Posts

insurance recruiting millennials

How to Maximize Millennials in Insurance

The insurance industry is boring. At least, that’s the way Millennials see it.

Research by the Insurance Institute last year revealed that “boring” was the #1 word Millennials associated with insurance. Those with experience in the industry know that is just not true, but how does the insurance industry break this misperception?  And how can agents and brokers change it?

In many ways, Millennials want from their jobs the same things as previous generations — competitive salary, good benefits and meaningful work. However, Millennials have different priorities and expectations of their workplace and require different best practices to be happy and fulfilled in their career.

Insurance agents and brokers should consider re-thinking their activities to meet these priorities and expectations. These three areas are the building blocks, will be able to attract and retain the best and brightest Millennials.

First Impressions: Digital and High Touch

The first area is getting Millennials’ attention. Doing so will take a coordinated combination of a strong digital presence and a personalized approach to recruiting. This includes a website that is clean, uncluttered, shows the insurance company’s connection to the demands of digital media and showcases the company’s mission and value proposition. As digital natives, Millennials’ first impression of a company often comes digitally. This may mean going beyond a company’s website and focusing on career-focused online presences such as Glassdoor, certain social media platforms and more, in addition to being responsive and approachable both online and off.

Workplace Environment: Teamwork and Positivity

According to the Deloitte Insurance Outlook 2017, technological innovation will be key to meeting challenges in the coming years. Fortunately, digital tools can help with the second area ­of focus — creating and promoting a company climate that is positive and team-oriented. Millennials prefer teamwork over competition and gravitate toward conscientious employers who try to make a positive difference. In addition to showcasing this company culture online as a recruitment tool, Millennials will be more loyal to companies that foster their career development, help them achieve their professional goals and publically value their contributions.

Managing Millennials: Mentoring and Coaching

Once your insurance organization has recruited and hired these top-tier Millennials, managing them on a day-to-day basis with close but nurturing supervision, mentoring and coaching. Millennials desire more hands-on interaction with and more frequent feedback from their supervisors than older generations. Good relationships are key to keeping Millennials engaged, and they are attracted to open and honest leadership that encourages input and collaboration.

To learn more about attracting, recruiting and retaining the best Millennials to your insurance company, get on the list (by providing your email address in our Newsletter sign-up box) to receive a notification when the report, Maximizing Millennials for Insurance Agents and Brokers, is released later this year from the Council of Insurance Agents and Brokers (CIAB). The report will include examples from insurance companies large and small that have found success in this area and specific action items your agency or brokerage can take to engage Millennial employees.

 

Fourth Turning Crisis Period

2017’s ‘Fourth Turning’ Crisis Period

A book called The Fourth Turning by William Strauss and Neil Howe is undergoing a massive resurgence in sales.

Twenty years after its original publication, its message is as urgent as ever, particularly as White House Chief Strategist Steve Bannon is using it as a playbook to shape the agenda for the United States.  Private equity investors and C-suite executives have been snapping up copies, looking for clues in an uncertain financial, political, and social environment.

What is a Fourth Turning? Like clockwork, over a 300+ year period, major events in United States history have occurred in predictable cyclical patterns, repeating themselves every 80 to 90 years. The Fourth Turning has been characterized as a “crisis” period in U.S. history.

A quick look back into the last three centuries, Fourth Turnings climaxed with major wars—the Revolutionary War (1775 – 1783), Civil War (1861 – 1865), and World War II (1939 – 1945). They are all about 80 years apart. In each case without exception, an economic collapse, a disintegration of social order, and a declining institutional effectiveness preceded these wars, while a new civic order and institutional effectiveness, along with economic growth, followed them.

Each Turning lasts about 20-years, and the Fourth Turning began with the financial crisis of 2008. According to the authors, 2017 puts us smack in the middle of a Fourth Turning.

Check out this article I wrote for Leader’s Edge Magazine to learn more about the cycles of history, clues as to why we are in a Fourth Turning crisis period in U.S. history right now, and what it could means for your business. And make sure to check out my new Fourth Turning landing page with information and links to articles on the topic.

I am scheduling speeches on this topic in the next few months for conferences and executive teams. Email me for availability. For more information and to see some sample slides, click here.

Regards,

WW

How to Attract and Keep Blue-Collar Millennial Employees

Over the past two decades, the nature of hourly work in the United States has changed dramatically — with blue collar jobs making up a smaller percentage of hourly jobs and technological advancement that has yielded significant growth in productivity.

The result: A drastic decline in the demand for blue-collar workers, and a simultaneous “graying” of that workforce. As industries like construction, transportation and warehousing continue to add jobs and grow, being able to attract, train and retain Millennials will be critical to the health of those industries.

Unfortunately for the current leaders in these industries, Millennials — the very workers who in the years to come will be needed to replace outgoing blue-collar retirees — have shown little interest in blue-collar work.

For example, there is a declining percentage of 25- to 34-year-old workers in construction (6.9 percent in 2015, down from 7.9 percent in 2000). According to a 2013 Georgetown University study, 35% of 18- to 24-year-olds worked in a blue-collar job in 1980. By 2010, that share had dropped to 19 percent as the population of people that age in the United States grew.

Why is this happening? In addition to lower demand in some sectors, like manufacturing, blue-collar work has acquired a stigma that drives away Millennials, including stagnant or low wages, a lower quality of life in these careers and more. Millennials who are choosing hourly jobs are often seeking out those that do not necessarily require continuing education or apprenticeship-like training, such as jobs in sales.

How can managers in these blue-collar fields ensure they’re sending positive messages to potential Millennial employees?

Millennials grew up with specific, unique traits that seem to be remarkably inclusive and cut across demographic categories like race, gender and social class. These include being raised to feel special and central to their parents’ lives, feeling protected, believing they can do anything, being team-oriented, and feeling pressured to succeed and achieve.

For hiring managers, this means there are specific, actionable strategies they can use to attract and retain Millennials in their industry. They include:

  • Making Millennials feel like an important part of the team right away by helping them understand how their roles and responsibilities have a positive effect on those around them.
  • Providing counseling and support on life basics such as preparing taxes and saving for retirement, in addition to giving training on “soft skills” so they behave properly in the workplace.
  • Cultivating an upbeat environment and plenty of positive (and frequent) reinforcement that they’re on the right track toward achieving their goals.
  • Equipping Millennials with ways to obtain additional training to advance in their careers.
  • Emphasizing teamwork over individual competition in the workplace.
  • Defining and putting context around how the job they are doing makes a positive difference in the world around them.

In addition, hiring managers must make dedicated efforts in the hiring process to highlight the long-term career potential and growth in these fields. Counter negative assumptions and stereotypes with success stories and early, positive associations. For example, RV manufacturer Thor Industries offers tours to eighth graders and their parents, and also has a presence in schools that lets both audiences know about the well-paid, stable work environment the company provides. The marketing campaign Go Build Alabama, that highlighted above-average earning potential for skilled laborers and emphasized construction as an accessible field to people without college degrees, helped boost applications to apprenticeship programs in the state by 73 percent. Other states have started replicating the program.

Hiring managers should also promote teamwork and leverage Millennials’ team-oriented attitudes. This means recruiting friend groups and creating immersive, multi-day orientation programs that allow time for new hires to bond with their new co-workers. Allow connections during the workday through social media, text messaging and more without assuming these tools are hurting productivity — they can be incorporated into the ways Millennials are used to working.

On an individual level, Millennials appreciate having clear goals and frequent feedback as they work toward those goals. Millennials want tight cycles of feedback (not just a one-per-year performance review) because they have an innate desire to succeed and please those above them.

Managers and executives should also leave the door open for new hires to contribute their ideas. In industries where there may not be much room for this type of input, make it clear how the work Millennials are doing is integral to the team’s mission. Don’t be shy about expressing appreciation for both their work and their ideas. In addition, emphasize how the work their doing helps the larger world or offer volunteer opportunities to increase professional engagement and fulfillment.

While hiring managers of hourly workers in blue-collar industries say the jobs they offer can offer a steppingstone to a fruitful career, it is up to those same hiring managers to convince young job-seekers of this. That requires a new approach to hiring and coaching Millennials.

 

workplace performance review

Millennials, Professional Feedback and the New Performance Review Model

If Millennials had their way in the workplace, the “annual performance review” would go the way of the fax machine and punch clock.

Millennials grew up with “Google” as a verb, as in “to google” virtually any answer to any question. More recently, services like Apple’s Siri, Amazon’s Alexa and other digital concierges make finding information even more effortless.

But technology is not the only catalyst that has conditioned Millennials to receive instant and frequent feedback: Ever since they were young, Millennials were tested and graded at an alarming frequency, all to track their short and long term goal attainment.

Millennials are uniquely conditioned, more than any other generation, to expect speed and frequency– especially as it relates the their performance goals. The dreaded Annual Performance Review, which was never very popular, is fast becoming an antiquated relic, especially for Millennials who crave real time feedback.

Studies have shown that Millennials appreciate hands-on guidance and direction from their supervisors on a more frequent basis, unlike employees from older generations. In a recent LifeCourse Associates’ survey, “69 percent of Millennials say they like their supervisor to provide them with ‘hands-on guidance and direction.’ Only about 40 percent of Boomers and older Gen Xers said the same.”

Providing frequent and tight cycles of honest and open feedback will more-than pay off in productivity and employee engagement. Engaged employees feel valued and have more professional satisfaction, tend to be more motivated, more likely to meet their goals, and more likely to stay with a company in the future.

Some of the top-rated companies and best places to work for have all but ditched the traditional, top-down annual performance evaluation in favor of more frequent, 360-degree reviews. These includes GE, Adobe and Deloitte.

Learn more about how to coach and retain these goal-oriented and feedback-craving Millennials in this white paper, “Employer’s Guide to the Millennial Generation: Your Six Keys to Maximizing Millennial Performance.”

Download the white paper here.

 

Can the GOP Win Back Millennials Before 2020?

Millennials comprise the largest generation of eligible voters this fall. Nearly half of Millennials refuse to identify themselves as Republican or Democrat, but the majority of Millennials are planning to vote for Hillary Clinton on Nov. 8.

Will the GOP be able to recover the Millennial vote before 2020?

Representing 31 percent of the electorate (more than 69 million eligible voters), Millennials are more likely than older voters to favor strong communities, look for collaborative solutions and trust the government. Millennials willingly accept many social trends that some older voters may find threatening, and are more likely than older generations to be optimistic about America’s long-term future.

The Millennial Vote: 2016 and 2020

The reality is that the Republican Party has lost the Millennial vote in 2016. “Millennials back Hillary Clinton over Donald Trump by more than 3-1, a new USA TODAY/Rock the Vote Poll finds, but enthusiasm about voting is dipping as a sharply negative campaign enters its final weeks,” USA Today reported this week.

Recovery by 2020 is still possible, but only if the GOP changes the party narrative and resolves its current identity crisis. Some Republican leaders argue Millennials agree with the GOP on certain issues and an appeal more toward individualism and away from divisive social issues will bring Millennials back into the Republican fold.

However, some argue this change is more of a fundamental shift in values. A 2015 Pew report revealed Millennials who identify themselves as Republicans are less conservative than GOP members of older generations.

For a more in-depth look at the Millennials and the GOP — and how Republicans can reconnect with this generation — download “The Millennial Generation: Who They Are and How the GOP Can Connect with Them” below by providing your email address.


goals

How to Coach Goal-Oriented Millennial Employees

It’s counterintuitive, but Millennials in the workplace are far more goal-oriented than their Boomer and GenX counterparts.

You may be thinking that Millennials are starry-eyed dreamers, but that was the Boomer generation when they were young. Or maybe you are thinking that Millennials are slackers, just drifting to and fro, but that was GenXers when they were young. Of the three generations currently in the workforce, Millennials are decidedly the most focused “on the prize.”

Like all generational traits, their heavily goal-oriented ways started with how they were raised. Millennials were measured and monitored relentlessly growing up by their parents and teachers with a focus on opportunities for growth and meeting their goals. From grades to test scores, credentials and certifications, trophies and rewards, Millennials are familiar with measurements of success against objective benchmarks. Goal attainment is their sweet spot.

In the workplace, it’s no different. Millennial employees crave frequent feedback and progress assessments. An MTV Millennials in the Workplace survey revealed 80 percent of respondents said they preferred “real-time feedback” over more traditional (often annual or semi-annual) performance reviews. Executives at many companies are adjusting to this Millennials mindset by offering more frequent reviews, more forward-looking feedback, and guidance and support to help ensure Millennials meet their professional goals.

There are discussions in some of the most respected companies to banish performance feedback reviews entirely, and replace that onerous process with live, real time feedback. In addition to offering faster feedback and review cycles, managers should establish clear benchmarks, objectively-based performance measurement, incremental goals and rewards for achievement. Providing Millennial employees with short-term goals that can be measured will improve their performance and help them remain professionally satisfied at work.

As digital natives, Millennials also respond well to using technology as a measurement device. Think about the fit-bit device for the workplace. Project management software and systems that introducing a ‘gaming’ element to the workplace (such as those that offer badges or points for achievement) can move Millennials forward at work.

A just-released white paper from Coaching Millennials provides six effective strategies every manager can use to attract, coach, and keep top Millennial talent. Along with helping Millennials focus on and achieve their professional and workplace goals, the white paper discusses the work environment, communication and much more. Taken together, these strategies can get any employer on the path to better performance from their young professionals.


white-paper-frontt

Download the white paper (free) here.

Download Guide

Millennials in the Workplace: Meeting Them Where They Are

Understanding any generation — and working with them effectively and productively — means knowing how they were raised. It is important to “put yourself in someone else’s shoes,” and consider Millennials’ upbringing, how they have been raised and what they value.

In leadership, you cannot fully utilize an individual team member’s strengths unless you really know them and know where they’re coming from. To develop Millennials professionally, it helps as a manager to communicate the way that they understand, taking into account their perspective.

There are certain hot buttons that can spur a Millennial to higher levels of engagement and activity.

  • Members of the Millennial generation were raised to feel special by parents who engaged with them, made them feel wanted and important, and were actively involved in their lives. For employers, that means a more hands-on, self-affirming approach to management that visibly and positively rewards them for accomplishing their goals. Here is where a coaching model to managing really works. (And no, you don’t need to buy a box of trophies. A simple gift card to Starbucks for a job well done works just as well.)
  • Millennials were raised with teamwork, collaboration and community-mindedness. They played team sports, worked on group projects in school and volunteer work was a routine part of their education.
  • They grew up with rapidly developing technology and are comfortable communicating in new ways, across management levels and in an open and honest manner.

Employers should meet Millennials where they are. Here are three ways employers can to do that to encourage professional growth and commitment:

  1. First impressions are everything. For example, you’ll never get their attention if your website is cluttered, difficult to navigate and uses outdated technology. The message that sends to Millennials is that your company isn’t forward-thinking and technologically savvy. Ensure your website is mobile-friendly, clean and has up-to-date content, in addition to addressing why the company’s mission matters and what the company does for its community and to better the world.By doing that, you’ll actually attract other generations, too! A great example is wsandco.com, the website of Woodruff Sawyer & Company, an independent insurance company whose website is both well-designed and speaks to the company’s role in the community and world.
  2. Personalize outreach with high-tech and high-touch elements. Give Millennial candidates the chance to speak to both top executives and newly-hired employees.Millennials are keen on transparency and on open and honest communication across professional levels. Millennials are used to being able to reach colleagues and higher-ups through multiple, convenient channels and want to work for CEOs who follow through on promises.
  3. During the recruitment process, give Millennials a chance to speak with not just with human resources staff and their direct potential manager, but with recently hired employees and top executives, too. Recruiters should maintain frequent communication with Millennial applicants, too, without sacrificing formal niceties.

In the onboarding process, schedule immersive orientations in order to build a network of trust among their new peers and foster a sense of community. Welcome Millennials like it’s a privilege to work with them.

A just-released white paper from Coaching Millennials goes over six simple strategies every employer can use to attract, manage, and retain the best Millennial talent. Along with meeting them where they are, the white paper discusses coaching millennials with feedback, creating a positive environment and more. Download the white paper (free) here.


white-paper-frontt

Download the free white paper here from Coaching Millennials.
Download Guide

6 Keys to Maximizing Millennial Performance

There are more than 100 million Millennials in United States today, and this growing group already makes up one-third of the workforce. With an increasing number of Millennials in the workplace, businesses are smart to ensure they are helping members of this generation perform at their highest levels.

A new white paper from Coaching Millennials tackles six ways to boost their productivity, engagement and leadership capabilities.

Millennials do their best work in environments and workplace cultures that are open and transparent, incorporate consistent feedback on short-term and long-term goals, and nurture teamwork.

Millennials gravitate toward positive environments, and research and experience have shown that a “tough love” approach to managing Millennials is not effective. This white paper, titled “Employer’s Guide to the Millennial Generation: Your Six Keys to Maximizing Millennial Performance,” provides insights and practical steps you can take to maximize your Millennial employee’s professional performance.


white-paper-frontt

Download the free white paper here from Coaching Millennials.

Download Guide