In the book ‘Insuring Tomorrow: Engaging Millennials in the Insurance Industry’ by Tony Canas and Carly Burnham, the challenges and strategies in attracting and retaining millennial talent in the insurance sector are explored.
This book note provides an overview of the book’s key insights, offering valuable guidance for transforming the industry to meet the expectations of the millennial workforce.
Challenges in Attracting Young Talent
Chapter 1: “An Industry in Demographic Crisis”
The insurance industry faces challenges in attracting high-quality young talent due to a poor reputation, limited understanding among students of career opportunities, and a shortage of trained professionals.
The industry’s reputation has been a deterrent for young professionals. They often view insurance as unexciting or stagnant. Limited awareness of the diverse career opportunities within the industry, such as underwriting, claims, and risk management, can dissuade them from considering it as a viable career option. Additionally, a lack of trained talent makes it difficult for the industry to meet its staffing needs.
Millennials’ Work Expectations
Chapter 2: “Understanding the Millennials’ Background in Contrast to the Baby Boomers”
Millennials prioritize flexibility, work-life balance, and making a positive impact in the world over traditional job factors like salary and brand loyalty. They value challenging work and room for career growth.
Unlike previous generations that prioritized job security and financial stability, millennials seek jobs that allow them to maintain a work-life balance. They are more willing to trade higher salaries for flexible schedules, remote work options, and opportunities to contribute positively to society. Understanding these values is crucial for employers seeking to attract and retain millennial talent.
Effective Onboarding and Orientation
Chapter 5: “The First Day is Crucial”
The first day and initial experiences at a company are crucial for retaining millennial employees. An ideal onboarding process includes introductions, mentorship, access to necessary tools and resources, and an emphasis on company culture.
A positive onboarding experience can set the tone for a millennial’s entire career at a company. It ensures that new hires feel welcomed, informed, and prepared to contribute effectively. Introducing them to mentors and peers who can guide them in their early days fosters a sense of belonging and eases the transition into the organization.
Feedback and Mentoring
Chapter 7: “Give Constant and Honest Feedback” and Chapter 10: “Become a Mentor”
Millennials prefer coaching-style management, with regular and specific feedback. They value managers who guide their growth and value them not just as employees but as individuals.
Millennial employees appreciate ongoing feedback, which helps them understand their strengths, areas for improvement, and career development opportunities. They are more likely to respond positively to managers who act as mentors, focusing on their personal and professional growth.
Transparency and Trust
Chapter 24: “Time to Embrace Transparency”
The importance of transparency, particularly regarding salaries, is discussed. Open and honest communication is highlighted as a key element in retaining millennial employees.
Millennials value honesty and openness in the workplace. When organizations are transparent about pay structures and career progression, it builds trust and fosters a sense of fairness. Employees who understand how their work contributes to the company’s success are more likely to be engaged and committed to their roles.
Conclusion
This book provides insights and guidance on how the insurance industry can address the key points related to engaging millennial talent effectively.
As a young insurance professional, this book has allowed me to peek into the job market in the industry (although this book is mostly written based on the US market, I believe it is similar everywhere else) and align my expectations accordingly.
