Millennials are the largest segment of the workforce, states The Deloitte Millennial Survey 2016. The survey also notes that “[millennials] are no longer leaders of tomorrow but, increasingly, leaders of today – as such, their views on how business does and should conduct itself are of more than academic interest.” This being said, producers and insurance agencies alike need to understand what drives these professionals and how their prosperity influences their own.
As a top producer at your agency, you may be looking to help grow the company and attract millennials excited about the opportunities the insurance industry offers. Helping your company bring in quality talent encourages agency perpetuation and gives you the opportunity to give back by sharing your knowledge and passion with young professionals. If you work at an agency with an entrepreneurial model that allows you ownership, millennials could be a huge asset to the growth of your business by helping you increase profits for the agency in which you have equity interest and stock.
Before you can successfully mentor millennials or offer them an opportunity they will invest in, you need to understand what drives them. Consider these three values that drive millennials in the workplace:
- Traditional Work Schedules Are a Thing of the Past – According to PwC’s Millennials at Work Study, many would take a reduced salary or decline a promotion to have a more flexible work schedule. Entrepreneurial insurance agencies present the best of both worlds by providing the opportunity for flexible schedules and increased investment in the business.
- Millennials Want Purpose – As noted by Jim Clifton, chairman and CEO of Gallup Inc., in their recent study “How Millennials Want to Work and Live,” “For millennials, compensation is important and must be fair, but it’s no longer the driver. The emphasis for this generation has switched from paycheck to purpose.” As you already know, the insurance industry offers a great deal of purpose by providing people assistance in their times of need, and top agencies typically are involved giving back to the community through events and support of nonprofit organizations. Emphasizing this when working with and recruiting millennials can increase their willingness to invest in the agency. For example, Insurance Office of America (IOA) is purposefully dedicated to a host of local and national organizations and events.
- Continuing to Develop Is a Top Priority – Not only are millennials eager to progress, they want to invest time in acquiring skills and knowledge. PwC’s study also found that millennials “respond well to mentoring by older employees – in an ideal world, they would like to see their boss as a coach who supports them in their personal development.” Considering this, millennial employees and mentees are a good investment for the future of your agency.
Overall, millennials are important to your success because their strong presence in the workforce is creating a cultural change in business and impacting the growth and success of organizations worldwide. As an insurance producer, investing in your agency by hiring millennials or mentoring current millennial employees can propel your business to greater success and create loyal, hardworking business partners for the future.
The hard part is opening the eyes of the millennial to the incredible opportunities for work, personal growth, and outreach that the industry provides. The Insurance Information Institute has many resources to help in this effort, including the video “My Career in Insurance Is…: Opportunity, Reward, and a Career Path Without Limits,” which highlights the potential opportunities in the insurance industry for professionals young and old. Nowhere are the attributes mentioned in these resources more applicable than at an entrepreneurial agency, which offers decision-making power, high commissions, resources and tools, equity interest in your book, and stock options.