

Posted by Molly Owen on February 5, 2018 at 9:29 PM

Millennials tend to be categorized as a particularly picky workforce, however, they may not be to blame for the generation gap that exists in the insurance industry. That onus may fall on the insurance industry itself. In order to entice millennials, it is Important for organizations to convey distinct qualities that serve to synergize their brand with the culture they are attempting to attract, also known as their "sizzle factor".

Millennials as Workers

Although it can be unfair for an organization to generalize any particular group, there are a few commonalities to be found within the millennial generation. Most of them are drawn to technology-laden environments, with a large segment preferring to work from home. They also find flexibility and teamwork to be integral to job satisfaction. Millennials want to know that their contributions to the company is valuable. Although they are more than prepared to work hard, they desire the security of knowing that they can climb the ladder as a result of their efforts. 

It is beneficial for the organization to place emphasis on seeking out personalities that will reflect the company’s sizzle factor. College recruiting or online interviews prove to be very useful in this regard.

Finding the Right Individuals

To maintain retention of millennial employees, it is essential to outline what is expected of them and to whom they are supposed to answer. Being able to provide them with information on growth patterns within the company is also particularly important. Peer interviews have been shown to work well, seeing as millennials are more open to seek answers from those who aren’t too far removed from the position that they are currently in.

The transition from college into a career is not an easy one. Millennials thrive off of having a support system to rely on. For example, constant feedback has been shown to help millennials gain their footing in the working world.

One of the most important aspects of millennial recruitment is having the ability to recognize talent. Even if they are currently struggling, shifting a millennial to a different department or employing a lateral movement of position may place them in a situation in which they could thrive and generate a mutual benefit.