In The Workplace: What Do Millennials Want?

There’s a lot of talk in property/casualty insurance circles these days about how the industry is going to replace the huge wave of baby boomers that are beginning to retire and will continue to do so into the next decade.

Much of the discussion about how to attract younger folks into the ranks of underwriters, sales producers, customer service representatives, account managers, claims adjusters and the myriad other positions available in the industry comes down to the question: What do millennials want?

Although the birth date range for millennials, sometimes called Generation Y or Gen Y, varies depending on which studies one reads, a Deloitte Consulting LLP report puts the range between 1982 and 1993.

“At approximately 75 million, the population of Gen Yers is the largest after Baby Boomers,” which number about 80 million, Deloitte said in its report, “Generational Talent Management for Insurers: Strategies to Attract and Engage Generation Y.”

Despite the recent economic downturn, industries across the board are looking at this generation, now mostly in their 20s, as the source for new blood and new ideas to replace workers who are beginning to age-out of the workforce in droves. This group also is influential due to its status as a wide pool of potential customers, Deloitte noted.

In its Gen Y report, Deloitte found that when it comes to employment, millennials differ significantly from baby boomers in that Gen Y values “long-term career development within a single organization.” The older generation on the other hand is generally noted for its “employer infidelity.” Deloitte added that in return for such loyalty to an employer, “Gen Y demands variety in experience and learning opportunity.”  Read the full article by Stephanie Jones for The Insurance Journal here.


Posted on June 12, 2012, in Uncategorized. Bookmark the permalink. Leave a comment.

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