Engaging Tomorrow’s Workforce, Today
An organization’s biggest investment is in its human capital. Employees are the key to any successful business. Properly engaging staff can make a significant difference in a company’s productivity. Given the state of the industry – with nearly half of all insurance professionals expected to retire within 15 years, the Bureau of Labor Statistics (BLS) reporting industry unemployment at 3.5 percent, and the rate of insurance hiring reaching a recent high of nearly 62 percent according to The Jacobson Group and Ward Group’s Semi-Annual U.S. Insurance Labor Outlook Study – engagement is an issue the industry cannot afford to overlook.
Recognizing the growing need for happy, motivated employees, industry experts have put together a number of tips and best practices for engaging employees. Many insurance organizations are successfully implementing these engagement strategies within their business.
But what are the next steps? How can the industry use employee engagement to ensure it is prepared for success in the future?
Rethinking Employee Engagement
To succeed in today’s increasingly difficult recruiting climate, forward-thinking companies are moving beyond standard retention practices and are working toward engaging individuals even before they become employees. They are using internships and co-ops as a platform to engage and recruit the next generation of leaders – Millennials.
Millennials, born between 1980 and 2000, are expected to form 50 percent of the global workforce by 2020, according to “Millennials at Work: Reshaping the Workplace,” published by PricewaterhouseCoopers. These young individuals are the logical source for qualified, bright talent to fill the growing insurance industry skills gap and are prime candidates for the many internship opportunities that insurance offers.
Engaging Millennials through internship positions not only enables the industry to combat out-of-date assumptions that insurance is “boring” and “un-interesting,” but also provides insurance companies with a potential mouthpiece back to interns’ peers. The younger generation uses its family and friends as the top resource for information about industries and jobs; so, engaging just a handful of the Millennial population through internships and co-ops enables insurance organizations to reach a much broader group of potential employees through word-of-mouth and endorsements.
Insurance organizations should take a second look at the internships they offer and promote programs that will attract bright, young talent to their organizations. Companies can then promote these positions on My Path, an industry-wide education platform developed by The Institutes.
Through My Path, the younger generation can search through a clearinghouse of industry-specific information, including career opportunities, assessments, simulations, scholarships and internships.
Engaging Millennial Professionals
Company culture is key to engaging Millennials, both as professionals and as interns. These individuals are looking for many of the same benefits and perks as the other generations in the workforce. They desire a quick climb up the corporate ladder, career development opportunities, high employee morale and a sense of purpose in their work. To attract these potential future employees and industry advocates, organizations must focus on developing and promoting a workplace that fulfills these wish lists. Employers should highlight the hot-button incentives and benefits that they offer, including flexible work options, updated technology, corporate citizenship and a team-oriented environment.
Young professionals want to feel like they are contributing to both their teams and the organization as a whole. Employers should make an effort to provide additional stretch assignments to high-performing employees. These added opportunities not only help Millennials – including interns – feel challenged, but will also offer an opportunity to showcase the unique job functions and opportunities that can be found within the industry. In addition, organizations can offer lunch-and-learns, job shadowing and training programs to promote growth and provide insight into the inner-workings of insurance.
Millennials are looking for companies that are team-oriented, positive and inclusive. They place high regard on employee morale. Insurance organizations should encourage their young employees to find support from seasoned staff, include them in group activities and social events, and create opportunities to network with and learn from executive management. These positive interactions will go a long way in encouraging and enticing Millennials toward a career in the industry.
Finally, the younger generation wants to make an impact with its work. Millennials desire a job that is fulfilling and meaningful. Insurance organizations should generate positive buzz through volunteer activities and community service. Organizations should promote their current charitable programs and consider arranging community service projects for their interns and other interested staff. Millennials are likely to take notice of employers that are active in their local community and society at large.
Now is the perfect time for the industry to rethink its engagement programs and focus on reaching out to its potential future employees. By engaging young professionals while they are still within their formative years, insurance organizations are building a pipeline for future success in what is destined to be an increasingly challenging hiring market.