With many experts predict- ing that the insurance industry will soon face a significant talent shortage as thousands of baby boomers retire
over the next few years, finding ways to
solidify their current workforces while
creating opportunities for long-term
success has become an increasingly important issue for many firms. As the demographics of the industry change, so do
the expectations of the workforce. What
is important to older, more experienced
employees like Generation X, isn’t necessarily what’s important to younger millennial employees.
With so much diversity in the work-
force, figuring out how to create a work
environment that appeals to all groups
becomes a difficult balancing act. Some
companies remain too firmly entrenched
in maintaining the status quo to keep
their more experienced employees happy.
This makes them appear staid and old-
fashioned to younger employees.
Others lean too far in the direction of
creating offices that appeal to millennials,
alienating the more established industry
professionals. The key is to recognize the
value of both groups and then identify
ways to appeal to them without favoring
one over the other.
While not every person will perfectly
match the characteristics of a particular
group, understanding the general traits
and motivations associated with each
generation helps firms identify which
strategies will appeal to them.
Appealing to Generation X
Gen Xers are generally well established
in or approaching the later stages of their
careers. They want to be seen as leaders
in the industry, and seek recognition and
respect among their peers, not just their
colleagues. This group also values being
able to work independently, a trait that
makes them well-suited for the insur-
When it comes to keeping Gen Xers
happy at work, employers should seek
to provide opportunities for these employees to demonstrate their knowledge,
either by recommending them for speaking engagements or asking them to share
insights with other team members. Traditional employee recognition strategies like
performance bonuses and promotions are
also a good way to encourage them.
Appealing to millennials
The entrance of millennials into the workforce has been extremely well chronicled
to the point that what they want seems
ubiquitous: A “Google-like” office, bosses
who are more like friends and a technolo-gy-centric work experience are just a few
of their preferences.
But these are part of the sensationalized persona of this generation. Millennials desire to feel connected to the work
they do and to see its impact, to have a
sense of camaraderie with their coworkers, and to feel valued for their contribu-
4 Keys to Retaining
By Deanna Bretado