You see it every day: Another baby boomer coworker packing up their belongings and setting out on the road to retire. Trying to fill these positions can be a challenge. So here are three short, simple questions to evaluate whether your agency is as appealing to millennials as avocado toast.
No. 1: How do you announce job openings, and where do most of your recruits come from?
For potential candidates who may not know about your company, LinkedIn and online job postings are valuable methods to reach the right audience. These platforms are effective at communicating current openings, however Vertafore’s fifth-annual “Millennials in Insurance” report surveyed 1,252 professionals and found that referrals and word-of-mouth from friends and family speak volumes when reaching the right audience. In fact, 36% of millennials were recruited through employee referrals. Take advantage of the 87% who would recommend a career in insurance to friends and offer new-hire or referral incentives to further motivate employees to tap into their networks.
While word-of-mouth is a key component to recruiting millennial talent, local validation is also an important consideration that shouldn’t be overlooked. Do some research, then apply to local ‘Top Workplaces’ awards to validate your company’s presence in the community and give your employees something to brag about.
No. 2: Do you encourage and empower the use of technology in business?
Insurance is known as a traditional industry. But in recent years, there’s been an influx of InsurTechs, acquisitions and solutions that enforce technology’s place in the insurance landscape. Millennials are the most tech-savvy generation and tend to rely on technology and social networks not only to make their work more efficient, but to better communicate and build relationships with their peers, customers and clients. Our research indicates that most millennials believe technology has made a positive impact on their company over the last 12 months. Sixty-one percent of them state that technology has increased overall efficiency, enabling them to strengthen customer relationships.
Social media in particular has emerged as a powerful means of connecting with customers. Roughly three out of five millennials use Facebook Twitter, LinkedIn and the like to strengthen customer support and retention. Fifty-five percent use social media’s wide reach to increase brand awareness, and 49% focus on generating new business leads. Encourage the use of these channels in the workplace, and have an active presence online to communicate with both prospective employees and customers.
No. 3: Is your employee value proposition compelling?
To ensure you’re attracting top-tier talent, it’s important to take the pulse of both industry competitors and companies in your community to know where you stand. Benchmarking is a healthy practice that should be done regularly to ensure your salaries match industry standards and competitors. Vertafore’s survey found that 59% of millennials make between $30,000 and $60,000 per year across varying levels of seniority and positions. If you use a recruiter, utilize their expertise and recommendation as they will be familiar with the market in your region.
While a monetary compensation is important, it isn’t everything. Nearly 65% of millennials value a healthy work-life balance, which can include flexible schedules and the ability to work from home or remotely. Millennials are known for valuing experiences over money, so it’s important to accommodate these values when attracting the most competitive candidates.
Outside of work-life balance, more than half of millennials look for the ability to grow in their career (61%) and seek professional development (58%) when evaluating a job opportunity.
Millennials also are known as the job-hopping generation, though millennials in the insurance industry have broken this mold. Over three quarters (76%) of millennials surveyed have been in the insurance industry for three years or more, and 72% plan to work in insurance as long as possible. Reward longevity and seniority by supplying added benefits and compensation through bonuses and work-from-home privileges. Ask what’s important to your employees, and consider how you can meet their needs to reward their hard work and loyalty.
The insurance industry has made great strides to attract and foster a millennial workforce. But 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 will undoubtedly reap the rewards of a loyal, 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.
Article By: Kristin Nease
Source: Property Casualty 360