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insurance recruiting millennials

How to Maximize Millennials in Insurance

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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.

 

pink collar jobs millennials

Pink Collar Millennials: Recruiting the Best and Brightest Millennials in Healthcare, Education and Social Services

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Hourly work has changed significantly in the past two decades, with many blue-collar jobs (particularly in manufacturing and construction) declining in number. But so-called “pink collar” hourly jobs have been soaring, with employment in educational services, healthcare and social assistance increasing substantially. In fact, a recent Bureau of Labor Statistics report showed four of every 10 jobs that the United States economy added in December 2016 were in healthcare or social assistance. The boom is expected to last for at least another decade.

Even with the positive job growth, pink collar industries face demographic headwinds, and hiring managers in these fields need to be ahead of the issues to attract and retain top Millennial employees. In these fast-growing industries, it can be difficult to find enough qualified, new workers to fill jobs — finding the best employees and keeping them around is even tougher.

Pink Dominance

Pink-collar jobs tend to skew heavily female, particularly in healthcare and education. The ratio of women to men in health care fields such as home health aides, medical assistance and registered nurses is 9:1, according to the U.S. Bureau of Labor Statistics. Many men feel unsuited for pink-collar work or are simply uninterested in working in a field so dominated by women, leaving hiring managers with a smaller potential workforce.

The Challenge

Hiring managers in pink-collar industries are thus facing a two-pronged challenge: Find, attract and retain the smartest and hardest-working Millennials, and overcome the stigma some men feel against these fields.
Hiring managers can take specific actions that will help overcome these challenges.

Why Are Millennials So Different?

The first step is to effectively recruit Millennials is to understand what makes them different from older generations. Unlike older generations, Millennials were raised to feel special by their parents who catered to many of their needs. They felt protected and valued, and were encouraged to believe they can achieve anything with the right mindset and support system. Collaboration and teamwork was drilled into them as youth, and this carries with them as adults. Finally, they have a strong kinship with technology—they are comfortable with it and see it as a solution-provider.

What to Emphasize When Recruiting

In recruiting messages, highlight the growth and long-term career potential in your industry. It’s not a difficult story to tell — the numbers speak for themselves in many pink-collar industries like healthcare, education, and social assistance. However, make sure you translate those raw numbers into how a job in the industry can develop into a career with opportunities for advancement, long-term professional satisfaction and work-life balance — the things beyond job security that Millennials are seeking.

Hiring managers should also emphasize how their participation in these pink-collar industries will make a positive difference on society and in their own communities. Millennials desire to be part of something bigger than themselves, so tying their work to a larger mission goes a long way in attracting Millennials.

Finally, Millennials get impatient easily, especially when dealing with outdated technology during the application process. Make sure your application process is clear, simple, and speedy. If its not, the best and brightest will see that as a sign that your company does not appreciate the value of technology that can streamline their work environment once they are there.

Final Word

The demand for pink collar jobs is growing and is likely to keep growing over the next decade. At the same time, demographic trends suggest that the supply of able-bodied workers is decreasing. Combine this with a stigma of pink collar work, and you have a challenging equation for employers. Employers that will come out on top are those that value Millennials and adjust their hiring and career advancement practices accordingly to attract the best and brightest of this generation.

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Hiring Millennials: 5 Questions to Ask a Millennial Job Candidate, and the Answers that May Surprise You

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Millennials place different priorities on what they are looking for in a job. And its not always the priorities you would think.

They place a high value on professional development opportunities; they want to work for companies with values aligned with their own; they like to be trusted that the work will still get done, despite the flexible scheduling opportunities; and, they appreciate transparency, authenticity, and open-door policies in regards to communications and frequent feedback.

With these Millennial expectations and professional desires, it’s imperative that hiring managers ask the right questions to ensure the best fit for both the new Millennial employee and the company, and listen carefully for the answer they might not expect.

The following are some questions hiring managers should consider asking Millennials who are applying for jobs, and the answers they’re likely to get.

Questions to Ask a Potential Millennial Employee

  1. What are your biggest motivators?

Millennials are motivated by more than salary.

While making enough to live comfortably, pay off student loans and save for a home and retirement is important, Millennials are also motivated by the opportunity to grow professionally. They seek out employers who offer well-defined challenges and guidance on meeting their goals. They appreciate mentorship programs and developing meaningful professional relationships. Plus, they are attracted to employers who make they feel like they’re part of something bigger and help them understand how they’re contributing to the greater good in the world.

  1. Describe your ideal work environment.

Millennials may surprise you here. While the stereotype leans toward no dress code, ping-pong tables, free smoothies and lattes and the like, Millennials don’t need those things to be happy. For many Millennials, an ideal work environment goes back to the value they place on teamwork, open-door policies, and transparency and honesty from higher-ups.

  1. What do you value in a job?

The best Millennial employees will tell you they want the things they value — again, teamwork, achievable and well-defined goals, structure and frequent feedback. All of those things loop back to professional development, which Millennials say is a key component in whether they stay with a company or leave.

  1. How do you like to receive feedback?

The stereotype about Millennials is that they are digital addicts who shun in-person communication. But it’s not true. Studies have repeatedly shown that Millennials appreciate in-person communication and want up-front honesty from their colleagues and bosses. A Fortune/IBM study revealed that Millennials prefer face-to-face interaction and in-person coaching and mentoring when they are learning a new skill.

A common answer from a Millennial to this question might be “Frequently.” Companies that rate highly at attracting and keeping top Millennial talent are doing away with the traditional annual review and building feedback cycles into the workflow. (An MTV Millennials in the Workplace survey showed 80 percent of respondents said they liked to receive “real-time feedback” more than getting “more traditional” (often annual or semi-annual) performance reviews. From frequent testing in school to extracurricular activities, Millennials have grown accustomed to knowing how they’re doing at any given point and don’t like the uncertain feeling that comes from waiting for feedback.

  1. What types of things do you want in a boss?

This is a key question. Millennials were raised by a community of parents, coaches, teachers and neighbors — who believed in them, cheered them on, gave them participation trophies and sometimes acted more like friends than authority figures. Millennials may expect a similar relationship with their bosses — friendly, approachable and caring. Millennials want their bosses to look out for their best interest they way their parents did.

Understanding what Millennials want from their professional relationship with their boss — and knowing how likely the boss is to meet that expectation — can go a long way toward ensuring a mutually good fit in the workplace.

 

 

Busting Myths: Millennials have No Loyalty in the Workplace

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If you hire a Millennial, you can’t expect them to stay around long. At least, that’s what most employers think when they hire people who are in the early years of their career.

But it turns out that Millennials do not “job hop” any more than young people of previous generations. To the extent that they do “hop”, it is more about the younger employees’ search for their professional strengths, interests, and career paths, according to a study by the Bureau of Labor Statistics.

If you want your best Millennial employees to stick around, you need to understand that for Millennials, loyalty is a two-way street. If an employer is not investing in Millennials’ professional development and satisfaction, there’s a good chance they’ll say, “Adios, amigos.”

According to a survey done by Deloitte earlier this year, 44 percent of Millennials say, if given the choice, they would like to leave their current employers in the next two years — particularly if “there is a perceived lack of leadership-skill development.” More than six in 10 Millennials (63 percent) say their “leadership skills are not being fully developed” at work.

Other reasons for lack of loyalty in the workplace for Millennials are “feelings of being overlooked, compounded by larger issues around work/life balance, the desire for flexibility, and a conflict of values.”

How to Ensure Millennial Employee Loyalty

Fortunately as an employer, you can do things to ensure Millennial loyalty.

Companies should capitalize on aligning company values to the personal values of their top Millennial employees. More than 80 percent of Millennials who plan to stay with their company for at least another 5 years believe their personal values are shared by the organizations they work for, according to Deloitte. This is a strong indication that Millennials choose to work for and stay with employers whose values reflect their own.

Millennials would prioritize the sense of purpose around people rather than growth or profit maximization. This is one of the reasons that the three top fields for Millennials are education, environment and healthcare, research shows.

In broad terms, Millennials’ personal goals are more traditional. They seek a good work/life balance, they want to own their own homes, and they strive for financial security that allows them to save enough money for a comfortable retirement. The ambition to make positive contributions to their organizations’ success and/or to the world in general also rate highly. As an employer, assisting Millennial employees in reaching some of these goals can help engender loyalty.

The companies that are successfully keeping turnover down and instilling a long-lasting sense of loyalty in their Millennial employees seem to have common themes:

  • Identifying, understanding, and aligning with Millennials’ values
  • Supporting Millennials’ ambitions and professional development
  • Having a mentor

The Deloitte survey shows that loyalty to an employer is driven by understanding and support of Millennials’ career and life ambitions, as well as providing opportunities to progress and become leaders. Having a mentor is incredibly powerful in this regard. Those intending to stay with their organization for more than five years are twice as likely to have a mentor (68 percent) than not (32 percent).

Like all generations, pay and financial benefits drive Millennials’ choice of organization more than anything else.

“But when salary or other financial benefits are removed from the equation, work/life balance and opportunities to progress or take on leadership roles stand out. Those factors are followed by flexible working arrangements, deriving a sense of meaning, and training programs that support professional development. An employer that can offer these is likely to be more successful than its rivals in securing the talents of the Millennial generation.”

Every incoming generation changes the shape of a workplace. Boomers brought long-hours and an almost devotional approach to work. GenXers brought work-life balance. Now Millennials are making their own footprint — a flexible, purpose-driven workplace that has lots of professional development opportunities.

 

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5 Ways to Get Millennials to Want to Work for You

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Ping pong tables, latte machines, free kale smoothies, a nap room — sounds like a paradise workplace for Millennials, right? Maybe — but maybe not.

It turns out that “perks” like this do not make young professionals feel fulfilled at work for the long term.

The first Millennials were graduating college and entering the workforce just a few years after the dot-com bubble burst. Even after that economic collapse, however, many companies were trying to attract young, tech-savvy employees with Silicon Valley-style perks from free food to activities designed to make work “fun”. But these things aren’t what Millennial employees really want at work.

1. Millennials want to work for organizations that offer ways for them to feel engaged and emotionally connected to their jobs, according to research from Gallup. They want to feel good about the impact their role has on their workplace and on the community.

Managers can do this by talking more about why the company’s mission is meaningful to the community and the world at large, and by communicating how the employee fits into that mission. Volunteer opportunities can also make employees feel more connected and engaged at work. (See “3 Ways Millennials are Changing the Workplace” for more on this.)

2. Millennials want to work for companies that have an open and honest communication culture, including frequent check-ins, constructive feedback, defined responsibilities and goals that are achievable with proper support.

Managers can do this by focusing on being authentic, approachable coaches, being a role model and setting up Millennials with a structured and productive mentoring program.

3. Millennials want to work for companies that offer them professional challenges, opportunities for growth and show an interest in their short- and long-term success.

Managers can do this by talking about long-term goals, career path and development and future opportunities. “They want to get on the perfect career track right away, despite their job-hopping reputation, data show that most would prefer to stay with one company that will help them achieve their professional goals,” according to Neil Howe.

4. Millennials will be attracted to companies that integrate their work and their life. This does not mean they want to work 80 hours per week. They don’t want work to become their life, but they do like working hard and taking on professional challenges.

The way they do this is different than previous generations. For Millennials, being chained to a desk can be frustrating, and many Millennials want the flexibility to work outside the standard 9-to-5 schedule. “When Millennials say they want ‘balance,’ they don’t mean work less. They mean work differently and more flexibly. There’s a big difference,” mentioned Cali Williams Yost in a piece for Fast Company.

Managers can do this by allowing some telecommuting and alternative work schedules, while keeping expectations high and communication frequent.

5. Millennials will want to work for companies that offer stability and job security. The oldest members of the Millennial generation were just starting to look for their first full-time jobs when the Great Recession happened and they witnessed (and experienced) high unemployment rates.

Managers should emphasize the long-term prospects of the company’s success and the sustainability of their business model. Millennials have long-term horizons when thinking about their career goals. They would rather have a meaningful career with a sold, stable company, rather than hop from job to job. In fact, the idea that Millennial employees “job hop” more than previous generations is a myth. To the extent that they do job hop, it’s because they are working to gain skills to advance themselves in their career. You don’t want to be that company where they are gaining skills so they can move on to the next company. Managers should be clear that their company provides opportunities for professional growth and development.

Overall, Millennials are looking for good coaches in the workplace who are honest, say one thing and do that thing (not do another); they want CEOs who admit mistakes and are open about the company’s health; they want to understand their role with a company that is making a positive difference in the community and in the world.

The way to attract and keep the best Millennial employees is not with free food.

 

Millennial Job Interview Tips: Use The 3 “C” ‘s

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Interview tips for millennials

When it comes to interviewing be clear, be competent, and be confident.

I typically work with businesses that need assistance in understanding and coaching their Millennial employees. But last week, I had the chance to coach my own Millennial, my son…

Last week he called me on the phone to ask me for advice on a job interview. “Dad”, he said, “I have a job interview on the phone in 90-minutes. They want me to do  a 5-minute sales pitch. Can you help?” Thinking out loud I said “Um, well, probably not– 90-minutes might not be enough time.” There was a pause, and then, thinking of all the cramming session in school over the years that we’d done together that worked out, I said in a measured, Dad-like manner, “Yea, sure, I can help. Let’s do this.”

This was a logistics company that had grown from $1M in 1997 to over $1.3B in 2012. One look at the website and it’s clear that the company has a sale driven culture that takes great pride in the quality of their salespeople and ability to deliver quality to their customers. I never had heard of them before, but this looked like an impressive company!

Nick, had already done much of the preliminary work, scouring their website and Google for relevant information on the company. He had all the raw features and benefits nailed down. He has always been naturally persuasive, charming and sociable. I was not worried about his ability to “connect”, but wanted to make sure there was a framework, or structure to his sales pitch.

Here is what I told him, and perhaps it can be helpful when your Millennial is interviewing for a sales job, or any job, for that matter. Follow these basic principles to coach your Millennial job seeker. They are the three “C”‘s of a job interview:

Be Clear

In a job interview, you must be clear about three things: 1) Who you are (your qualifications and interests), 2) How you fit the role (a list of your skills and knowledge matched to the position’s requirements), and 3) What you know (a solid understanding of the company’s mission, strategy,operations, culture, etc.). Have a plan. Practice what you are going to say. Make it clear and logical. Weave a narrative that makes sense. Tell them why you are in front of them, what lead you to be here, and exactly how you can make a difference in their company based on your unique contributions. Practice you pitch.

Be Competent

These days, there is no excuse for not doing your homework on the company you are interviewing with. Aside from studying their website, make sure to spend some extra time spend doing an article search, search for public filings,review financial statements, and check out the company on sites like Glassdoor.com. Set up Google Alerts with the company’s name and key words revolving around their business. And study. Then, study some more, and write down notes. Millennials are the most educated generation in US history, graduating from high school and college at record rates. This is another homework assignment. Prepare for a job interview like you prepare for a term paper. Have a main argument or thesis, make an outline, and fill in supporting evidence.

Be Confident

It’s hard to prepare for this one. Some applicants are more naturally confident than others, and it is not something you can turn on or off at a moment’s notice. That said, when an applicant is not confident in his or her abilities, the interviewer will pick this up immediately, and prospects for getting the job are hugely diminished. Millennials are well-known for their confidence– it is typically not in short supply. But be genuine and authentic and demonstrate how your confidence can help their company grow. Of course, if this is a sales pitch… make sure you ask for the order! Ask, “what are the next steps?”, and “I’d like to know, how did I do, and would you consider hiring me for the job?” When you ask these questions, it shows that you have initiative and you can ask for the sale, but without being too pushy.

I talked to Nick about an hour after the interview and he told me it went great. They would like him to take the next step for another interview. I was thrilled to hear that.

You’ve been coaching your Millennial throughout their entire life. Don’t stop now.  Just a few simple tips can help him on his way to a better job and the start of a better career.

Millennial Job Interview Tips: Use The 3 "C" 's

/0 Comments/in /by
Interview tips for millennials

When it comes to interviewing be clear, be competent, and be confident.

I typically work with businesses that need assistance in understanding and coaching their Millennial employees. But last week, I had the chance to coach my own Millennial, my son…

Last week he called me on the phone to ask me for advice on a job interview. “Dad”, he said, “I have a job interview on the phone in 90-minutes. They want me to do  a 5-minute sales pitch. Can you help?” Thinking out loud I said “Um, well, probably not– 90-minutes might not be enough time.” There was a pause, and then, thinking of all the cramming session in school over the years that we’d done together that worked out, I said in a measured, Dad-like manner, “Yea, sure, I can help. Let’s do this.”

This was a logistics company that had grown from $1M in 1997 to over $1.3B in 2012. One look at the website and it’s clear that the company has a sale driven culture that takes great pride in the quality of their salespeople and ability to deliver quality to their customers. I never had heard of them before, but this looked like an impressive company!

Nick, had already done much of the preliminary work, scouring their website and Google for relevant information on the company. He had all the raw features and benefits nailed down. He has always been naturally persuasive, charming and sociable. I was not worried about his ability to “connect”, but wanted to make sure there was a framework, or structure to his sales pitch.

Here is what I told him, and perhaps it can be helpful when your Millennial is interviewing for a sales job, or any job, for that matter. Follow these basic principles to coach your Millennial job seeker. They are the three “C”‘s of a job interview:

Be Clear

In a job interview, you must be clear about three things: 1) Who you are (your qualifications and interests), 2) How you fit the role (a list of your skills and knowledge matched to the position’s requirements), and 3) What you know (a solid understanding of the company’s mission, strategy,operations, culture, etc.). Have a plan. Practice what you are going to say. Make it clear and logical. Weave a narrative that makes sense. Tell them why you are in front of them, what lead you to be here, and exactly how you can make a difference in their company based on your unique contributions. Practice you pitch.

Be Competent

These days, there is no excuse for not doing your homework on the company you are interviewing with. Aside from studying their website, make sure to spend some extra time spend doing an article search, search for public filings,review financial statements, and check out the company on sites like Glassdoor.com. Set up Google Alerts with the company’s name and key words revolving around their business. And study. Then, study some more, and write down notes. Millennials are the most educated generation in US history, graduating from high school and college at record rates. This is another homework assignment. Prepare for a job interview like you prepare for a term paper. Have a main argument or thesis, make an outline, and fill in supporting evidence.

Be Confident

It’s hard to prepare for this one. Some applicants are more naturally confident than others, and it is not something you can turn on or off at a moment’s notice. That said, when an applicant is not confident in his or her abilities, the interviewer will pick this up immediately, and prospects for getting the job are hugely diminished. Millennials are well-known for their confidence– it is typically not in short supply. But be genuine and authentic and demonstrate how your confidence can help their company grow. Of course, if this is a sales pitch… make sure you ask for the order! Ask, “what are the next steps?”, and “I’d like to know, how did I do, and would you consider hiring me for the job?” When you ask these questions, it shows that you have initiative and you can ask for the sale, but without being too pushy.

I talked to Nick about an hour after the interview and he told me it went great. They would like him to take the next step for another interview. I was thrilled to hear that.

You’ve been coaching your Millennial throughout their entire life. Don’t stop now.  Just a few simple tips can help him on his way to a better job and the start of a better career.