The insurance industry needs to promote its versatility of operations to attract the best and brightest of the next wave of employees – Generation X.
There is a substantial need for Generation X’s expertise to fill the shoes of aging baby boomers in the insurance industry. Fortunately, there are several undertakings that companies can pursue to bring the best and brightest of this age group to their agencies.
First, Greg Jacobson of global research and staffing firm The Jacobson Group notes that a company’s culture is paramount to poach workers from other industries who are also aggressively recruiting them.
“Our competition has changed – it used to be the competition for insurance was always high finance. That’s still true, financial services is still a competitor – however, I think based on the changing way business is being run and how business has to adapt to changes in how people want to be serviced, there is a need for people with certain backgrounds that’s putting us in strong competition with the technology industry.”
He suggests that insurance companies can use the versatile nature of their operations to attract potential talent from a wide range of fields.
“The best opportunities for programmers or coders might be thought to be in California,” said Jacobson. “Well, that’s a really expensive place to live, and that doesn’t always create the lifestyle people are looking for. Our industry has rural opportunities, large city opportunities; opportunities all around the world.
“We can be the hometown favourite based on who you’re trying to attract.” (continued.)
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Ann Fishman, who has been studying generational differences for decades, also has several suggestions on how to cater to this generation’s unique characteristics, given their background and the socio-historical context of their upbringing.
“They value a sense of belonging, a sense of family which was missing from their childhood,” said Fishman. “If you’re bringing them into your small company, or allowing them to help build your company, you want to create a real sense of family – let them know you won’t ‘mom and pop’ them to death, but you’re there for them.”
A big part of this is recognizing workplace successes as they occur.
“They don’t need to be complimented, just acknowledged because they’ve been overlooked their whole lives. They need the occasional pat on the back recognizing their efforts.”
In addition, it’s important to address conflict the moment it arises, as Generation X faced so much turmoil in their childhood, they prefer to organized, stable work lives.
“Generation Xers, more than any other generation, needs problems at work controlled immediately,” said Fishman. “That’s because they had too much stress as children – divorce, one-parent families or both parents in the workforce, latchkey lives, violence in the streets, violence in schools – they faced too much stress with too little of a support system.”
Also, she emphasizes how much this generation values being able to use their enterprising and pioneering mindset. She says that it’s important to allow these workers to be entrepreneurial, of if they’re at a large organization, ‘intrapreneurial.’ (continued.)
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“If someone in accounting always wanted to be on the road in sales, give them a chance to do a little bit of both. You want them excited about coming to work every day,” said Fishman. “They don’t need to have total personal fulfillment, but they do need to feel they work for a reason.”
Jacobson feels that the nature of insurance work is well-suited to fulfill the altruistic inclinations of a younger labor pool.
“We can appeal to individuals who are looking for a social cause in their career, because there’s no bigger social requirement than the insurance industry. Without insurance, there’s no business, because no one would be willing to take any risks,” he said.
