The Millennial Mindset
It is no secret that millennial's are taking on more responsibility as the baby boomer generation retires. Many aspects of the insurance industry fit well with the millennial mindset and millennial's are finding satisfaction just as easily as earlier generations.
According to research (and my own experience as a millennial), millennial's’ values can be summarized as follows: They
“prize work-life balance, they want a job that provides them with a healthy compensation that allows them to travel and enjoy different experiences, they want to feel like they’re contributing to their community, and they want to be able to grow in their careers.”
Luckily, insurance checks all these boxes! With stable 9-5 work hours, millennial's can prioritize other areas of their life. Statistically they have higher compensation than other industries and most millennials are finding the opportunity to work in environments that allow for creativity and the exchange of ideas to deliver value.
One way that millennials offer value and creativity is in technology. While social media certainly has its distractions, it can be a tool with great benefit. Social media can be an avenue to increase customer retention, strengthen brand awareness, generate business leads and network with other professionals. With insurance being a highly relational business, the value of nurturing relationships via these new means is invaluable.
The results are staggering. Once millennials have been in the industry, 72% say they plan to work in insurance for as long as possible. This sharply contrasts the results of other industries where 75% stated they believed that hopping around between industries would help their career. In 2016 21% of millennials said they changed jobs in the last year while 76% of insurance professionals had been with their company for 3 years or longer.
The Insurance Club of Pittsburgh would love for young professionals to join in the networking, education and leadership opportunities available through the Insurance Club of Pittsburgh and we look forward to the skills Millennials bring that enhance some of the best qualities of this industry.
Written By: Denae Lawrence
Board of Director through 2021