I enjoyed reading this article since it addresses a subject I explored over my decade of managing and training millennialist. I would like to respond by “bending” back toward the initial question but with a focus on the millennial “prey”. Here are a few key points to consider in the hunt for young talent:
1) The insurance business has historically been an HR “vacuum” filled 99% of the time by people that fill jobs by accident or mistake. So, begin by providing an orientation of the business during the selection process with thoughtful review of what the millennial sees as an opportunity to focus their skills and interest (besides a paycheck), they will feel engaged in the hiring process.
2) The millennial is a “if this…then what” type of employee. It is not their fault that they lived in a secular and educational world that had tracks to success. They will expect a beneficial result from the work they perform. Each employer needs to develop a career track that provides a logical progression. Millennials will find this attractive.
3) The millennial wants compensation that is fair, equitable, and reflective of the marketplace. They have no expectation to stay longer than 5 years if the “grass is greener” at your competitor. I realize that compensation is a tricky issue within a company, so I will address one form that is often variable. If there is an additional compensation (aka, bonus) program in place, use the “team trophy” approach. It is O.K. to compensate top performers more, but remember that it “takes a village” to raise the bottomline. No faster way to lose the kids then to have them listen to a stellar report by a CEO about profit and give them only a pat on the back with an empty hand.
4) Build a career based skill development program. The millennials want to grow, so think beyond the required training to do the entry job to the skills needed five years down the road (ties in to the ETD of departure) and beyond. Shape your training to match your enterprise goals or needs (remember the Boomers running out the door?).
5) Finally, capture the human capital you have now and put it to work. Managers need to stop managing and start coaching. Don’t have time you say? How about using all that Boomer talent as mentors. This creates a productive skill continuum that satisfies needs on multiple levels.
There is a lot more that could be advanced on these and other points, but I have taken enough bytes of your time. From one ‘ol insurance guy to the future industry professionals – good luck and happy hunting.
I enjoyed reading this article since it addresses a subject I explored over my decade of managing and training millennialist. I would like to respond by “bending” back toward the initial question but with a focus on the millennial “prey”. Here are a few key points to consider in the hunt for young talent:
1) The insurance business has historically been an HR “vacuum” filled 99% of the time by people that fill jobs by accident or mistake. So, begin by providing an orientation of the business during the selection process with thoughtful review of what the millennial sees as an opportunity to focus their skills and interest (besides a paycheck), they will feel engaged in the hiring process.
2) The millennial is a “if this…then what” type of employee. It is not their fault that they lived in a secular and educational world that had tracks to success. They will expect a beneficial result from the work they perform. Each employer needs to develop a career track that provides a logical progression. Millennials will find this attractive.
3) The millennial wants compensation that is fair, equitable, and reflective of the marketplace. They have no expectation to stay longer than 5 years if the “grass is greener” at your competitor. I realize that compensation is a tricky issue within a company, so I will address one form that is often variable. If there is an additional compensation (aka, bonus) program in place, use the “team trophy” approach. It is O.K. to compensate top performers more, but remember that it “takes a village” to raise the bottomline. No faster way to lose the kids then to have them listen to a stellar report by a CEO about profit and give them only a pat on the back with an empty hand.
4) Build a career based skill development program. The millennials want to grow, so think beyond the required training to do the entry job to the skills needed five years down the road (ties in to the ETD of departure) and beyond. Shape your training to match your enterprise goals or needs (remember the Boomers running out the door?).
5) Finally, capture the human capital you have now and put it to work. Managers need to stop managing and start coaching. Don’t have time you say? How about using all that Boomer talent as mentors. This creates a productive skill continuum that satisfies needs on multiple levels.
There is a lot more that could be advanced on these and other points, but I have taken enough bytes of your time. From one ‘ol insurance guy to the future industry professionals – good luck and happy hunting.