Last December we published an article titled “Our Last Word on Millennials.” And we meant it. If you haven’t already gone through the process of addressing your hiring processes and adjusting them to target millennials, you’re too late. This is not to say that there still isn’t a vital need to continue to develop hiring practices that are designed with millennials in mind, but millennials no longer represent the incoming class of young insurance talent. Generation Z is matriculating as we speak and entering the workforce with a set of skills and ideas that won’t readily mesh with millennial-focused recruitment efforts (and don’t even think about refurbishing your Gen X practices for this group).
For forward-thinking companies who recalibrated to attract generation viewed as the polar opposite of the baby boomers, their millennial recruiting victories may be short lived. Now, as the economy flourishes and the job market begins to favor jobseekers, a new hurdle is keeping the talent that they worked so hard to attract. When considering how to retain one generation, it may seem counterintuitive to discuss how to attract the next generation, but a closer look reveals that the two issues go hand in hand.
Forward-thinking Practices Breed Commitment
If you think millennials are eager to jump ship for the next best offer, please refer to the article linked in the first paragraph. The myth that millennials are more likely to switch jobs is long debunked. They represent a generation that witnessed a collapse of the job market and what is most important to them is security. Most job changes made by millennials are not motivated by their current wants but by their desire to increase their chances for a more financially stable future. The way your company approaches hiring Gen Z is a reflection of your perceived longevity. Companies that are mired in old practices do not instill a great amount of confidence in their millennial employees. Millennials want to work for companies that are continuing to think about and work for a profitable future. When you actively work to attract this young class of talent, you send a message to your millennial workforce that you care about their future.
The Future of Insurtech
As the ongoing talent crisis created by the mass exodus of boomers has many companies working to find and promote millennial talent into the roles being made vacant by these vertical shifts, the demand for innovative technologies within the insurance sector continues to rise. While there are certainly individuals of all generations skilled in this particular segment, it will take a concerted effort to attract Gen Z to satisfy the entry level tech needs of an evolving insurance landscape.
The impending changes to the insurance industry as it relates to technology are inevitable. In the coming weeks, we at The James Allen Companies will continue to provide meaningful content regarding the growing field of insurtech. We also understand that at the core of the insurance industry is people, and we believe that the most important factor in meeting the changing technology needs of the industry is attracting the right people. The first step toward solidifying your company’s future and instilling a sense of security among your team begins with a renewed focus on bringing in the next young generation of insurance professionals.