Age is just a number. But the age of the average US insurance agent is actually a pretty scary one. According to the management consulting firm McKinsey & Co., that number is 59. And it means that a quarter of the industry’s work force will likely have retired by 2018. Clearly, agencies who intend to stay in the game had better get cracking on hiring the next generation of producers.
Attracting millennials to the industry, however, is a frightening prospect in itself. A joint survey from The Institutes and the Griffith Insurance Education Foundation revealed that young employees view insurance as “boring.”
But don’t worry. There are lots of things you can do to change that perception and start infusing your agency with new talent to secure the future for your business and for your clients. And it all starts with thinking about what matters most to millennials.
Millennials (and the next generation to follow them) grew up with it. They can’t separate themselves from it. If your company’s use of technology is “so last century,” your chance of attracting younger workers is “so… NOT.” If you haven’t yet invested in technology, get going. If you have, start promoting that fact, and what better place to do so than via your website and social media channels?
Not the online marketplace, the lifestyle. Young people like being surrounded by other young people. They relate best to their peers. Train your younger agents to do your recruiting on college and even community college campuses. Encourage your younger agents to offer presentations at local high school career days. Make your younger agents mentors to your (even younger) new hires. Highlight the younger members of your staff on your website and in social media.
Today’s youth are far less likely than previous generations to sigh and relegate themselves to a life totally consumed by work. Many are looking for options like occasional remote work, comp time for after-hours efforts, etc. While your agency might not be able to offer all of that in the beginning, let potential hires know what kind of flexibility is possible down the road.
This is the generation of young people who needed extra pages on their college applications for all their community service experiences. An agency that is doing something to make the world a better place is going to be more attractive to young workers who are similarly inclined.
Today’s generation grew up in an educational culture of group projects. Engage millennials by offering similar opportunities in your agency for them to focus on cooperation and collaboration toward common goals. Team approaches typically help spread around the knowledge in a way that helps prepare everyone to better serve clients, a nice bonus for your agency.
This generation is used to testing out the video game before they buy, to checking out the movie trailer and reading dozens of online reviews before they watch. Internships are a great way for your agency to attract young people, exposing them to what the business is really all about, helping them get a proverbial “foot in the door” if they like what they discover, and giving them valuable experience for their resumes, while giving you a chance to scope out good talent.
Millennials grew up with an entire grocery store aisle of breakfast cereals from which to choose. Consider offering rotational training for new employees so that they can get a feel for all aspects of your company. At the very least, pair them with mentors (as close to their age as possible) who can show them real-world training in a diverse situations.
Insurance? Boring? It doesn’t have to be. Remember that age is just a state of mind. Think like a millennial, and you’re well on your way to attracting them to your agency.
Resource:
http://www.ibamag.com/news/marine/one-in-four-insurance-agents-will-be-gone-by-2018-17943.aspx